TEKA — Greece’s funded auxiliary pension

TEKA (ΤΕΚΑ) is a funded, individual-account auxiliary pension: 3% from you and 3% from your employer go into your own account, invested, with the state guaranteeing your contributions in real (inflation-adjusted) terms. For new entrants to the labour market it’s mandatory — there’s no opt-out.

What it is

the Hellenic Auxiliary Pensions Defined-Contributions Fund — a capitalised, personal-account auxiliary pension that replaced the old pay-as-you-go auxiliary scheme for new entrants. Your money is saved in your account (viewable in the myTEKA app), invested in a default life-cycle portfolio (you can choose a different risk profile), and the state guarantees the capital you paid in, in real terms.

Who is enrolled (no opt-out)

TEKA is mandatory, with no opt-out, for:

anyone first entering the Greek labour market on or after 1 January 2022, and
anyone born on or after 1 January 2004 who is subject to auxiliary insurance.

Some occupational-fund members and certain categories (e.g. uniformed military) are excluded.

The rates

for employees, 3% employee + 3% employer = 6% of gross (up to a monthly ceiling around €7,573), collected by EFKA and credited to your TEKA account. The self-employed who are liable pay a fixed amount by chosen category rather than a percentage.

What you get

after at least 15 years of contributions and once your main pension is awarded, a lifelong monthly auxiliary pension based on your balance, investment returns and life expectancy. With fewer than 15 years, you receive a lump sum of your (inflation-adjusted) contributions.

How it differs from some other countries

unlike opt-out workplace schemes elsewhere (for example Poland’s PPK, which you can decline and which comes with state cash top-ups), TEKA is compulsory with no opt-out but carries a real-terms capital guarantee. A Greek new entrant simply cannot decline it.

Foreigner lens

if you enter the Greek labour market as a new worker, you’re in TEKA on the same terms as a Greek national — it follows your EFKA insurance. You can watch the balance build in myTEKA.

How not to get cheated

TEKA money is yours, in a personal account — not a tax that disappears. Check your balance in myTEKA so you can see contributions are actually being paid; a gap can signal that your employer isn’t insuring you properly.

EFKA contributions · gross to net pay · employment forms

This is general information, not pension or financial advice. Rules, rates and ceilings can change — confirm at teka.gov.gr. WTP Finance is informational only.

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