Multi-pillar pension systems can help EU address the ageing of European societies
Multi-pillar pension systems can help EU address the ageing of European societies
Insurance Europe has today published its response to a consultation conducted by the European Commission on its green paper on ageing. Insurance Europe’s contribution focuses specifically on the questions pertaining to pensions and long-term care, given the extensive expertise that insurers have in these areas.
On pensions, the industry welcomes the Commission’s efforts to boost adequacy in retirement income across Europe, as demographic changes are increasingly putting statutory pension systems and public budgets under pressure. Furthermore, it is important to acknowledge the effective role that multi-pillar pension systems can play in enhancing the sustainability and adequacy of retirement provision.
Supplementary pension products give people the opportunity to select tailored solutions, depending on their own needs and preferences. This means that pension savers must be empowered to make well-informed choices, which requires high-quality financial education and increased awareness of the need to save for retirement. This is an area in which the EU has a key role to play.
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