In the second phase of its development is TEKA which now manages 112 million euros, an amount three times higher than the 44 million euros it had last summer. One of the next objectives of the new Supplementary Insurance Fund is to also attract insured persons who are employed in sectors where until now there was no obligation to be covered by supplementary insurance (eg freelancers, farmers, self-employed health workers, etc.).
In the new system, individual piggy banks have been created for new entrants with compulsory insurance, but since last year, those who were born from 1/1/1987 onwards and want to switch to the new system have also joined.
With their application at the address be.teka.gov.gr they can join the capitalization system and change their insurance provider, now subject to TEKA, instead of e-EFKA.
Insurance contributions
In this phase of the Fund’s development, the employees’ insurance contributions are part of a dynamic default program. That is, it involves more risk at the beginning of the working life and will zero towards the end of the working life, i.e. after 40 years. The defined benefit pension product corresponds to an investment portfolio that has a life cycle structure. That is, its composition is personalized, it varies according to the age of each insured and corresponds to a composition with a higher risk for the youngest insured, which will gradually decrease as the insured approaches retirement age.
In 2026
From 2026 onwards, employees will be able to choose between other pension plans that will be designed or even combine plans. After 2026, when all pension products will be active, the employee (every 3 years) will be able to change the profile of the program he has chosen. TEKA will offer (during the third development period) to the insured a small number of appropriately configured pension products (investment portfolios) of graded risk (dynamic – balanced – conservative) for those insured who wish to choose and regulate the risk level of their own their retirement savings.
The amount of the pension
At the moment, the amount of the monthly supplementary pension for an average annual salary of 14,000 euros and 40 years of insurance amounts to 235 euros, with the new system the supplementary pension can reach 326 euros based on the professional management of EFKA funds and 479 euros based on the average of the OECD countries that have the capitalization systems with the highest returns.
In order to be entitled to a pension from TEKA, one must have completed 15 years of insurance with the institution, while in the event of the death of the insured who has not completed 15 years, the state will contribute the remaining contributions.
TEKA provides for a State guarantee of non-negative performance. This means that the insured person will receive at least a supplementary pension calculated on the basis of the contributions paid, in real terms (taking inflation into account).
#TEKA #piggy #bank #tripled #policyholders #targeting
