The pension framework is in need of reform

A large number of countries are facing increasing problems with pension sustainability and adequacy. To address this challenge, some European countries have adopted a three-pillar framework, which is based on: state pensions (known in Cyprus as the social insurance fund or SIF), professional pension funds (PPFs) and private pension schemes.

Although it constitutes a satisfactory basis, the SIF does not provide adequate pension benefits from a long-term perspective, which, based