It aims to create a mutual fund management company that will take over the professional management of its reserves. Mutual Assistance Fund for Pharmaceutical Workers (TAFFE – Lump-sum Fund) to cover its long-term actuarial deficit.

According to the project, the new investment organization will be strictly controlled Capital market commissionwill operate transparently and, as outlined in the presentation of the proposal during the Fund’s members’ weekly online briefing, will be a solution to improve financial performance and therefore amortize long-term actuarial deficits without increasing contributions or reducing benefits.

According to the authorized managing director of the Fund, Gerasimos Konidaris, based on the prepared actuarial studies, if the return on the Fund’s investment increases by one percentage point in relation to the technical interest rate determined by the actuarial study (2%), i.e. with an average return of 3.15% the actuarial deficit is roughly halved. Otherwise, if instead of a 2% ROI of 1%, the actuarial deficit would double. In particular, with revenues of about 2%, the actuarial deficit of TAFFE was estimated in 2013 at 348.08 million euros. If the average return were 3.15%, then the deficit would be reduced by 51%, reaching 171.35 million euros.

It should be noted that the Fund’s reserves from 41.623 million euros in December 2013 reached 174.937 million euros on 31.08.2022, an increase of 320%.

Dr. Panagiotis Aleksakis, Chairman of the Investment Committee of TAFFE, also spoke in favor of active professional management, pointing out that there are no longer limiting factors of the past, such as the organizational structures of funds, restrictions on their investments. instruments, placement of funds exclusively in SoC, delays in making investment decisions, etc. Now, he stressed, capital markets have opened up, and alternative investments, such as investments in company shares, have been added to traditional types of investments – stocks, bonds, mutual funds and investment in real estate.