SOCIAL SECURITY ADMINISTRATION CONFRONTING SUSTAINABILITY CHALLENGES THE GREEK PENSION SYSTEM FROM A COMPARATIVE PERSPECTIVE

This paper explores sustainability in social security, placing a particular emphasis on pension funds. The article starts by presenting various elements involved in a pension scheme. After defining the problem regarding the fiscal challenges with which pensions are confronted, both at international and at EU level, the research concentrates on tracking down the mix of instruments underlying a pension scheme which is best able to deal with the imbalances within it. Such imbalances have become very intensive since the economic crisis of 2008. A potential classification of pension schemes is provided, and the ways in which the public and private sectors may interact within the identified categories are outlined. The main focus of our analysis is on the management and asset allocation of pension funds, and comparisons are made between different practices in order to identify which are most suitable for ensuring sustainability. Finally, Greece is placed under the microscope, and the parameters affecting the administration of its pension system are examined from both an economic and a legal perspective.