Magazine article European Social Policy

Pensions : Commission's Creed: Work Longer and Save More

Magazine article European Social Policy

Pensions : Commission's Creed: Work Longer and Save More

Article excerpt

The European Commission encourages men and women, whose life expectancy is longer today, to work longer and save more for retirement. On 16 February, the EU executive presented a package of 20 initiatives to be taken at EU level in support of national pension reforms, with the aim of adapting pension schemes to economic and demographic developments. The initiatives set out in a white paper concern the two areas of work mentioned in the annual growth surveys, namely: 1. balancing time spent in working life and time spent in retirement; and 2. developing private supplementary pension savings. More specifically, they aim to create the conditions that will enable those willing and able to continue to work, to guarantee that people who move to another member state can keep their pension entitlement, to encourage individual savings and to make sure that pension schemes keep their commitments to retired people and pay programmed pensions. "The effects of the ageing of the population are perceptible - the baby-boom generation has reached retirement age and there are fewer and fewer young people on the labour market. It is nevertheless possible to guarantee adequate pensions in the future if we keep our reform commitments," said the Commissioner for Employment andSocial Affairs, Laszlo Andor. Under the first European semester', 16 member states received specific recommendations concerning pensions and another five committed to pension reforms as part of their memoranda of understanding. Only Germany, Estonia, Hungary, Italy, Sweden and the United Kingdom did not receive warnings.

2012: IORP AND PORTABILITY

The Commission will propose, in 2012, a new legislative framework for safer supplementary pensions that are compatible with mobility. It will revise Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP) to ensure equal treatment relative to the Solvency II Directive and to promote cross-border operations in this area. …

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