The nature of pension plans in Cyprus is changing

An increasing number of employers are weighing the merits of introducing an occupation pension plan for their employees, as a means for attracting and retaining top talent and achieving workforce satisfaction. In fact, in recent years the emergence of new streamlined and more flexible solutions for establishing company pension plans has prompted many businesses to transition from burdensome “in-house” provident/pension funds to “turnkey” plans offered by life insurers or multi-employer occupational pension funds (so called IORPs – Institutions for Occupational Retirement Provision). However, choosing the right plan can be challenging, requiring companies to assess and compare various providers along with the individual characteristics and features of the plans offered by different insurers or IORPs.

An article authored by Stefanos Sofroniou, Senior Associate at Elias Neocleous & Co LLC, and published in the Cyprus Mail, explores the topic of occupational pension schemes in Cyprus, as well as the planned review of the country’s pension system which is anticipated to include initiatives to bolster the adequacy of people’s retirement income.

To view the full article in the Cyprus Mail, please click here.

For any further queries, please contact Stefanos Sofroniou at Elias Neocleous & Co LLC.