While pension fund associations across Europe broadly welcomed a draft version of the paper, some industry figures questioned the wisdom of releasing such an important policy document when consultations on the second IORP Directive were ongoing.
Jerry Moriarty, director of policy at the Irish Association of Pension Funds, said: "It is clear that, looking across all of Europe, we are facing an important ageing population that declines the strength of countries' finances. In that context, something has to be done, as we cannot continue to keep increasing our amount of expenditure on pensions if we do not have the financial resources to do so."
Chris Verhaegen, secretary general at the European Federation for Retirement Provision, said the Commission would sooner or later be forced to develop more "coherent" lines on pensions. "Of course, Member States should remain responsible for the structure of their pension system", she said. "But it is necessary that the Commission embark on an exercise to improve the terminology, implying some kind of taxonomy of the European pension system."
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