The recent harmonization with the legislation in February 2020 (the Law on the Establishment, Activities and Supervision of the Institutions for Occupational Retirement Provision 2020), imposes changes in the existing Institutions for Occupational Retirement Provisions (IORP) which challenge employers to review issues  concerning the retirement of their employees.  

The changes concern, among others, issues related to internal governance, enforcement of written policies, risk management and internal control functions, written Decalration of Investment Policy Statement, liability transfer, technical reserves, etc., as well as Declaration of Pension Benefits.  Learn more here

Universal Life, through the new PensionPLUS Occupational Retirement Plan, provides a clear solution to the additional costs and obligations that companies and organisations are shouldered due to this change.  With the new legislation and the issuance of the Instruction Nu. 2/2021 (326/2021) on the 23rd of July 2021 the transfer of funds from existing traditional Provident Funds to the Retirement Investment Funds of Class VII (Class responsible for the management of group pension funds) is permitted under the same terms and conditions. Learn more here

The PensionPLUS Occupational Retirement Plan, is the ideal solution for employers and employees, since through  this modern retirement plan they are able to contribute to their capital adequacy after retirement.

The supervision of the operation and management of the investments is undertaken by the highly experienced investment team of Universal Life, which with access to international mutual fund management companies and with a low management cost is relieving each company and its members from the need to establish and appoint a Management Committee, from the responsibility of prudent and professional investment management and  the responsibility for harmonization with the respective legislative framework.

Through its expertise and experience of more than 50 years, both in the field of Group insurance, and in the management of investments by a specialized group, but also with access to world-class Asset Managers, Universal Life does not offer just a group retirement plan. The PensionPLUS Occupational Retirement Plan by Universal Life adds value to every organization and every member of its human resources, ensuring professionally, with prudence and consistency, the right of everyone to retire with dignity.