New CEA report on pensions

16 November 2005

The Comité Européen des Assurances (CEA) presented a new report on pensions which outlines how voluntary savings in funded pensions are key to overcome the EU pensions crisis at a luncheon-debate in the European Parliament. The report “Pensions for an Ageing Society: Choices and Solution” calls for greater action to promote voluntary saving in funded pensions.

Europeans are not saving enough for their retirement. It has been estimated that, if the situation remains unchanged, in 2050 the shortfall in savings will amount to 456 billion Euros per year. European insurers urge national governments and EU policymakers to encourage saving in funded private pensions as a supplement to public state pensions.

Moreover, a level playing-field amongst all competitors should be guaranteed. While the EU competences in the area are limited, greater use of the open method of coordination should be made. “We suggest that the EU acts as a forum to monitor the adequacy and sustainability of pensions and share best practice examples of dealing with ageing populations and promoting funded pensions ”, Daniel Schanté concluded.

Press release

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