2011 Peer Review on Funded Pensions

Peer Review 'Balancing the security and affordability of funded pension schemes' hold on 12-13 April 2011, The Hague, the Netherlands.

The aim of the conference was to discuss the Dutch pension systems in the context of the financial and economic crisis, in particular how to achieve the necessary balance between security and affordability in future pension schemes. Since the crisis, the Dutch funded schemes have been increasingly perceived as being overly risky and the Dutch Government has decided to take a more fundamental look at some characteristics of its pension system. The investment policies of pension funds, the sustainability of the occupational pension system and the financial supervision framework are the key topics of the ongoing debate in the Netherlands.

AGE prepared a written contribution to the conference to address the following issues:

• Possible relevance of the Dutch policy approach to other countries in the EU; and

• Potential transferability of this policy (as a whole or in part) to other countries and of the likely conditions and/or obstacle for its application.

The Dutch model presents just one possible approach to pension provision, while there are large differences within the EU with respect to reforming further national pension systems. For AGE, pension reforms, whatever the initial national model is, should re-establish the responsibility of public authorities to ensure a decent standard of living for people of all age cohorts, based on greater solidarity between and within generations.

For the full version of AGE contribution please see click here.

Mise à jour le Vendredi, 16 Mars 2012 17:39

AGE response to the Commission's Consultation on the Green Paper on Pensions, November 2010

AGE response to the Commission's Consultation on the “Green Paper: towards adequate, sustainable and safe European pension systems”

November 2010

AGE welcomes the holistic approach that the GP takes to the issue of pension reforms and the range of questions it raises on potential EU action to help Member States (MS) develop adequate, sustainable and safe pension systems. Without questioning MS full competence on pensions issues, AGE feels that the latest financial and economic crisis has shown that European economies are all interdependent and no Member State can any longer guarantee on its own the adequacy, safety and sustainability of its pension system.  It is therefore the role of the EU to ensure that all Member States apply sound governance rules to manage their public finances and new EU rules are needed to improve the solvency of occupational pension institutions and to address financial markets erratic behaviours.

AGE members hope that this public consultation will trigger national and EU debates on what is an adequate income in old age, how to ensure the long-term sustainability of our pension systems through more solidarity and fairness between and within generations, how to improve gender equality at all ages and how to address the social impact of the shift from statutory pay-as-you-go to funded schemes and from defined-benefit to defined-contributions pension plans. 

EN

Mise à jour le Jeudi, 20 Janvier 2011 17:32

AGE Statement on Pensions - October 2009

AGE member organisations – representing both current pensioners and older workers – are worried about the potential consequences of the current financial and economic crisis on the long-term sustainability of their national pension systems.  To voice their concerns and contribute to the debate on the post-Lisbon Strategy and the future Social Agenda, AGE published in October 2009 a new Statement on pensions reform: “Ensuring adequate pensions in the EU - a shared responsibility for society“.

At a time when EU governments are looking for solutions to accommodate the impact of the crisis, AGE members would like them to address not only the issue of the long-term sustainability of the national pension systems but also of their adequacy. Consequently, AGE reiterates with new urgency their call for:

• A balanced and diversified pension architecture with a particular emphasis on adequate and reliable statutory schemes (the so-called first pillar);
• Strengthened security for individual entitlements in funded pension schemes;
• Measures to facilitate the retention of older workers in their jobs and access to quality employment for those seeking work;
• Specific attention to be paid to address the existing gender inequalities in old-age income and avoid creating new sources of inequalities for future cohorts; and
• Support to individuals with shorter or atypical employment careers to help them build sufficient pension rights.

 It is also time to promote solidarity between and within generations to cope with the long-term sustainability and adequacy of pension systems. Ultimately, solidarity brings an added value to society in terms of fairer wealth distribution, reinforced social cohesion and broader transfer of knowledge.

AGE Statement on Pensions - October 2009

Mise à jour le Vendredi, 16 Avril 2010 16:56

AGE Statement on Pensions 2009 - Executive Summary

Mise à jour le Vendredi, 16 Avril 2010 16:57