Featured Topics
Regions
Magazine Archive
For more information about PLANSPONSOR Europe
James RedgraveManaging Editor Tel:+44(0)2073973802Tel:+44(0)7817305075EMAIL
Graham SimonsNews Editor Tel:+44(0)2073973801 EMAIL
Daljit S. SokhiOnline Sales Manager Tel:+44(0)2073973809 Mob:+44(0)7792419482EMAIL
Robert W. JonesGlobal Publisher Tel:203-595-3174EMAIL
PLANSPONSOR Europe
is also available in a digital edition.
Check it out HERE
Where Do you Go for Financial Advice?
Got News?
If you have news of interest to plan sponsors, email us at news@plansponsoreurope.com
Athens News has obtained the final versions of the memorandum agreements made between the government and the EU/IMF troika. The document reveals the Greek government has committed through a framework law, an in-depth revision of the functioning of secondary/supplementary public pension funds. The revision commits to stabilising pension expenditure, guaranteeing the budgetary neutrality of these schemes, and ensuring medium- and long-term sustainability of the system. Additionally it says the revision will: • eliminate imbalances in those funds with deficits; • unify all existing funds; • cut overall operational and payroll costs including an adequate reduction in staff headcount (by at least 30%) in the new single fund; • achieve long-term sustainability of secondary schemes through a strict link between contributions and benefits. The document adds the reform of the secondary/supplementary schemes has been designed in consultation with the European Commission, ECB and IMF staff, and its estimated impact on long-term sustainability is validated by the EU Economic Policy Committee. The government also says the parameters of the new secondary notional defined-contribution system ensure long-term actuarial balance, as assessed by the National Actuarial Authority.
Athens News has obtained the final versions of the memorandum agreements made between the government and the EU/IMF troika.
The document reveals the Greek government has committed through a framework law, an in-depth revision of the functioning of secondary/supplementary public pension funds.
The revision commits to stabilising pension expenditure, guaranteeing the budgetary neutrality of these schemes, and ensuring medium- and long-term sustainability of the system.
Additionally it says the revision will:
• eliminate imbalances in those funds with deficits; • unify all existing funds; • cut overall operational and payroll costs including an adequate reduction in staff headcount (by at least 30%) in the new single fund; • achieve long-term sustainability of secondary schemes through a strict link between contributions and benefits.
The document adds the reform of the secondary/supplementary schemes has been designed in consultation with the European Commission, ECB and IMF staff, and its estimated impact on long-term sustainability is validated by the EU Economic Policy Committee.
The government also says the parameters of the new secondary notional defined-contribution system ensure long-term actuarial balance, as assessed by the National Actuarial Authority.