3 June 2015

There have been further developments since last month in relation to the Greek pension fund contributions. The Pension Fund is no longer requesting the 20% contribution as previously communicated. In 2015, contributions are subject to a 40% reduction, meaning that in 2015 the contribution is calculated as [Taxable Premium * Contribution Rate * (100% - 40%)].
 
The new calculation has not yet been ratified in law and the Pension Fund has confirmed that no payment is required until the new law has been passed. If the law is passed, there will be retrospective payments due back to January 2015.