The new Hellenic Auxiliary Pensions Defined Contributions Fund is a Legal Body Governed by Public Law. It was established by law 4826/2021 and is part of the first pillar of the social security system.
It is mainly geared towards new entrants to the labour market and it will gradually replace the existing auxiliary insurance scheme.
The benefits provided by TEKA complement main pensions and therefore help establish income security after retirement. The contributions paid by insured persons and employers are credited to each insured person’s individual account which is always accessible through the myTEKA platform. The capital, comprising the accumulated contributions, is invested and the returns are once again credited to each insured person's individual account. At the end of a person’s work life, the accumulated capital, i.e. the sum of the contributions and returns, translates into a life-long monthly auxiliary pension. The new system also provides for disability and survivor’s pensions.