The European Federation for Retirement Provision (EFRP) welcomes the adoption of the Oomen-Ruijten report at the European Parliament on the Commission’s Green Paper “Towards adequate, sustainable and safe European pension systems”. The adoption of the Parliament’s report draws the Commission’s consultation period to a close.
EFRP Chairman, Patrick Burke, said: “I am happy that the Consultation has kicked off an intense and stimulating debate on pensions across Europe. This debate is certainly not finished. Time has come now for the Commission to consider carefully all the input received. The MEPs have drawn some clear policy lines which we hope will guide the Commission in its further action in the pensions area. We expect that the already announced Commission’s White Paper would set out a concrete strategy to make European pension systems adequate, sustainable, safe and affordable.”
Chris Verhaegen, EFRP Secretary General, stated: “The Rapporteur, Ms. Ria Oomen-Ruijten, has done an excellent job in delivering a sensible report out of the 463 amendments tabled. My reading of the Parliament’s work is that there is no and will be no majority in Europe to apply Solvency II type of quantitative requirements to IORPs. This becomes most relevant in view of the Call for Advice to EIOPA to review the IORP Directive. The way forward is to look at today’s insights about risks as emerged after the financial and economic crisis and doubts arisen on government debt.”
Press release
© EFRP - European Federation for Retirement Provision
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