Greeks who claimed illegal pensions will be asked to return the money they received from the state said Labor Minister Giorgos Koutroumanis. Speaking on Skai on Tuesday, Koutroumanis claimed that 40,000 pensions had been wrongly claimed and that in some cases people had been receiving money illegally for up to 20 years. The labor minister noted that authorities had been informed and that the state would be reclaiming some of the money, although this will be a very complicated procedure. Meanwhile, the state is set to save about 405 million euros annually on illegal pensions. With regard to the PSI, Koutroumanis noted that local social security funds stand to lose some 11 billion euros from the Greek bond haircut, adding that an arrangement to cover the losses is expected. Koutroumanis noted that so far three social security funds had agreed to participate in the voluntary haircut, while the boards of all remaining funds were scheduled to meet on Tuesday and decide on how to proceed.