In accordance with the 4172/2013 Act (Article 14) which was published in the GOVERNMENT GAZETTE-tA΄-167/23.7.2013, since 1/1/2014, the following shall apply: “From the calculation of income from salaried employment and pensions, among other things, are excluded the insurance contributions paid by the employee including the employer and employee contributions to Occupational Pension Funds established by law, as well as the lump-sum benefits paid by Welfare Funds and Insurance Organizations of the public sector, and Occupational Pension Funds established by law to the insured persons and their dependents of the insured “. Therefore, on the basis of these recent legislative developments, the personal contribution of the members of Occupational Pension Funds, established by law, reduces the taxable income of the Member at a rate of 100% of paid contributions. Also, the lump sum paid to the members of the OPF in accordance to the statutes of the Funds are not subject to taxation. If a Fund pays the retirement benefit in the form of an annuity, this is taxed as income.
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