In Greece, a number of changes are being introduced, with a view to creating more transparency within the occupational pension fund (OPF) market. However, less stringent requirements will apply to smaller OPFs.
One area of significant change is in relation to the information requirements. Although, in practice, some IORP information has already been provided to members, this was not previously a legal requirement. Similarly, the requirement to take account of ESG considerations is new in Greece, as is the need to obtain consent from both the transferring and receiving member states to the cross-border transfer of a Greek IORP.
Although Greece was originally said to be on track with implementation, it is one of the member states against whom infringement proceedings have been launched for full non-compliance with all transposition measures. Further detail concerning implementation is therefore expected.