A large number of retirees remain waiting for pension back payments, believing the matter has been finalized. However, specific categories are entitled today to significant monetary amounts from retroactive payments, without even being aware of this right. Based on the most recent data from EFKA, court decisions and official announcements, the refunds mainly concern supplementary pensions, recalculations and illegal cuts from previous years.
11-month back payments from supplementary pensions and bonuses
The famous 11-month period from June 2015 to May 2016 has not been completed for all beneficiaries. Monetary amounts are being returned for two reductions in supplementary pensions that were deemed unconstitutional, as well as for the abolished supplementary pension bonuses.
Beneficiaries of these back payments are those who managed to file lawsuits by July 2020. The remaining retirees have permanently lost this opportunity.
The indicative amounts of back payments for the 11-month period in supplementary pensions are as follows:
• IKA: approximately 692 to 2,372 euros
• Public utilities and Banks: up to 4,527 euros
• Public sector: 787 to 2,820 euros
• Other supplementary funds: 668 to 2,399 euros
• NAT: 503 to 1,985 euros
Several retirees who have resorted to justice have not yet collected their back payments, awaiting final court decisions.
Older retirees with recalculation errors
There is an extensive category of retirees, mainly those who retired before May 2016, whose pensions were either not recalculated correctly or not at all. EFKA itself acknowledges that more than 15,000 pensions show errors or pending recalculations.
Corrections are usually made upward and are accompanied by back payments calculated from October 2019. Additionally, for those with over 30 years of insurance and recalculation under the Vroutsis law, increases and back payments apply that in some cases reach 8,500 euros.
Back payments from increased contributions to supplementary funds
Certain retirees who paid increased contributions to supplementary funds are now entitled to increased supplementary pensions along with exceptionally large back payments, which in specific cases exceed 10,000 euros.
A characteristic example includes retirees with additional contributions to supplementary pensions who are entitled to increases of 40 to 241 euros monthly, as well as multi-year back payments that have not yet been paid.
Supplementary pensions from public utilities and banks
Particularly favored are retirees from public utility and bank funds who suffered large cuts in their supplementary pensions. From recent court decisions, amounts up to 4,527 euros are being returned for the 11-month period, including illegal reductions and bonuses.
For many of these, the amounts are already in the payment process following final decisions, but several are not closely monitoring the case’s progress.
Special categories of retirees
There are also more specialized groups of retirees, such as National Bank retirees, where recalculations resulted in both charges and refunds. Approximately 757 individuals are entitled to back payments from calculation errors.
NAT and maritime fund retirees continue to await returns on supplementary pensions and bonuses, depending on the lawsuits they have filed.
Practical steps for retirees
To determine if a retiree is entitled to back payments, they can follow specific actions. Initially, check their pension statement through myEFKA to see if recalculation has occurred or if there is a personal difference.
Additionally, it is recommended to consult an accountant or pension advisor, especially if they belong to public utilities, banks, NAT or special supplementary funds. Finally, it is important to monitor EFKA and their fund’s announcements, as press releases for mass back payment distributions and recalculations are frequently issued.
