# Greek professional insurance reform advances > Live situation record from CLSTR: https://clstr.news/situations/greek-professional-insurance-reform > Updated: 2026-08-27T11:55:43.000Z. Sources: 20. Developments: 5. In late July 2026, Greece’s Ministry of Labour and Social Security advanced a reform to modernize the second pillar of the pension system. The draft bill, which introduces Open Professional Insurance Funds (TEA) and open-group pension products (OAPES), was submitted to Parliament on 28 July. The reform aims to broaden access for employees, freelancers, and small enterprises by removing the previous requirement that an autonomous fund must have at least 100 insured members. Key provisions include making contributions fully tax-deductible, with tax credits ranging from 9% to 44%. The bill raises the contribution ceiling to €35,000 for freelancers and 35% of earnings for salaried workers. It also introduces age-based taxation on benefits: a 10% levy on lump-sum payments and 5% on pensions for exits aged 62–67, which is halved after age 67. Rights are portable across employment changes, and the Bank of Greece will assume supervisory duties. By late August, Deputy Minister Anna Efthymiou noted that the bill is fully aligned with EU law and incorporates over 90% of proposals from social partners. The reform seeks to address a projected drop in average pensions below €900 and improve system reliability for younger generations. While the voluntary second pillar complements the public first pillar, it also creates a new market for banks to provide asset management, custody, and digital services for the resulting long-term savings pools. ## Claims - The Greek Ministry of Labour and Social Security submitted a professional insurance bill to Parliament. (corroborated by 8 sources) - The bill creates open professional insurance funds and open group pension products (OAPES). (corroborated by 8 sources) - The bill provides tax incentives: contributions are 100% deductible and the contribution ceiling is raised to €35,000 per year for freelancers and 35% of income for employees. (corroborated by 8 sources) - The bill links taxation of benefits to age: 10% tax on lump‑sum and 5% on pensions for exits between ages 62‑67; 5% and 2.5% respectively after age 67. (corroborated by 8 sources) - The legislation eliminates the tax penalty for late entry into professional insurance. (corroborated by 8 sources) - The bill guarantees full portability of insured rights when changing employment or professional status. (corroborated by 8 sources) - Minister Niki Kerameos said the reform broadens options for employees and businesses and strengthens the economy. (corroborated by 8 sources) - The Bank of Greece will supervise the new professional insurance regulatory framework. (corroborated by 8 sources) ## Timeline ### 2026-08-27: Greece introduces new occupational insurance and pension reform bill Greece is voting on a bill to expand occupational insurance, aiming to provide supplementary pension protection for workers and the self-employed while offering tax incentives and benefits for businesses. 2 sources. https://clstr.news/cluster/greece-introduces-new-occupational-insurance-and-pension-reform-bill ### 2026-07-31: Greek Deputy Minister Anna Efthymiou Pushes Reform of Professional Insurance Greek Deputy Minister Anna Efthymiou introduced a bill to expand optional supplementary pensions via professional insurance, aiming to fix flaws, broaden coverage and improve stability, with the Bank of Greece 2 sources. https://clstr.news/cluster/greek-deputy-minister-anna-efthymiou-pushes-reform-of-professional-insurance ### 2026-07-30: Greece pushes occupational insurance reform with tax‑break incentives Greece's draft law adds a voluntary occupational insurance pillar, offering tax deductions of up to 44% for wage contributions to boost retirement savings. 6 sources. https://clstr.news/cluster/greece-pushes-occupational-insurance-reform-with-taxbreak-incentives ### 2026-07-28: Greek professional insurance reform bill introduced to Parliament Greece's Labour Ministry introduced a professional insurance reform bill creating open funds and OAPES, offering tax incentives, removing late‑entry penalties, ensuring portability and age‑based benefit taxes, 11 sources. https://clstr.news/cluster/greek-parliament-advances-professional-insurance-reform ### 2026-07-24: Greece's new professional insurance funds create a gold market for banks Greece's reform creates Open Professional Insurance Funds, letting banks tap a new long‑term savings market by allowing firms and freelancers to join without the previous 100‑member rule. 2 sources. https://clstr.news/cluster/greeces-new-professional-insurance-funds-create-a-gold-market-for-banks --- Cite as: Greek professional insurance reform advances. CLSTR, https://clstr.news/situations/greek-professional-insurance-reform