Flexibility in design

You can define your own criteria for your employees to join the Plan. You also specify your contributions.

Flexibility in contributions
Each member chooses the amount of their contribution; they can increase or decrease it.
The employer may choose to not contribute to the fund, and voluntarily offer it to their staff.

Flexibility in transferring from another Pension Provider
Employees can transfer pension savings from another plan or provider without charge.

Flexibility in investments
Every member may choose their investments according to their personal investment profile and horizon.
The employer can contribute the same or a different amount.

Flexible on payment

Flexible payment upon retirement
Savings in the member’s account can be used as retirement income.
Members have a choice on how to receive their tax-free pension benefits. Available options are:
- Receiving one lump sum.
- Withdrawing on regular intervals.
- Transferring to a similar plan.

Flexibility in the payment of benefits in case of withdrawal
If a member leaves the Plan prematurely, they will be able to immediately receive their benefits or transfer them to another occupational pension plan or personal investment plan.

Flexibility in facilities
In certain cases, the Plan provides facilities to members by allowing them to redeem units from their account.

Tax incentives

Tax exemption on the employer’s contribution
Employer contributions to the Plan are deducted from taxable income for up to 10% of the employee’s salary.
Tax exemption in the employee’s contribution amount
When a member pays contributions to the Plan, those contributions are deducted from their income for tax calculation purposes.
This way, they only pay income tax on the rest of their income. They save for their retirement while at the same time reducing their tax burden.
Current legislation limits the amount of tax deduction that a member can enjoy through their annual contributions to the Plan. Keeping in mind the provision about limiting deductions to 1/6 of income, tax deductions can be up to 10% of an employee’s annual income. Members may pay a larger amount, but contributions beyond 10% will be subject to income tax.
Tax deductions on investment
The Plan can offer tax deductions on investments. The additional income from investments that is generated by the Plan will be credited to the member’s account until their retirement.

Investment Strategy

The four investment funds are managed by BOC Asset Management (BOCAM). BOCAM is a leading asset management company with extensive experience in managing assets for institutional clients such as Provident & Pension Funds. It has been able to provide attractive risk adjusted returns in a professional and transparent way. Our Investment approach focused on the following on the following pronciples:

Global Diversification
Strict investment procedures – continuous monitoring of Investment Funds by dedicated Investment Team
Use of Best In Class Global Managers and primarily in Passive Funds hence low cost
Medium/ Long Term Positions. We rebalance our Funds regularly at Strategic Asset Allocation Levels
Highly Liquid Investments – daily liquidity of our Investments

Hands on

Hands off

Hands on - Choice in your hands

You actively manage allocation percentages in different investment funds –each fund with its own investment policy, risk profile and performance.

How “Hands-on” approach works

You may choose to change your allocation percentages anytime.
You specify allocation percentages in your selected investment funds.
You select one or more investment funds according to your level of investment risk.

Asset Allocation

Growth Fund
Balanced Fund
Income Fund
Cash Fund

Hands off - The "Lifestyle" choice

Automatic assignment of your allocation percentages in investment funds. This choice adapts to your own risk-return profile as well as to the number of years remaining until your retirement.

How “Hands-off” approach works

Depending on your selection, allocation percentages in investment funds are automatically selected.
You pick one of the three “lifestyle” options –low risk, medium risk, or high risk.

Additional benefit

Automatic protection of future contributions in case of Permanent Total Disability by an accident.

Every Member automatically is protected in case of a Permanent Total Disability (PTD) by an accident for all future contributions up to 25,000 with maximum annual contributions of €5,000. The benefit is offered to the Members for free.

Example: Member 40 years old with total account of €20,000 and yearly contributions of €1000. In case of PTD by an accident, Eurolife will credit the account of the Member with an additional amount of €25,000.

The total benefit of the Member will be €20,000 + €25,000 = €45,000

Voluntary Protection of future contributions in case of Permanent Total Disability by aby cause.

In case of Total Permanent Disability (PTD) by any cause (Accident or Disease), EuroLife guarantees the sum of future total contributions of the Member with maximum annual contributions of €5,000. The benefit is offered on a voluntary basis to the Members with a monthly fee of €2,50 per member.

Example: Member 40 years old with total account of €50,000 and yearly contributions of €5000. In case of PTD by an accident, Eurolife will credit the account of the Member with an additional amount of €125,000.

The total benefit of the Member will be €50,000 + €125,000 = €175,000

Questions & Answers

Smart Future Occupational Pension Plan

What is the legislation framework?

The Plan is a multiemployers type and is governed by Class VII of the Insurance Legislation “Management of Group Pension Funds”. The Plan is subject to the supervision of the Superintendent of Insurance who reports to the Ministry of Finance.

There are multiemployer’s plans that are governed by the Legislation of Provided Funds. These are supervised by the Superintendent of Provident Funds who reports to the Ministry of Labor.

The Plan is offered in cooperation with BOC Asset Management (BOCAM) which managers the investment funds of the Plan. BOCAM is supervised by the Cyprus Securities and Exchange Commission. This means that the Plan offers a strong double-fenced regulation to Members because it is under two strict supervisors, the Superintendent of Insurance and the Cyprus Securities and Exchange Commission.

Is there an Operational Rules document for the functioning of the Occupational Pensions Plan?

Yes, an Operational Rules document is created according to the provisional obligations of the Company towards Employees – Members.

Approval from the Superintendent of Insurance is not required since the template is already approved.

What is the cost of transferring an existing Provident Fund/ existing account to an Occupational Pensions Fund?

There is absolutely no charge for the transfer.

What are the charges per member?

Every Member is charged with a fixed monthly percentage on the value of the his/her account that is subtracted from his/ her account directly.

Can a Member receive advice about Investments?

Members can receive advice on the options of investments available for their contributions, by a specialized Occupational Pensions Officer appointed for the administration of the Occupational Pension Plan of their Company.

Members can contact as often is required the appointed Occupational Pensions Officer responsible for the administration of the Company’s Plan.

Additionally, in EuroLife’s webside, there are supporting tools to assist Members for their investment options. The links of the tools are found below:

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What is the Smart Future Occupational Pensions Plan about?

Smart Future

Smart Future Occupational Pensions Plan Features

Flexibility in design

Flexible on payment

Tax incentives

Investment Strategy

Investment approach

Additional benefit

Questions & Answers

Smart Future Occupational Pension Plan

What is the legislation framework?

Is there an Operational Rules document for the functioning of the Occupational Pensions Plan?

What is the cost of transferring an existing Provident Fund/ existing account to an Occupational Pensions Fund?

What are the charges per member?

Can a Member receive advice about Investments?

Member's Guide

Employer's Guide

Pension Investment Funds

Online Application

Support tools

Retirement planning tool

Investment profile analysis tool

How can you receive assistance?