Occupational Pension Funds (occupational funds, as they are internationally well known) have earlier history from the widespread social security funds. Their history begins in the 15th century in France, Germany and England when professionals unite with each other, in order to accumulate reserves for hours of need and when they grow old. The need to complement the benefits of the primary and auxiliary social security favored in many countries the evolution of institutions of special purpose that provide supplementary insurance and benefits, frequently much higher of the first two. This awareness has led many countries in redesigning and remodeling their pension systems. In this way, the second pillar pensions of OPFs was either introduced or strengthened in various countries. The rising of these institutions was such that approximately 25% of the active population of the European Union is insured under Occupational Pension Funds. while this figure is constantly increasing. The value of assets under management of OPFs in the European Union exceed 3.4 trillions, a figure that corresponds to 25% of the gross domestic product of the European Union.
In our country, the Occupational Insurance was established in 2002 by Law 3029/2002. The Occupational Pension Fund of the Ministry of Finance, founded in 2004, was the first Fund in Greece. At the date of establishment of the “Hellenic Union of Institutions for Occupational Retirement Provision” and after completion of 16 years from the introduction of Occupational Insurance,18 OPFs operate in Greece.