STEPS FOR THE ESTABLISHMENT OF AN OPF

You are here:

Home
Occupational Insurance
STEPS FOR THE ESTABLISHMENT OF…

For the creation of an Occupational Pension Fund it is required initially a solid decision of the entity wishing to offer to its members or employees the benefits of Occupational insurance.

Then,there is a need to set up a project team and appoint the project leader. This team will undertake to implement the processes of benefits design, licensing and establishment of the Fund. The Project Team will need the services of legal consultant, an actuary and possibly a consultant with experience in setting up and managing Occupational Pension Funds.

1st STEP

BENEFITS DESIGN

The design of benefits includes:

Conditions of participation for the members of the Fund.
Definition of Benefits (old age, health, disability, etc.) and method of payment.
Determination of the amount or the method of calculation of the personal and/or employer’s contribution, the time and method of payment.
Determination of personal and/or employer contributions towards the Own Funds for the payment of operating expenses of the OPF.
Specify the conditions (age, years of insurance) of the pension provision.

In this procedure you will need to decide in addition:

The composition of the Board of Directors (number of members and representation of insureds/employees and/or employers or Union/Association).
The method an time of elections for the election of the members of the Board of Directors and the Audit Committee.

2nd STEP

LICENSING

Statute issue from legal consultant
Preparation of constituent Actuarial Study by a licensed actuary.
Submission of an application for the licensing and the operation of the Fund in the Independent Department OF Occupational Insurance of the Ministry of Labor, Social Security and Social Solidarity. Along with the application shall be submitted the draft Statute and the constituent Actuarial study. The draft Statute is also submitted to both relevant supervising Authorities, the National Actuarial Authority and the Hellenic Market Capital Commission.
The Actuarial Study is also submitted to the National Actuarial Authority.
The three relevant Authorities consider the Statute in terms of legality.
The Independent Department of Occupational Insurance receives the consent of the National Actuarial Authority and the Hellenic Market Capital Commission.
The stakeholder is informed and a notarial document is drawn up.
Submission of the notarial document to the Ministry for final approval.
On the grounds of the notarial document the National Actuarial Authority’s and the Hellenic Market Capital Commission’s approval is provided.
Issue of the ministerial decision approving the license of the OPF.

3rd STEP

INSTALLATION

Concurrently to the licensing procedures it is required to carry out the Fund’s installation issues such as:

Housing offices
Determination of employment positions, job description of these, specification of qualifications of each position and staff recruitment.
Acquire telecommunications equipment and devices (telephones, computers, e-mail, site etc.)
Computerization and identification of a proper IT System.
Setting up operating bodies for Accounting and Actuarial services, Internal Audit, Risk Management, Compliance etc
Selection of the Investment Manager and the Trustee.
Elections for the election of the Board of Directors.
Issue of tax certificate for the commencement of operation.
Opening bank accounts.