Greece Pension Guide 2026 — EFKA State Pension, Supplementary & Private Funds

Overview of the Greek Pension System

The Greek pension system has three pillars:

• First Pillar — EFKA State Pension (Κύρια Σύνταξη): A pay-as-you-go (PAYG) system administered by e-EFKA. It comprises two components: the national pension (εθνική σύνταξη) — a flat-rate amount, and the contributory pension (ανταποδοτική σύνταξη) — based on lifetime earnings and contributions.
• Second Pillar — Supplementary Pensions (Επικουρική Σύνταξη): A mandatory supplementary pension for most employees (and optional for certain self-employed groups), administered by EFKA's supplementary funds. Operates on a notional defined-contribution (NDC) basis.
• Third Pillar — Private Occupational Funds (TEP): Voluntary occupational pension funds (Ταμεία Επαγγελματικής Ασφάλισης) established by employers or professional associations. These offer tax-advantaged retirement savings.

EFKA State Pension (Κύρια Σύνταξη)

The state pension is the core of the Greek retirement system. The key rules for 2026 are:

• Minimum contribution period: At least 15 years (4,500 days) of insurance. Without this minimum, no state pension is payable. Workers who do not meet the minimum may qualify for the social solidarity pension (ΕΚΑΣ — Επίδομα Κοινωνικής Αλληλεγγύης Συνταξιούχων) subject to income and asset tests.
• Full pension: 40 years of insurance are required for a full pension (100% of the replacement rate). The replacement rate for the contributory portion is progressive: approximately 33.8% for the lowest income bracket (up to ~€7,200/year) declining to 24% for higher brackets.
• National Pension (Εθνική Σύνταξη): A flat-rate amount of approximately €413/month (for 20+ years of insurance). Reduced by 1/20 for each year below 20 years (minimum 15 years). This component is paid to all qualifying retirees regardless of their contribution history, provided they meet the age and insurance requirements.
• Contributory Pension (Ανταποδοτική Σύνταξη): Calculated on the basis of lifetime average monthly earnings (all years of insurance). The applicable replacement rates are: 0.77% per year of insurance for the earnings bracket €0-€7,200, 0.60% for €7,201-€18,000, 0.48% for €18,001-€36,000, and 0.30% for earnings above €36,000. For example, 40 years of insurance on an average salary of €1,500/month yields a contributory pension of approximately €408/month + national pension of ~€413/month = ~€821/month total state pension.
• Maximum pension: The total state pension (national + contributory) is capped at approximately €3,500/month.

Retirement Age

• Ordinary retirement age: 67 years (with at least 15 years of insurance) or 62 years with 40 years of insurance.
• Early retirement (reduced pension): Available from age 62 with at least 15 years of insurance. The pension is reduced by 0.5% per month (6% per year) before the ordinary retirement age of 67.
• Delayed retirement: Retiring after age 67 increases the pension by 0.5% per month (6% per year) for each month of delay beyond 67, up to a maximum increase of 30% at age 72.
• Special regimes: Certain professions (miners, seafarers, civil servants in hazardous roles) retain earlier retirement ages under transitional provisions.

Supplementary Pension (Επικουρική Σύνταξη)

The supplementary pension is a mandatory second-tier pension for most employees (and optional for some self-employed groups):

• Contribution rate: 6.66% of gross earnings (3.33% employee + 3.33% employer). Self-employed pay the full 6.66%.
• NDC system: Since 2014, the supplementary pension operates as a notional defined-contribution (NDC) system. Contributions are recorded in a notional individual account with a guaranteed annual return of at least the CPI inflation rate. At retirement, the accumulated notional capital is converted into a monthly pension using a conversion factor based on life expectancy.
• ETEAEP: The supplementary pension funds are now managed by the Ενιαίο Ταμείο Επικουρικής Ασφάλισης και Εφάπαξ Παροχών (ETEAEP), a subsidiary of e-EFKA.
• Lump-sum payment (Εφάπαξ): Certain professional groups (engineers, lawyers, doctors) are entitled to a one-time lump-sum payment upon retirement, funded by their specific professional insurance funds.

Private Occupational Pension Funds (TEP)

TEP (Ταμεία Επαγγελματικής Ασφάλισης) are voluntary occupational pension funds that offer tax-advantaged retirement savings:

• Structure: TEP are established by employers or professional associations as collective retirement savings vehicles. They are regulated by the Ministry of Labour and supervised by the Insurance Companies Directorate.
• Tax treatment: Contributions to TEP are tax-deductible up to €2,000/year per individual (or up to 20% of gross annual earnings, whichever is lower). Employers' contributions of up to €2,000/year per employee are exempt from social security contributions and income tax.
• Withdrawals: The accumulated capital is paid as a lump sum or annuity upon retirement. Withdrawals are taxed as earned income at retirement, with the portion representing accumulated returns taxed at the savings rate (15% flat).
• Portability: TEP benefits are fully portable between participating employers.

Taxation of Pensions

Pensions (state, supplementary, and private) are taxed as earned income (εισόδημα από μισθωτή εργασία) in Greece:

• Progressive rates: 9% up to €10,000, 22% from €10,001-€20,000, 28% from €20,001-€30,000, 36% from €30,001-€40,000, 44% above €40,000. A special tax-free threshold of approximately €8,636 applies to pension income (the first €8,636 of annual pension income is effectively tax-free via the tax credit mechanism).
• Solidarity contribution: An additional solidarity contribution (εισφορά αλληλεγγύης) applies to total income above €12,000: 0-8% on a sliding scale.
• Withholding: Pensions are subject to withholding tax at source by EFKA or the pension fund administrator.
• Foreign pensions: Foreign pensions received by Greek tax residents are taxed in Greece at the same progressive rates, unless a double taxation treaty provides for exclusive taxation in the source country.

Retirement in Greece as an Expat

• Totalisation: Greece has bilateral social security agreements with the United States, Canada, Australia, the UK (post-Brexit), and EU/EEA member states. These allow the aggregation of contribution periods in both countries to meet the minimum 15-year requirement for a Greek pension.
• Non-contributory pension: Expat retirees who do not qualify for a Greek contributory pension may be eligible for the social solidarity pension (ΕΚΑΣ) if they meet residence and income criteria (20+ years of legal residence in Greece).
• Taxation: Foreign pensions are generally taxable in Greece for tax residents. Some treaties (e.g., with the UK) assign the taxing right exclusively to the country of residence. Others (e.g., with the US) allow both countries to tax, with a foreign tax credit.

Frequently Asked Questions

Can I receive both a Greek and a foreign pension?

Yes. Under EU coordination and bilateral agreements, you can receive separate pensions from each country where you have worked. Each country calculates its pension based on the contributions made in that system. Greece also offers a pro-rata top-up (the "εθνική σύνταξη" adjusted proportionally).

What is the Greek minimum pension in 2026?

The minimum contributory pension (national pension) for 2026 is approximately €413/month for 20+ years of insurance. With fewer than 20 years (minimum 15), the amount is reduced proportionally. The non-contributory social solidarity pension (ΕΚΑΣ) provides a supplement of up to €200/month for low-income pensioners, subject to income and asset limits.

Are foreign pension plans (like 401(k)s) recognised in Greece?

Foreign pension plans are generally treated as foreign investment accounts by the Greek tax authorities. Contributions are not tax-deductible in Greece. The growth within the plan may be subject to annual wealth tax (ENFIA) on the asset value. Distributions are taxed as earned income in Greece. Specific professional advice is recommended.

Can I access my Greek supplementary pension if I leave Greece?

If you leave Greece before retirement, your supplementary pension contributions remain in the EFKA system. You cannot withdraw them early. Upon reaching retirement age, you will be entitled to a supplementary pension from Greece based on the contributions made, even if you live in another country. The payment is made via international bank transfer.

Disclaimer

This guide is for informational purposes only and does not constitute financial or legal advice. Pension rules, contribution limits, and tax rates are subject to change. Consult a qualified λογιστής or χρηματοοικονομικός σύμβουλος for advice tailored to your personal circumstances. The information reflects the rules applicable in 2026 as of the date of publication.