EU Green Paper on Pensions
8 July 2010
EU Green Paper on Pensions
The European Commission has called for public consultation on
how the EU can best support national efforts to ensure an
"adequate, sustainable and safe" pension system.
Presenting the Green Paper today, László Andor, EU Commissioner
for Employment, Social Affairs and Inclusion, said the current
number of retired people in Europe, compared with those financing
their pensions, was set to double by 2060.
This, he said, was "simply not sustainable".
"In addressing this challenge, the balance between time spent in
work and in retirement needs to be looked at carefully," he
added.
"The choice we face is poorer pensioners, higher pension
contributions or more people working more and longer."
The Commission's Green Paper on pensions aims to address the
following issues:
- Ensuring adequate incomes in retirement and making sure pension
systems are sustainable in the long term
- Achieving the right balance between work and retirement
Removing obstacles to people who work in different EU
countries
- Making pensions safer in the wake of the recent economic
crisis
- Making sure pensions are more transparent so people can take
informed decisions about their own retirement income
The Commission has invited all interested parties to respond to
the Green Paper by 15 November.
The European Federation for Retirement Provision (EFRP), which
represents national associations of pension funds and similar
institutions for workplace pension provision, gave the paper a
"thumbs up".
Angel Martinez-Aldama, chairman of the EFRP, welcomed the fact
the Commission was consulting on the pension systems of all EU
member states.
Chris Verhaegen, secretary general at the EFRP, said the Green
Paper presented the opportunity to come to grips with the existing
diversity of workplace pension provision in the EU, adding that any
legislative initiatives should "only be started after the
Commission has drawn its conclusions".