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Working for pensions in Europe

Working for pensions in Europe. Ms. Chris VERHAEGEN , Secretary General EFRP FIAP International Conference 31 May 2007, Varna. Key messages. EFRP is the European industry representative focussing on funded and workplace pension provision

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Working for pensions in Europe

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  1. Working for pensions in Europe Ms. Chris VERHAEGEN , Secretary General EFRP FIAP International Conference 31 May 2007, Varna

  2. Key messages • EFRP is the European industry representative focussing on funded and workplace pension provision • EU-enlargement with 12 MS has increased diversity in EU pension systems • Europe should reflect on a “European pension model” combining EU-15 and EU-12 systems

  3. The EFRP • 29 Member Associations • 16 EU Member States(EU-15 – EL) + HU + SK • 5 non-EU(CH, Guernsey, HR, IS, NO) • Core Membership : funded andworkplace pension providers Representative organisation with EU institutions, OECD and IOPS 75 million EU citizens rely on EFRP members for their supplementary retirement income - Total assets managed = 3,6 trillion Euro (2005)

  4. EFRP Mission Statement EFRP stands for: • Affordable pensions for large sections of the population • helping to maintain living standards in retirement • that provide a degree of intra- and inter-generational solidarity and, which are • administered through funding institutions • which can benefit from a European passport taking into account: • the principles of subsidiarity and national diversity

  5. EFRP key partner in EU A partner for: • contacts with industry representatives across EU • influencing EU decision making • obtaining selected EU-level information • delivery of in depth analysis on some key issues for private pension providers

  6. Common challenges in the EU • All Member States face similar challenges: • Ageing societies • Budgetary deficits in MS • Low economic growth • Rigid national labour markets • Globalisation • EU is developing, within its competence, a policy mix, affecting public and private pensions • EU-27 pension modelling is needed

  7. EU-15 multi-pillar model

  8. EU-15 multi-pillar model in reform

  9. EU-12 (NMS) multi-pillar model

  10. EU-27: Divergence → convergence EU-15 EU-12 EU-27 3rd pillar voluntary 3rd pillar 3rd pillar individual FUNDED PRIVATE 2nd pillar mandatory 2nd pillar occupational 2nd pillar 1st pillar – State pension PAYG STATE Social assistance programmes for the elderly

  11. EFRP Proposal EU-27 pension pillar terminology (1) Acknowledge and consistently label product diversity – who is designing the scheme 3rd pillar – individual FUNDED PRIVATE 2nd pillar - workplace company level government social partners Mandatory Voluntary 1st pillar – State pension STATE PAYG Social assistance programmes for the elderly

  12. Key messages • EFRP is the European industry representative focussing on funded and workplace pension provision • EU-enlargement with 12 MS has increased diversity in EU pension systems • Europe should reflect on a “European pension model” combining EU-15 and EU-12 systems

  13. Contact EFRP Koningsstraat 97 rue Royale 1000 Brussels Belgium Tel.: +32 2 289 14 14 Fax: +32 2 289 14 15 efrp@efrp.org www.efrp.org

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