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.
As regards long-term care coverage, in order for insurers to
continue to play a vital role in the provision of long-term care, it is
important to ensure that the right conditions are in place. Tax incentives could,
for instance, help to keep insurance products affordable and attractive. The
Commission could explore ways to support member states in making insurance
cover more affordable at a time when people are interested in buying long-term
care cover or in encouraging access through employers at an earlier age.
Finally, Insurance Europe highlights that the Commission
could support member states by promoting the value and set-up of public private
partnerships (PPPs), as the exchange of information and good practices between
stakeholders could contribute to addressing long-term care challenges.
response
Insurance Europe
© InsuranceEurope
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