Smart Future is a comprehensive plan for a respectable future after retirement
Occupational pensions with Eurolife
Eurolife is ready to assume the management of assets in Provident Funds choosing to join the Smart Future Occupational Pensions Plan. This is done by transferring all Member rights and Employer obligations, in order to ensure their viability and provide a satisfactory additional income to members.
At Eurolife, we have proven credibility in pension plans: we maintain reserves in excess of 580 million euros, have a solvency ratio of 230% and have paid out a total of more than 1 billion in redemptions and claims. (Data December 2020)
Today, we are the number one choice to safeguard decades of employee work.
Flexibility and Smart Future
With Smart Future, participants enjoy efficiency, flexibility and autonomy in handling their contributions, as well as protection of their future contributions in case of Permanent Total Disability due to an accident.
Investments are made by tracking an index or portfolio. Thus, investors enjoy global investment dispersion and low management costs with high returns. Members can enjoy the “lifestyle” investment option with which their investment allocations in investment funds are automatically determined and tailored according to their own risk and return profile, as well as the remaining years until retirement.
The management of investment funds is accomplished with absolute transparency by Bank of Cyprus Asset Management, which manages institutional funds in excess of 1 billion euros.
With Smart Future, participants enjoy a complete solution that meets their retirement needs; at the same time, specialized tools provide them with continuous and complete information about their retirement plans.
At Eurolife, with our professionalism, proven solvency and insight, we can provide a respectable future after retirement.
What is the difference between a multi-employer provident fund and Class 7 occupational pensions insurance plan?
Multi-employer provident funds are supervised by the Superintendent of Provident Funds, who reports to the Ministry of Labor and Social Insurance. Occupational Pension Plans are supervised by the Superintendent of Insurance, who reports to the Ministry of Finance.
There is no substantial difference between the two as both accomplish the same task, namely managing pension contributions. They also enjoy the same tax exemptions on contributions.
A multi-employer fund operates according to the regulations of the company’s Provident Fund Articles of Association, while an Occupational Pension Fund operates according to the Operational Rules of the company’s Occupational Pensions Fund. In both cases, the corresponding document records all details of fund operation as agreed by the employer and members.
Also, recently issued instructions for the transfer of provident funds to either multi-employer funds or occupational pension plans, ensure that both options meet the terms and conditions set out in them in order to safeguard member rights.
Finally, it is important to note that both employers and members can now choose the retirement option that suits them best.
The Cyprus insurance industry has been successfully managing funds for decades, operating in a strictly supervised environment, thus making it a first-class choice for retirement savings.