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Private Pension System

Ensure your retirement income at the age of your preference
 Take care of yourself. No one else will do it for you!

We believe that the most valuable possessions in this world are Health, Freedom and Youth.  However, we tend to appreciate their real worth, only when we lose them. 

Old age is definitely the toughest form of this reality, since in third age people have already lost one of the most valuable possessions, their youth, the second most valuable possession, their health, has also been affected and as a result, the third most valuable possession, their freedom, is also being affected. 

The existence of a fixed, monthly income, a pension, that would cover all current needs in this period of life, during which, every person, apart from the loss of these possessions, experiences the physical weakness to provide the main necessities, can make third age a lot easier. 

This solution is provided exclusively by European Reliance via the Private Pension System.

Why acquire a Private Retirement Product

Ensure the quality of life that you dream, at the difficult times of third age.

You can select the age of your retirement and this will not change nor be imposed as it happens in the Public Pension System. Moreover, your pension amount is tax-free and is not affected by state interventions.

 This investment is ensured with a guaranteed interest rate, that you may increase in the future, an option and an opportunity provided exclusively by European Reliance.

 It is free of charge and it applies to the retirement savings in your personal account.

In case of Permanent Total Disability before the retirement age, the payment of the insurance premiums ceases and the total pension amount will be paid in full without any other obligations.

In case of loss of life before the retirement age, your savings are not lost, but are returned to the family.

Private Pension System cannot reverse third age! However, it can protect you from any financial misfortunes and cover your financial and material needs at this difficult period of time.
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Useful information for Retirement Products

Questions of a candidate customer when planning a new retirement product. What should you consider?

What do I have to pay?

For your financial planning, the consistency and height of your contributions will be the key factors for the successful completion of a retirement product. When these factors are arranged, based on a specific plan, you will be able to proceed without any further changes or “surprises” in the agreed amount.

When will I receive the pension?

The age limits of the public pension system can change any time for fiscal or demographical reasons. However, in the private insurance sector, you can select your retirement age. Private retirement products give you the opportunity to arrange on your own, the time of your retirement, while keeping your retirement age unchanged. 

Will there be delays in the payment of the pension amount?

The insurance company ought to inform you before the expiration of your insurance policy, so that you will be able to decide the way that you wish to receive your payment. The retirement procedure begins the following month after the termination of the policy, whereas the Greek State requires a time period of up to 3 years.


 Which are the categories of retirement products?

There are two basic categories of retirement products:

  • The classic retirement products that provide guaranteed competitive returns, higher than the contributions of banks and regardless of the height of the insurance premiums (low or high) that you will select.
  • The Unit Linked retirement products, by which, according to your investment profile, you can choose the way that you will invest your insurance premiums from a wide range of financial means (shares, bonds, etc.) without a guaranteed return but with the ability to achieve higher returns through time.

Will there be any further changes in the final pension amount?

No. From the beginning of your pension insurance policy, you will be informed on your pension amount, which will remain the same throughout your retirement age.


How can I plan a retirement product according to my needs?

The “key” to strategic planning, is the income sliding scale and based on this, we determine the amount of your pension and the contributions. Under this case, the plan remains sustainable, minimizing the chances of financial derailment in the future. For example, the setting of an amount for private pension, must range approximately at 20% of your monthly income, and the contributions for this amount must not exceed 8% of your monthly income.

Will I be able to receive a lump sum?

Before the expiration of your pension product, you retain the right to liquidate your savings account at any given moment. In the end of the product, you will receive the agreed amount as a lump sum or as a monthly whole life benefit.

Are the insurance companies reliable to be selected for a retirement product?

The operating framework of the insurance companies is stricter, a fact that guarantees the assurance of your interests. The insurance companies are subject to ordinary audits conducted by the Supervisory Authority (Bank of Greece) and are obliged, according to the new calculation methods of Solvency II Directive for insurance companies around Europe to publish annual reports with the KPIs. Moreover, the establishment of a Guarantee Fund for Private Life Insurance, aims to provide you insurance coverage via an insurance company in case of revocation of the operating license of the insurance company in which you are insured or by compensating you up to the amount of € 30.000.