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European Commission publishes final white paper on pensions

The European Commission has published the final version of its white paper on pensions on 16 February 2012. The paper, largely unchanged from previous drafts, highlights the challenges to the sustainability and adequacy of the current pension arrangements within the European Union, increasingly under pressure from the current sovereign debt crisis and projected ageing of the population.

The objectives for the European Commission remain to:

  • balance the time spent between working and retirement
  • continue to develop complementary private retirement savings
  • enhance the monitoring of the progress of Member States to sustainable, adequate and safe pension provision

As part of the development of complementary private retirement savings, the Commission will review the IORP Directive, looking to encourage the growth of cross-border pensions and to provide “a level playing field” with Solvency II.

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