Occupational Insurance Funds Take Center Stage at #ocin26

With strong participation from representatives of the government, regulatory authorities, the academic community, and the insurance and investment markets from Greece and abroad, the 7th Professional Insurance Conference—#ocin26—with strong participation from representatives of the government, regulatory authorities, the academic community, and the insurance and investment markets from Greece and abroad, highlighting the critical role of the Second Pillar of Insurance in shaping a sustainable pension and development model.

According to the relevant announcement, the conference was opened by Konstantinos Ouzounis, CEO of ethosGROUP, who welcomed the participants, noting that the Conference has evolved into an institution for substantive dialogue on the future of occupational insurance and long-term savings in Greece and Europe.

In his opening remarks, Dr. Christos P. Nounis, President of ELETEΑ and President of T.E.A.-Ministry of Finance,OIK., highlighted the significance of the current context for the institution of Occupational Insurance Funds, emphasizing that Europe is moving toward a new model in which savings are more actively linked to investments and competitiveness. He stressed that the Occupational Insurance Funds are called upon to serve as a key pillar of supplemental pension protection as well as a tool for channeling capital into the real economy.

This was followed by remarks from Kelly Mavromati, co-founder of Energizing Greece, who spoke about the need to foster a culture of long-term planning and to engage citizens on issues of economic resilience and personal well-being.

In a video message, Kyriakos Pierrakakis, Minister of National Economy and Finance, emphasized the need to transition from a model of exclusive reliance on public pensions to a more balanced, multi-pillar system. He emphasized that promoting savings and mobilizing private capital are strategic choices for both the European and Greek economies.

Petra Hielkema, Chairperson of EIOPA, highlighted the European orientation of occupational insurance, noting that increasing citizens’ participation in supplementary pension schemes is a key priority for the Savings and Investment Association.

Subsequently, Bank of Greece Governor Yannis Stournaras pointed out that public pensions alone will likely struggle to ensure adequate replacement rates in the coming years. He emphasized that occupational pension funds are expected to play a significantly greater role not only as a pension institution but also as an investment pillar at both the national and European levels. At the same time, he addressed the challenges facing the Greek market, noting that the limited size of many funds increases operating costs and makes it difficult to achieve economies of scale.

The remarks by Alexandros Sarigeorgiou, President of the Hellenic Association of Insurance Companies (EAEE) and Chairman & CEO of Eurolife FFH, made a particularly strong impression, as he vividly highlighted the issue of savings: “When a Greek retires, they have set aside the equivalent of three days’ worth of their last salary. When a European retires, they have set aside the equivalent of seven months’ worth of their last salary.”

As he noted, this reality highlights the need to immediately strengthen funded savings through strictly regulated systems, tax incentives, and active citizen participation. He further emphasized that neither can the public system alone provide a solution, nor can success be achieved without information and trust.

For his part, Konstantinos V. Kollias, President of the Economic Chamber of Greece, described occupational insurance as a strategic choice for the economy and society. He emphasized that Europe is undergoing a fundamental restructuring of how it finances its future and that pension funds are being called upon to convert private savings into productive investments.

He underscored that Greece remains overly dependent on the first pillar and that there is a need to strengthen tax incentives, simplify the regulatory framework, and invest in financial education.

In a message, Christos Megalou, CEO of Piraeus Bank, noted that occupational insurance is a critical intersection between savings, investments, and financial security. He recalled that Piraeus Bank was the first Greek bank to establish a Professional Insurance Fund, emphasizing that these funds can evolve into powerful institutional investors that make a significant contribution to the financing of the economy.

Panel I

The Savings and Investment Association as a Driver of Growth for European Capital Markets and European Competitiveness

The first thematic panel highlighted the role of savings and the mobilization of private capital in financing European growth.

Vasiliki Lazarakou, Chair of the Hellenic Capital Market Commission, Member of the Board of Supervisors of the European Securities and Markets Authority (ESMA), Member of the Board of Directors of the International Organization of Securities Commissions (IOSCO) and Chair of IOSCO’s Diversity Network, Member of the Bureau of the OECD Committee on Corporate Governance, referred to the large deposits that remain outside the investment economy due to regulatory fragmentation and emphasized the need for simple products, common incentives, and financial education.

George Theocharides, Chairman of the Cyprus Securities and Exchange Commission, highlighted Cyprus’s experience in cross-border activity and stressed the need for further integration of European capital markets.

Chris Aesopos, Chairman of the Board of Directors, Association of Institutional Investors (E.TH.E.), and CEO of ALPHA TRUST, noted that changes are needed in the tax treatment of pension plans and new tools that will allow pension funds to participate meaningfully in infrastructure investments.

Nikos Vettas, General Manager, Foundation for Economic and Industrial Research (IOBE) and Professor at the Athens University of Economics and Business, focused on demographic and investment imbalances, noting that Greece has significant room for growth through targeted improvements.

The discussion was moderated by Panos Xydonas, Professor and Director of Research at ESSCA École de Management, and Chairman of the Investment Committee of the Association of Insurance Organizations (A.E.D.A.K.).

Panel II

Social Security Reform: Toward a Modern and Resilient Pension System in Greece

After the break, the second panel featured an extensive discussion on the sustainability of the social security system in the face of demographic pressures.

A common theme in the remarks by Anna Efthymiu, Deputy Minister of Labor and Social Security; Tassos Giannitsis, Professor Emeritus at the University of Athens and former Minister of Labor and Social Security; Miltiadis Nektarios, Professor of Insurance Science at the University of Piraeus; Miranda Xafa, Managing Director of E.F. Consulting Ltd. and Researcher at the Center for International Governance Innovation (CIGI); and Gabriel Amitsis, Professor of Social Security Law and Director of the Social Administration Research Laboratory at the University of West Attica, was that long-term sustainability requires a combination of public protection, supplementary savings, and strong institutions. The discussion was moderated by Vasilis Angelopoulos, Journalist, Naftemporiki.

The European Dimension – Review of the IORP II Directive

Simone Miotto, Executive Director of AEIP, presented developments regarding the review of the IORP II Directive, noting that it is the most important European regulatory tool affecting occupational pension funds.

He emphasized the need to uphold the principle of proportionality and to maintain a supervisory framework based on risk and national specificities.

AON 2026 Survey - Priorities and Challenges in Pension Benefits

Georgios Kentouris, Chairman and CEO of AON Solutions Greece, presented the key findings of AON’s new survey, conducted three years after the implementation of Law 5078/2023, with the aim of assessing the extent to which the market has adapted to the changes that have affected the second pillar of insurance as a whole.

Key findings of the survey:

• 8 out of 10 participants stated that they do not expect social security to provide sufficient income after retirement.
• About half of the respondents felt that the 2023 reform has not yet contributed substantially to the development of the system, while 36% said they were unaware of the changes brought about by the new framework.
• Nearly all employers acknowledged that pension plans are an important tool for strengthening employee commitment and the overall benefits policy.
• Nine out of ten companies that participated in the survey already have a pension plan, while 13% of these operate through Occupational Insurance Funds (TEA).
• One in three employers who do not currently have a plan is already in the process of designing or implementing one.
• The average employer contribution stands at approximately 4.5%, while only 4% of employers do not contribute at all.
• The implementation of the new framework has led in several cases to an adjustment of contributions and a reduction in savings, due to the introduction of a 20% cap on earnings.
• Four out of ten companies made changes to their existing plans in order to adapt to the new environment.
• Eighty percent of respondents stated that they monitor the application of the contribution cap on their own, despite the fact that such monitoring is the responsibility of the providers.
• Regarding member outreach, only 14% reported that they had not received any information about how the program works.

Regarding group insurance policies, 7 out of 10 respondents stated that they already apply a rational approach to investment choices, while 1 out of 3 continues to rely exclusively on guaranteed returns.

Eight out of 10 participants reported that they do not have a clear understanding of the costs, fees, and structure of the investment options.

As for investment governance, the percentages remain low: only 13% have a formal monitoring committee, while 26% lack any formal documentation process.

Mr. Kentouris emphasized that the findings highlight that the next phase of development for the second pillar depends not only on the institutional framework but also on information, education, transparency, and the meaningful participation of employers and employees.

Panel III

Completing the Institutional Framework for Occupational Insurance. The third panel focused on the need to transition from the establishment to the maturation of the second pillar.

Konstantinos Tsagaropoulos, Secretary General of Social Security; Stavros Konstantas, Director of the Occupational and Private Insurance Supervision Directorate, Bank of Greece; and Charalambos Fytros, Second Vice President of ELETEEA, Actuary & Financial Analyst, Johnson & Johnson’s Employee Benefit Plan, highlighted that the growth of employee benefit plans requires a stable regulatory framework, supervisory credibility, economies of scale, portability of benefits, and strengthened trust among employees and employers. The discussion was moderated by Dinos Siomopoulos, journalist at Mega TV, To Vima, and ot.gr.

Panel IV

The End of Geopolitical Innocence: The Day After. The fourth panel of the Conference shifted the discussion from the insurance and investment environment to broader geopolitical developments that now directly affect economies, investments, and long-term savings strategies.

Participants in the discussion included Angelos Syrigos, Professor of International Law and Foreign Policy at Panteion University and Member of Parliament for Athens A’ for the New Democracy party, Konstantinos Filis, Director of the Institute of International Affairs at the American College of Greece, Alexander Kostopoulos, President of the U.S.-Greece Trade & Investment Council and Founder & CEO of FORESIGHT, as well as Ilias Lekkos, Chief Economist & Head of Investment Strategy at Piraeus Group. The discussion was moderated by journalist and Head of Content at ethosMEDIA, Christos Konstas.

The participants analyzed the new period of heightened geopolitical uncertainty, shifts in the international balance of power, the implications for the European economy, and how this new reality is affecting investment strategy and the management of institutional funds.

Financial Literacy and the Cypriot Pension Sector

This was followed by a presentation by Marios Georgiadis, Director of Institutional Funds and Custody at Bank of Cyprus, on financial literacy and the evolution of the Cypriot pension sector.

In his remarks, he highlighted the importance of financial education as a fundamental prerequisite for fostering a culture of saving and establishing sustainable supplemental pension schemes.

International Investment Approaches and Institutional Management

Next, Elias Georgoulias, Founder of Global Money Managers Ltd and CEO of the investment group Global Group SA, presented international practices in institutional portfolio management and the importance of diversifying investment options in an increasingly challenging environment.

Panel V

Occupational Insurance as a Tool for Attracting, Rewarding, and Motivating the Workforce

The fifth panel focused on the role of occupational pension benefits as a critical component of modern human resources policy.

Participants in the discussion included Natassa Paschali, Group Chief Human Resources Officer and Member of the Executive Committee at Eurobank; Gianna Palioura, Director of Business Partnering & People Services at Alpha Bank and Secretary General of the Alpha Services and Holdings Employee Association (TEA), Drosia Kardasi, Director of Human Resources and Member of the Executive Committee at INTERAMERICAN, and Anastasia Anastasopoulou, Head of Human Resources at Accenture Greece and Secretary General of the Accenture Employee Association. The discussion was moderated by journalist and Mega TV host Stella Gantona.

The speakers emphasized that pension benefits and overall welfare programs are now a key tool for attracting and retaining talent, while strengthening employees’ loyalty and trust in their employer.

Institutional Wealth Management and New Investment Practices

Konstantinos Spandonidis, Founding Partner of WWEALTH-E, presented the principles of Swiss wealth management as applied in an institutional context, highlighting management practices that can enhance the effectiveness of institutional portfolios.

This was followed by a presentation by Evangelos I. Angelidis, CEO of Profile Software, on the transformation of self-managed pension fund management through technology.

Panel VI

Financial Literacy as a Key Tool for Implementing the Savings and Investment Union

The sixth panel highlighted the crucial role of financial education in promoting savings and investment participation among citizens.

Participants in the discussion included Nikolaos Filippas, Professor of Finance at the University of Piraeus and President of the Institute for Financial Literacy; Dr. Christos P. Nounis, President, Hellenic Association of Occupational Insurance Funds (ELETEΑ) & President of the Ministry of Finance Occupational Insurance Fund (TEA-YPOIK), and Vasilis Panagiotidis, Senior Director of the Hellenic Bank Association. The session was moderated by Eleftherios Nikolaou, Management Consultant at ELETE, Director of TEA-Ministry of Finance, and General Director of the Institute for Financial Literacy.

Participants agreed that financial literacy is now a critical factor for the development of occupational insurance, the improvement of savings options, and the strengthening of citizens’ trust in institutions.

International investment management, savings, and new investment approaches for the future of pensions. During the afternoon session of the 7th Occupational Insurance Conference—#ocin26, the discussion shifted from institutional reforms and the strengthening of the second pillar to international asset management, the role of long-term savings, and new investment approaches that influence pension systems.

In his speech titled “International Institutional Investment Management and Pension Funds,” Theofanis Mylonas, Head of Wealth Management at Eurobank and CEO of Eurobank Private Bank Luxembourg, highlighted the importance of professional and institutional investment management in an international environment marked by increased complexity and volatility. His remarks focused on the role that pension funds can play as long-term investors by leveraging modern risk management practices, portfolio diversification, and international asset allocation.

This was followed by a Fireside Chat titled “Greece 2030: Resilience, Savings, and the Future of Pensions and Growth,” featuring Panagiotis Antonopoulos, CEO of Alpha Asset Management A.E.D.A.K., Second Vice Chair of the Board of Directors, Hellenic Association of Institutional Investors, and Panagiotis Kapopoulos, Chief Economist and Head of Economic Research at Alpha Bank. The discussion focused on the macroeconomic challenges of the coming decade and the importance of fostering a culture of saving as a prerequisite for sustainable growth and an adequate pension system. Particular emphasis was placed on the link between long-term savings and the mobilization of investment capital, as well as on the need to create mechanisms that will strengthen the Greek economy’s resilience in the face of demographic and economic changes.

The session concluded with a presentation by Dimitris Batzis, Head of Southern CEE Countries at Schroders, titled “Private Equity: The Missing Piece in Your Portfolio.” In his remarks, he highlighted the role of alternative investments—and private equity in particular—as a tool for boosting returns and diversifying portfolios. He emphasized that incorporating such investment options can complement traditional asset classes, particularly for institutional investors and pension funds with a long-term investment horizon.

This session highlighted that occupational pension plans are no longer limited to managing pension liabilities but are evolving into a field of strategic investment, international capital management, and the creation of long-term economic resilience.

Panel VII – Implementing Investment Policy in an Environment of Uncertainty

The seventh panel of the Conference focused on the challenges posed by the new international environment for the management of institutional funds and on the formulation of investment strategies capable of responding to conditions of heightened uncertainty and constant change.

Participants in the discussion included Georgios Chrysikos, CEO of Allianz A.E.D.A.K., Dimitris Dalipis, Chief Investment Officer of ALPHA TRUST; Evangelos Charatsis, Chairman and CEO of BETA Securities S.A.; Byron Kanelis, Director of Discretionary Asset Management (DAM) at National Asset Management S.A., and Pantelis Papageorgiou, Partner and CEO of Elikonos Capital S.A. The moderator was Christos Konstas, Journalist, Financial Analyst, and Head of Content at ethosMEDIA.

During the discussion, it became clear that the current investment environment is characterized by high volatility, frequent geopolitical upheavals, and an increased need for portfolio adaptability.

Georgios Chrysikos noted that investment management can no longer rely on a single baseline scenario but requires the development of multiple alternative scenarios and continuous risk assessment. He emphasized the importance of diversification, the balance between liquidity and alternative investments, and the systematic application of stress tests to portfolios.

Dimitris Dalipis highlighted the distinctive characteristics of Occupational Pension Funds, noting that the long-term horizon and the continuous inflow of capital create significant advantages in investment management. He emphasized the need to transition from fragmented approaches to a comprehensive “total portfolio” management model.

For his part, Evangelos Charatsis presented the Tsakos Group’s experience in managing institutional portfolios, noting that increased exposure to equity assets was a deliberate strategic choice aimed at boosting long-term returns.

Byron Kanelis emphasized that the global economy now operates under a regime of successive crises, a reality that requires constant strategic readjustment. He made special mention of the effects of inflation, the new geo-economic balances, and the need to identify investment opportunities at both the sectoral and individual-company levels.

Pantelis Papageorgiou presented insights from the private equity market, noting that a long-term investment approach and the selection of companies with strong fundamentals allow for greater resilience in the face of market fluctuations.

The panel’s consensus was that an effective investment policy in this new era is based not only on the pursuit of returns, but primarily on resilience, diversification, flexibility, and a long-term management strategy for institutional funds.

National Bank of Greece and Pillar II

In his speech, Gikas Hardouvelis, Chairman of the Board of Directors of National Bank of Greece, highlighted the strategic importance of occupational pension funds. In his speech, he noted: “At National Bank of Greece, we recognized these developments early on and complied with the requirements of the second pillar. The National Bank of Greece’s T.E.A. is the universal successor to the National Bank of Greece Staff Self-Insurance Fund, known as TAPETE. This is a continuation, not a discontinuation.

It is an evolution, with full protection of acquired rights. It is clear that the creation and development of modern pension funds, such as the National Bank of Greece’s Pension Fund ETE, is not merely an organizational change, but a strategic investment in the future of social protection, strengthening both workers’ security and the economy’s resilience. It is tangible proof that institutional modernization, when combined with social sensitivity and strategic focus, can create real value—both for people and for the economy as a whole.”

Niki Kerameos: “Occupational Insurance at the Heart of a New National Strategy”

Atthe conclusion of the event, with a clear message in favor of strengthening the second pillar of social security and references to the upcoming reforms for Occupational Insurance, the Minister of Labor and Social Security, Niki Kerameos, delivered the keynote address at the 7th Occupational Insurance Conference—#ocin26, representing the President of the Hellenic Government.

In her remarks, the Minister recalled that the further development of occupational insurance had already been identified as a priority at last year’s conference and noted that the government is now moving on to the next step in the reform process.

“In the new bill we will present to the Cabinet, our proposal reflects the conviction that occupational insurance funds must play a very important role in our country in the coming years,” she stated.

Ms. Kerameos emphasized that Greece currently continues to have a particularly low penetration rate for occupational insurance, as the assets of the -voluntary insurance- Occupational Insurance Funds account for less than 1% of Greek GDP, whereas in OECD countries with mature and developed second-pillar systems, the corresponding average rate approaches 50%, while there are countries where this percentage reaches as high as 120% of their GDP.

As he emphasized, the ongoing discussion at the European level regarding increasing savings and mobilizing investment capital presents a significant opportunity for the country.

“A major discussion is underway across Europe on how to increase savings and investments. At this point, occupational insurance is the answer—it creates solutions,” he noted.

At the same time, he made it clear that strengthening the first pillar of social security remains a steadfast government priority, while pointing out that the long-term sustainability of the system also requires the substantial development of supplementary pillars.

In this context, he presented the key guidelines of the new institutional framework for Occupational Insurance Funds:

• Greater flexibility and simplification of procedures so that more companies can participate in the new Open Pension Funds, which will operate as umbrella funds under the supervision of the Bank of Greece.
• Enhancing the attractiveness of the system through measures that take age into account—rather than solely the number of years of insurance coverage—and by enabling T.E.A.s to offer health programs.
• Strengthening the protection of insured individuals through full portability of rights and the ability to transfer pension plans between Occupational Insurance Funds and Group Occupational Pension Insurance Products.

He placed particular emphasis on the need to build trust and inform citizens about how supplemental pension schemes operate.

“The first challenge is to convey the message of the importance of supplementary insurance pillars,” she noted.

Concluding her speech, the Minister emphasized that occupational insurance concerns not only the social security system but also, more broadly, citizens’ quality of life and the competitiveness of the economy.

“Today we are facing a great opportunity to strengthen the second pillar of social security, and we will work consistently toward this goal,” he noted, calling on the Hellenic Association of Occupational Insurance Funds to actively contribute both to shaping the new framework and to effectively communicating it to the public.”

The 7th Occupational Insurance Conference -#ocin26 confirmed that occupational insurance is no longer a supplementary discussion regarding the social security system, but a critical pillar for pension adequacy, long-term savings, investment incentives, and the strengthening of the Greek economy’s competitiveness.

Conference Sponsors

Gold Sponsors

• ALLIANZ S.A. (Asset Management Company)
• ALPHA BANK
• ALPHA ASSET MANAGEMENT S.A.
• ALPHA TRUST
• AON
• ATHENS INTERNATIONAL AIRPORT
• NATIONAL ASSET MANAGEMENT S.A. (Asset Management Company)
• EUROBANK
• EUROBANK ASSET MANAGEMENT S.A.
• PIRAEUS ASSET MANAGEMENT

Silver Sponsors

• TEA ACCENTURE
• Bank of Cyprus
• BETA SECURITIES S.A.
• CrediaBank
• GLOBAL ENERGY GREEN FUND
• INTERAMERICAN
• T.E.A. INTRUM
• IOLCUS INVESTMENTS
• T.E.A. SOEL
• TSAKOS GROUP OF COMPANIES
• PCS
• Prudential Informatics

Bronze Sponsors

• Consultax
• Association of Institutional Investors (E.TH.E.)
• Elikonos Capital
• IMED
• KPS Group
• LIBERTY ACT
• T.E.A.-Ministry of Finance
• T.E.A. E.E.K.E.
• T.E.A. Johnson & Johnson
• T.E.A. Piraeus Group
• Profile Software
• Schroders
• SPARK
• WWEALTH-E

Premium Corporate Sponsors

• Hellenic Bank Association
• ARRENA Natural Mineral Water
• 3K Investments Partners
• EFFECT
• E.T.A.O.
• Kapos & Associates
• CHRISTOS KRIGAS + PARTNERS
• LIBERTY TAX PROS IKE
• MPI Hellas
• BOURLOS - KOUTAVA & Associates
• Premia Properties
• Systemic
• TEAAPL
• TEAGE
• TEA ELTA

Corporate Participation

• INNEWS
• OGILVY
• SANY Consulting
• SEMA

Water Sponsor

• ARRENA Natural Mineral Water

Registration Sponsor

• EventAtlas by LiveOn

Under the auspices of

• Ministry of Labor and Social Security
• Ministry of National Economy and Finance
• Bank of Greece
• Hellenic Capital Market Commission
• EURONEXT
• Association of Institutional Investors
• Hellenic Bank Association
• Economic Chamber of Greece
• Association of Listed Companies
• Institute of Financial Literacy
• Research Laboratory of Social Administration, University of West Attica
• Hellenic Actuaries Association

• European Association of Parity Institutions
• Cross Border Benefits Alliance-Europe (CBBA-Europe)

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