Abstract
The Greek Pension System is founded on the premises of the multi-pillar system notion as expressed by the World Bank Group. The first pillar comprises social security, the second one comprises Occupational funds and the third one consists of private pension funds. The location of the second pillar is not exactly defined, by most researchers, as it constitutes neither social nor private insurance. Simultaneously, it bears resemblances to both. The aim of this study was to explore this delicate matter and characterize the nature of the second pillar. We result in a focused position as regards the second pillar location amongst the other two. More specifically, the main finding shows that occupational pensions are closer in nature to Social Security than they are to Private Insurance, whilst they constitute a flexible, yet insufficiently developed, organization that is both an instrument for ensuring benefits for the elderly and an alternative for savings.
