The EFRP welcomes the European Commission’s White Paper on Pensions and finds many positive points in it. With demographic and economic developments placing a strain on Member State public finances, work-related pensions may have to and indeed can play a more important role in achieving the goal of adequate, sustainable and secure pensions in Europe.
That is why the EFRP supports proposed initiatives to increase coverage of supplementary pensions and to provide information to pension savers through tracking services and individual pension statements. EFRP welcomes the recognition of the special place of “second pillar” pensions and the role of the social partners in them.
One major source of concern for the EFRP is the EC’s determination to create a “level playing field” between pension funds covered by the IORP Directive and insurance companies. EFRP believes that the EC should not treat them in the same way and fears that doing so could have major negative impacts on the future provision of work-related pensions, the stability of the financial markets and ultimately growth and job-creation in the EU.
EFRP calls on the EU to take a comprehensive approach to pensions, to create an enabling environment for work-related pensions, which already contribute to adequate pension benefit provision in some Member States and can play a larger role. Equally, pension funds have an important stabilising role in the financial markets which EFRP believes should be preserved. EFRP stands ready to contribute its expertise to the proposed initiatives as the EU institutions move towards the concrete design and implementation of the announced proposals. Acceptance of the wide diversity of existing pension systems and the proportional application of EU rules to smaller pension funds will also be key to the successful adoption of a regulatory framework for work-related pensions in Europe. In those countries where work-related pensions have recently been set up, efforts should be made to strengthen and support them.
Press release
Full position paper
© EFRP - European Federation for Retirement Provision
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