Actuarial support to the Greek National Actuarial Authority

The objective of the project is to assist the Greek National Actuarial Authority (NAA) in undertaking actuarial valuations of the 12 largest public pension schemes of Greece. As well as producing a report detailing the processes, findings and recommendations of these valuations, the undertaking would also include the development of appropriate actuarial models, the training of NAA staff in the use of these models, and the subsequent delivery of these models to the NAA. It is understood that the models will be calibrated in such a way that they can serve as a basis for the long-term pension projections required for the EU OMC process. The outputs of the project are the following: (i) Actuarial valuation of the 12 main pension schemes of Greece; (ii) A report on the 12 actuarial valuations including recommendations; (iii) Actuarial models delivered to the NAA with accompanying user-manual; (iv) Training of the NAA staff in actuarial practice and in the use of the models (including a 2-week seminar at the close of the project). All projections will be calibrated in such a way as to serve as a basis for long-term pension projections as required for the EU OMC process.

Project symbol

GRE/06/01/GRE

Admin unit

SEC/SOC

Start date

01/06/2006

End date

30/09/2010

Total allocation

313496

Total expenditure

Status

Closed

313496

Development Partners

Greece, National Actuarial Authority

Country/Countries

Greece

Outcomes

Social Security