Further pension cuts not being ruled out, say fund heads

The possibility of a further reduction to auxiliary pensions has not been ruled out, the head of the Single Auxiliary Social Security Fund (ETEA), Anastasios Papanikolaou, said.

Speaking on Skai television on Sunday, Papanikolaou said that if there is a cut to auxiliary pensions it will be minimal, though all alternatives are currently being examined and plans will be finalized once actuarial studies are completed.

Rovertos Spyropoulos, the president of the IKA Social Security Foundation, the country’s biggest fund, warned on the same day on Mega television that unless the state props up the funds reductions to auxiliary pensions will be necessary.

“There will be major changes to supplementary pensions for healthy social security funds,” said Spyropoulos, before going on to point out that these reductions are part of the country’s bailout agreement with its international creditors.