Procedure completed
Next event: Debate in Parliament 2013/05/20 more...
- Amendments tabled in committee 2013/01/21
- Amendments tabled in committee 2013/03/14
- Committee report tabled for plenary, single reading 2013/04/10
- Vote in committee, 1st reading/single reading 2013/03/21
- Text adopted by Parliament, single reading 2013/05/21
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Opinion | ECON | MANN Thomas (EPP) | |
Lead | EMPL | OOMEN-RUIJTEN Ria (EPP) | |
Opinion | FEMM | BASTOS Regina (EPP) | |
Opinion | IMCO | COFFERATI Sergio Gaetano (S&D) | |
Opinion | ITRE |
Legal Basis RoP 048
Activites
- 2013/05/21 Text adopted by Parliament, single reading
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2013/05/20
Debate in Parliament
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2013/04/10
Committee report tabled for plenary, single reading
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A7-0137/2013
summary
The Committee on Employment and Social Affairs adopted the own-initiative report by Ria OOMEN-RUIJTEN (EPP, NL) on an Agenda for Adequate, Safe and Sustainable Pensions in response to the Commission Communication on the subject. The Committee on Economic and Monetary Affairs, exercising its prerogatives as an associated committee in accordance with Article 50 of the Rules of Procedure of the European Parliament, has also been consulted for an opinion on the report. Whilst noting that the lowering of pension benefits in many Member States is a consequence of the escalation of the financial crisis, Members deplore the severe cuts in the Member States hardest hit by the crisis that have pushed many pensioners into, or at-the-risk of poverty. The report recommends a multi-pillar pension approach, consisting of combinations of: a universal, pay-as-you-go, public pension; a funded, occupational, supplementary pension, resulting from collective agreements at the national, sector or company level or resulting from national legislation, accessible to all workers concerned; an individual third-pillar pension based on private savings with equitable incentives geared to low income workers, self-employed people and to people with incomplete contributory years as regards their employment-related pension scheme; Since first-pillar, public pension schemes remain the most important source of income for pensioners, Members regret that the White Paper does not properly address the importance of universal, at least poverty-proof, first-pillar public schemes. Member States are asked to work on: more inclusive labour market strategies to decrease the economic dependency ratio between inactive persons and people in employment; lifelong training schemes and improved working conditions which enable people to have longer careers until the statutory retirement age, and beyond if they so wish. Raising employment rates and balancing time spent in work and retirement: noting that in the EU, the employment rate among people aged between of 55 and 64 stands at a mere 47.4 % and among women at only 40.2%, Members call for closely linking pension benefits to years worked and premiums paid (‘actuarial fairness’), while duly taking into account periods away from the labour market due to care for dependent persons. They recommend a ban on mandatory retirement when reaching the statutory retirement age, so as to enable people who can and wish to do so to choose to continue to work beyond the statutory retirement age, as extending the period of premiums paid while at the same time shortening the period of benefit eligibility can help workers reduce any pension gaps at a fast pace. The report notes that the assumption behind early retirement schemes, whereby older workers are allowed to retire early so as to make jobs available for the young, has been proven empirically wrong as the Member States displaying the highest youth employment rates, on average, are also the ones displaying the highest employment rates for older workers. Developing complementary private retirement savings: whilst welcoming the call in the White Paper for developing both funded, complementary occupational pensions accessible for all workers, Members consider that the Commission should rather recommend collective, solidarity-based supplementary occupational pension savings, preferably resulting from collective agreements and established at the national, sectoral or company level, as they allow for solidarity within and between generations, whereas individual schemes do not. The committee also stresses the need for citizens to be properly informed about their accrued pension entitlements, so that they are able to make well-informed decisions as regards future additional pension savings. Member States are urged to ensure strict disclosure rules regarding the operating costs and risk of, and the return on, investments of pension funds operating within their jurisdiction. Pensions of mobile workers: noting the lack of mobility between the Member States with only 3 % of working-age EU citizens live in another Member State, Members call for the establishment of efficient tracking services, possibly web-based, that enable citizens to track their employment- and non-employment-related pension entitlements and thereby make timely and well-informed decisions on additional, individual (third-pillar) pension savings. They welcome the Commission’s pilot project, which should be complemented by an impact assessment of the benefits of providing EU citizens with consolidated pension information in an accessible way. Pension tracking services should ideally cover not only occupational pensions, but also third-pillar schemes and individualised information on first-pillar entitlements. Review of the IORP Directive: the aim of the review of the Directive 2003/41/EC (the IORP Directive) should be to providing enhanced protection to current and future pensioners. Members make a series of observations on the Commission’s proposals regarding precautionary measures which must apply the principle of ‘same risk, same rules’ within each national system and respective pillar. Protection of workers’ occupational pensions in the event of insolvency: Members stress that entitlements under Article 8 of Directive 2008/94/EC, which requires Member States to ensure that the pension rights of employees are protected in the event of the employer’s insolvency, should be consistently safeguarded. They want the Commission to carry out a comprehensive overview of national guarantee schemes. Complementary third-pillar pension savings: the committee calls on the Commission to assess and optimise incentives for private pension savings, in particular for individuals who otherwise would not build up an adequate pension. It also recommends: the legal cost limits at national level for contract conclusion and management, change of provider or change of contract type be investigated and that proposals be made in this regard; EU-level voluntary codes of conduct – and possibly also product certification schemes – with regard to quality, information provision to consumers and consumer protection in the third pillar. Removing tax and contract related cross-border obstacles to pension investments: the Commission and the Member States concerned are asked to reach agreement in the field of cross-border pensions, especially as regards how to avoid double taxation and double non-taxation. Gender: Members recall the gender challenge regarding pensions, noting that around 22% of women over the age of 75 fall below the EU’s poverty threshold. In this respect, first-pillar, public pension schemes should guarantee at least a decent standard of living for all. Members also stress that gender equality in the labour market is crucial to ensure the sustainability of pension systems, and that the equalisation of the pension age for men and women must be accompanied by effective policies to ensure equal pay for equal work, reconciliation of work and care for dependents.
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A7-0137/2013
summary
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2013/03/21
Vote in committee, 1st reading/single reading
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2013/03/14
Amendments tabled in committee
- PE506.363
- 2013/01/21 Amendments tabled in committee
- 2012/11/19 Committee draft report
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2012/10/25
Committee referral announced in Parliament, 1st reading/single reading
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2012/02/16
Non-legislative basic document
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COM(2012)0055
summary
PURPOSE: presentation by the Commission of a White Paper on an agenda for adequate, safe and sustainable pensions. CONTEXT: pensions – mostly from public schemes – are the main source of income of older Europeans, who are a significant and growing part of the EU population (120 million or 24%). An ageing population presents a major challenge to pension systems in all Member States. Unless women and men stay longer in employment and save more for their retirement, the adequacy of pensions cannot be guaranteed as the required increase in expenditure would be unsustainable. By 2060, the life expectancy at birth for males is projected to increase by 7.9 years and by 6.5 years for females, when compared to 2010. The number of people of prime working age (20-59) will fall every year over the coming decades. Together, longevity growth and the transition into retirement of baby-boomers will have far-reaching economic and budgetary consequences in the EU, reducing the economic growth potential and exercising pressure on public finances. Pensions represent a very large and rising share of public expenditure: more than 10% of GDP on average today, possibly rising to 12.5 % in 2060 in the EU as a whole. But with spending on public pensions ranging from 6% of GDP in Ireland to 15% in Italy today, countries are in rather different situations although they face similar demographic challenges. These prospects are further aggravated by the current financial and economic crisis. Sluggish economic growth, budget deficits and debt burdens, financial instability and low employment have made it harder for all pension systems to deliver on pension promises. Pay-as-you-go pension schemes are affected by falling employment, and hence lower pension contributions. Funded schemes are affected by falling asset values and reduced returns. In this context, the Commission considers that it is a matter of urgency to draw up and implement strategies adapting pension systems to economic and demographic changes. CONTENT: the White Paper reflects the common concerns about problems in pension systems outlined above and sets out an agenda for making pensions adequate and sustainable in the long term, by creating the conditions for a high level of labour force participation of women and men throughout their lives and enhancing the opportunities to build up safe complementary retirement savings. It suggests forward policy orientations and initiatives at the European level through whereby the EU can support national policy makers in their efforts to address reform needs, notably those highlighted in the Annual Growth Surveys 2011and 2012 which highlighted key orientations for pension reforms which contribute to growth-friendly fiscal consolidation and specified in the 2011 Country-Specific Recommendations. The EU can harness a range of policy instruments to promote adequate, safe and sustainable pensions, even though the main responsibility for achieving these goals clearly remains with Member States. The White Paper also reflects the results of the wide-ranging consultation launched by the Green Paper on adequate, sustainable and safe European pension systems. The main points of the agenda, set out in the White Paper, are as follows: 1) Balancing time spent in work and retirement: to reach this objective, it will be necessary to adapt pension systems, raise the pension age and strengthen the incentives to extend active life. During the European Year 2012 on Active Ageing and Solidarity between Generations, the Commission will raise awareness of the benefits and possibilities of working longer and stimulate the dissemination of good practices of age management in work places and labour markets. In the framework of Europe 2020, the Commission will step up its support for policy coordination and joint work on enabling and encouraging older workers, women in particular, to stay longer on the labour market. The Commission will: encourage reforms linking retirement ages to increases in life expectancy, restricting access to early retirement and closing the pension gap between men and women. call on the social partners to develop ways of adapting work place and labour market practices, including career management notably regarding strenuous jobs, so as to facilitate longer working lives for women and men. building on its proposal for the European Social Fund in the 2014-2020 programming period, encourage Member States to make use of the ESF for supporting active and healthy ageing, including reconciliation of work and family life, and closely monitor whether ESF programmes effectively support the reform needs identified in this area in the Country Specific Recommendations. ask the relevant committees (e.g. the Social Protection Committee, Advisory Committee on equal opportunities between women and men) to identify and recommend best practice in reducing the gender gap in pensions (e.g. promotion of equal pay, minimum pension entitlements, care credits, pension rights splitting at divorce). 2) Developing complementary private retirement savings: there would be added value in stepping up European support for better coverage of women and men and the proliferation of good practices including in the optimal targeting of tax incentives for prefunded pension schemes. These can be promoted by governments (via the optimisation of tax or other incentives) or by encouraging the social partners to develop such schemes. In addition, it needs to be borne in mind that opportunities for complementary retirement savings through occupational and third pillar arrangements are underdeveloped and lacking in cost-effectiveness and safety in many Member States. The Commission will: as from 2012, cooperate with Member States following a best practices approach to assess and optimise the efficiency and cost-effectiveness of tax and other incentives for private pension saving, including better targeting of incentives on individuals who would otherwise not build up adequate pensions; in 2012, present a legislative proposal to review the Institutions for Occupational Retirement Provision (IORP) Directive, the aim of the review being to maintain a level playing field with Solvency II and promote more cross-border activity in this field and to help improve overall pension provision in the EU; take initiatives to ensure a more effective protection of workers’ occupational pension rights in the event of insolvency of their employer on the basis of Article 8 of Directive 2008/94/EC; resume work on a pension portability Directive setting minimum standards for the acquisition and preservation of supplementary pension rights; by 2013, present an initiative aimed at raising the quality of third-pillar retirement products for women and men and improving consumer information and protection standards via voluntary codes and possibly an EU certification scheme for such products, building, where appropriate, on measures to improve information for consumers planned for 2012 on 'packaged retail investment products' (PRIPs); promote the development of pension tracking services. 3) Enhancing the EU’s monitoring tools on pensions and strengthening synergies across policy areas: the Commission will release the 2012 Ageing Report, assessing the economic and budgetary impact of ageing, which will form the basis for a thorough assessment of the sustainability of public finances envisaged for release in the Commission's 2012 Sustainability Report. In cooperation with the Social Protection Committee it will also prepare in 2012 a Pension Adequacy Report which can help Member States, in the context of the Platform against Poverty, to assess the adequacy of their pensions systems for women and men.
- DG {'url': 'http://ec.europa.eu/social/', 'title': 'Employment, Social Affairs and Inclusion'}, ANDOR László
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COM(2012)0055
summary
Documents
- Non-legislative basic document published: COM(2012)0055
- Amendments tabled in committee: PE502.214
- Committee draft report: PE500.477
- Amendments tabled in committee: PE506.363
- Committee report tabled for plenary, single reading: A7-0137/2013
- Decision by Parliament, 1st reading/single reading: T7-0204/2013
Amendments | Dossier |
135 |
2012/2234(INI)
2012/12/18
ECON
135 amendments...
Amendment 10 #
Draft opinion Paragraph 2 a (new) 2a. Welcomes the Commission's call in the 2013 Annual Growth Survey to step up pension system reforms in the Member States through better aligning retirement age with life expectancy and enable longer working lives;
Amendment 100 #
Draft opinion Paragraph 20 20. Welcomes
Amendment 101 #
Draft opinion Paragraph 20 20. Welcomes discussion of the establishment of cross-border pension tracking services for the 2nd pillar to make it easier for workers to move between member states without losing track of their pension rights;
Amendment 102 #
Draft opinion Paragraph 20 20. Welcomes the discussion of – and the Commission's intention of starting a pilot project on – the establishment of cross- border pension tracking services for the 2nd pillar;
Amendment 103 #
Draft opinion Paragraph 21 21. Notes that, according to the OECD, there
Amendment 104 #
Draft opinion Paragraph 21 21. Notes that, according to the OECD, there is a lack of mobility between the Member States and that only 3% of working-age EU citizens live in another Member State;
Amendment 105 #
Draft opinion Paragraph 21 a (new) 21a. Notes that cross-border mobility is not only a fundamental right of EU citizens, but also a crucial factor in making the internal market and the European economy work as efficiently as possible; stresses that a key aim of EU activities in the field of pensions should be to remove the remaining obstacles to such mobility;
Amendment 106 #
Draft opinion Paragraph 21 a (new) 21a. Emphasises the need to broaden the base by opening schemes to non-standard workers and self-employed, reducing barriers to access such as long vesting periods and age restrictions; stresses the need to remove discriminatory elements from the existing occupational pension schemes points to the fact that some Member States have increased barriers to social security including pensions during the crisis;
Amendment 107 #
Draft opinion Paragraph 22 22. Stresses therefore that the development of cross-border pension tracking services
Amendment 108 #
Draft opinion Paragraph 22 22.
Amendment 109 #
Draft opinion Paragraph 22 22. Stresses therefore that cross-border pension tracking services are
Amendment 11 #
Draft opinion Paragraph 2 a (new) 2a. Recognising pension funds are a major investor in the EU economy, and are therefore a key element to achieving growth;
Amendment 110 #
Draft opinion Paragraph 22 22. Stresses therefore that cross-border pension tracking services
Amendment 112 #
Draft opinion Paragraph 25 25. Stresses that
Amendment 113 #
Draft opinion Paragraph 25 25. Stresses that maintaining appropriate provision in the 1st pillar, with its
Amendment 114 #
Draft opinion Paragraph 25 25. Stresses that maintaining appropriate provision in the 1st pillar, with its spirit of solidarity, should be the number one priority in the Member States and that the 3rd pillar can play a supplementary role
Amendment 115 #
Draft opinion Paragraph 26 26. Regrets that 3rd pillar systems
Amendment 116 #
Draft opinion Paragraph 27 27. Notes that in some Member States, 3rd pillar pensions, 2nd and 3rd pillar pensions are available only to people who are employed by thriving or large undertaking or whose income is sufficient for them to pay contributions; calls therefore for
Amendment 117 #
Draft opinion Paragraph 29 29. Recalls, with regard to Initiative 9, the need for
Amendment 118 #
Draft opinion Paragraph 29 a (new) 29a. Considers that in certain cases private pension savings could be necessary to build up an adequate pension; encourages the Commission to cooperate with Member States on the basis of a best practices approach and assess and optimise incentives for private pension savings, in particular for individuals who otherwise would not build up an adequate pension;
Amendment 119 #
Draft opinion Paragraph 30 Amendment 12 #
Draft opinion Paragraph 2 b (new) 2b. Considers that the potential for a review of the IORP directive should be examined carefully by differentiating between pension funds and life insurance products in some Member States with regards to the application of Solvency II- type capital requirements;
Amendment 120 #
Draft opinion Paragraph 30 a (new) 30a. Emphasizes that the key priority of public policy should not be to subsidise 3rd pillar schemes, but to make certain that everyone is adequately protected within a well-functioning and sustainable 1st pillar;
Amendment 121 #
Draft opinion Paragraph 31 31.
Amendment 122 #
Draft opinion Paragraph 31 31.
Amendment 123 #
Draft opinion Paragraph 32 32. Recommends that the legal cost limits
Amendment 124 #
Draft opinion Paragraph 32 a (new) 32a. Considers that codes of conduct with regard to quality, information provision to consumers and consumer protection in the 3rd pillar could increase the attractiveness of 3rd pillar pension plans; encourages the Commission to facilitate the exchange of currently existing best practices in Member States;
Amendment 125 #
Draft opinion Paragraph 33 33.
Amendment 126 #
Draft opinion Paragraph 33 33.
Amendment 127 #
Draft opinion Paragraph 33 a (new) 33a. Calls on the Commission to look into ways to make better use of EU financial sector legislation when it comes to ensuring that consumers are given accurate and un-biased financial advice on pension and pensions-related products;
Amendment 128 #
Draft opinion Paragraph 34 34. Calls on the Commission and the Member States concerned to reach agreement on how to avoid double taxation and double non-taxation in the field of cross-border pensions;
Amendment 129 #
Draft opinion Paragraph 35 35. Regards discriminatory taxes as a major barrier to cross-border mobility and calls for their swift withdrawal;
Amendment 13 #
Draft opinion Paragraph 3 Amendment 130 #
Draft opinion Paragraph 35 35. Regards discriminatory taxes as a major barrier to mobility and calls for their swift withdrawal while noting limited EU competence in the area of member state tax policy;
Amendment 131 #
Draft opinion Paragraph 37 37. Calls on the Commission to involve social partners in
Amendment 132 #
Draft opinion Paragraph 38 38. Stresses that unsustainable 1st pillar systems pose a major threat to national budgets; therefore welcomes the greater emphasis being placed on Pillar 2 and Pillar 3 systems;
Amendment 133 #
Draft opinion Paragraph 38 a (new) 38a. Stresses the importance of using a uniform methodology to calculate long term sustainability of public finances and the share therein of pension-related obligations;
Amendment 134 #
Draft opinion Paragraph 38 a (new) 38a. Calls on the Member States, inter alia on the basis of the 2012 Pension Adequacy Report, to intensify their work on preventing old-age poverty; underlines that if bold action is not taken on strengthening pensions systems in this regard, the Europe 2020 goal on poverty and social exclusion will probably not be reached;
Amendment 135 #
Draft opinion Paragraph 38 b (new) 38b. Stresses that a key to building more sustainable and adequate pension systems is to focus on eradicating inequalities between women and men; emphasizes that enhanced measures have to be taken in all Member States in this regard, for example when it comes to promoting equal pay, fighting gender-based discrimination, granting pension credits to caring for children and the elderly, reducing the incidence of involuntary part-time work as well as improving work and pension conditions in precarious jobs;
Amendment 14 #
Draft opinion Paragraph 3 3. Calls on th
Amendment 15 #
Draft opinion Paragraph 3 3. Calls on those Member States which are
Amendment 16 #
Draft opinion Paragraph 3 a (new) 3a. Welcomes the recognition that Pillar 2 and Pillar 3 pension schemes are to be encouraged, given the need for individuals to take responsibility for their own finances and futures;
Amendment 17 #
Draft opinion Paragraph 3 a (new) 3a. Observes that more than 17% of people in the European Union are currently aged 65 or older, and that according to Eurostat’s forecasts this figure will rise to 30% by 2060;
Amendment 18 #
Draft opinion Paragraph 3 a (new) 3a. Welcomes the commitments made by Member States to ensure adequate and sustainable retirement systems in the country specific recommendations adopted by Council last year in the framework of the European Semester;
Amendment 19 #
Draft opinion Paragraph 3 a (new) 3a. Stresses that implementing structural reforms aimed at having people work more and longer is not the only feasible way to generate the tax revenues and social and pension premiums needed to consolidate Member State budgets and to fund adequate, safe and sustainable pension schemes; Points out that adjustments to general taxation as well as paying proportionally higher contributions for given benefits are equally valid components of a policy response to the economic and demographic challenges faced;
Amendment 2 #
Draft opinion Paragraph 1 a (new) 1a. Emphasises the likelihood of a long- term, low-growth economic scenario, which, coupled with increasing demographic pressure, inevitably means that a given level of income post retirement will require higher contributions during an employees working life. This will require Member States to consolidate their budgets and reform their economies under austere conditions in order to provide a poverty- proof retirement income under the first pillar; Underscores that adequate provisioning and solvency requirements are essential to ensure that pricing of second and third pillar pensions and savings properly reflect the increasing risk of overreliance on unsustainable assumptions of economic growth rather than adequate contributions;
Amendment 20 #
Draft opinion Paragraph 3 b (new) 3b. Calls on the Commission to clarify the legal basis for any proposals relating to Member State pension systems at the earliest possible moment;
Amendment 21 #
Draft opinion Paragraph 4 4.
Amendment 22 #
Draft opinion Paragraph 4 4. Welcomes the
Amendment 23 #
Draft opinion Paragraph 4 4. Welcomes the strengthening of the EU's social dimension and stresses the validity of the principle of subsidiarity in the areas affected by Initiative 1; encourages the Commission to take stock of the progress made in the Member States regarding pension reforms in its country specific recommendations that follow from the 2013 Annual Growth Survey;
Amendment 24 #
Draft opinion Paragraph 4 a (new) 4a. Underlines that a key pensions-related issue within the Europe 2020 strategy should be to make it feasible for many more employees, in particular in the most strenuous occupations, to work until the standard retirement age by strengthening public policy in the fields of occupational health, workplace environment and vocational retraining;
Amendment 25 #
Draft opinion Paragraph 4 a (new) 4a. Considers that the Commission and Member States should pursue a different strategy with regard to retirement age, which should initially lead to a general rise in employment rates, broaden the financial basis of pension systems and above all bring about greater participation of higher incomes in pay-as-you-go and tax-financed systems in the 1st pillar and gear adjustments in pensions to the development of productivity;
Amendment 26 #
Draft opinion Paragraph 5 5. Welcomes the support; underlines in particular that the planned support could facilitate the exchange of best practices between Member States, for instance to increase labour market participation rates, most notably in the over 55-age group which varies widely between Member States;
Amendment 27 #
Draft opinion Paragraph 6 6. Welcomes the exchange of experiences
Amendment 28 #
Draft opinion Paragraph 6 a (new) 6a. Notes that, when systems for pension statements are fully developed, people should ideally have access to full information about all individual entitlements within all three pillars in one place, such as a coordinated web portal;
Amendment 29 #
Draft opinion Paragraph 6 a (new) 6a. Recalls that public pension systems are the only ones that rely on inter and intra-generational solidarity;
Amendment 3 #
Draft opinion Paragraph 1 b (new) 1b. Considers it to be a fundamental principle that first pillar pensions must be poverty-proof, available to all, whether they have been active or not in the labour market, adopting a lifecycle approach which takes into account the whole career along a life-course, including career interruptions and changes, so as not to punish people with "non-standard" working lives and to recognise the contribution, which is both socially and economically beneficial, of voluntary work and other unpaid care work;
Amendment 30 #
Draft opinion Paragraph 6 b (new) 6b. Believes that public pension systems are the ones most capable to ensure the income of pensioners;
Amendment 31 #
Draft opinion Paragraph 6 c (new) 6c. Deeply regrets that the White Paper does not address the fundamental concern of strengthening the public pensions systems;
Amendment 32 #
Draft opinion Paragraph 6 d (new) 6d. Welcomes the recommendation of the EESC to develop standards on minimum pensions or pension income protection mechanisms in the future legislation in order to provide income above the poverty threshold;
Amendment 33 #
Draft opinion Paragraph 6 e (new) 6e. Is of the opinion that the financial transactions tax can represent an innovative answer for funding pensions in the long term;
Amendment 35 #
Draft opinion Paragraph 7 a (new) 7a. Underlines that second-pillar pension funds are important long term investors in the real economy; invites the Commission to take stock of the cumulative effects of financial market legislation (e.g. EMIR, MiFID, CRDIV) on second-pillar pension funds and their ability to invest in the real economy and report on this in its forthcoming Green Paper on Long Term Investments;
Amendment 36 #
Draft opinion Paragraph 8 8. Stresses that 2nd pillar systems must be secure,
Amendment 37 #
Draft opinion Paragraph 8 8. Stresses that 2nd pillar systems must be secure and transparent as regards costs and risks to society as a whole and to the individual, for the sake of employees;
Amendment 38 #
Draft opinion Paragraph 8 8. Stresses that 2nd pillar systems must be secure, for the sake of employees; notes in some Member States, employers' already support their pension schemes through protection schemes, segregation of assets, independent governance of schemes and priority creditor status of pension schemes ahead of shareholders in case of company insolvency; argues that these provisions offer the security that employees need without the costs associated with quantitative capital requirements;
Amendment 39 #
Draft opinion Paragraph 8 a (new) 8a. Considers that ensuring that European 2nd pillar systems obey to robust prudential regulation is key to achieve a high level of protection for the members and beneficiaries and to respect the G20 mandate according to which all financial institutions shall be subject to proper regulation and adequate supervision;
Amendment 4 #
Draft opinion Paragraph 2 2. Considers that regulation of adequate, sustainable retirement income
Amendment 40 #
Draft opinion Paragraph 9 9. Stresses that there are considerable differences between the Member States in terms of the composition of the 2nd pillar, making clear that harmonisation should only be explored where there are possible benefits in terms of encouraging free movement of workers.
Amendment 41 #
Draft opinion Paragraph 9 9. Stresses that there are considerable differences between the Member States in terms of the composition of the 2nd pillar, and notes that in some Member States the work related pensions are mainly included in the first pillar.
Amendment 42 #
Draft opinion Paragraph 9 9. Stresses that there are considerable differences between the Member States in terms of the composition of the 2nd pillar
Amendment 43 #
Draft opinion Paragraph 9 a (new) 9a. Underlines that the aim of the review of the IORP Directive should be to keep occupational pensions across Europe adequate, sustainable and safe by creating an environment that stimulates further national and internal market progress in this field, by providing enhanced protection to current and future pensioners and by adapting in a flexible way to the considerable cross-border and cross-sector diversity of existing schemes;
Amendment 44 #
Draft opinion Paragraph 9 a (new) 9a. Demands that EU legislative initiatives should respect the choices made by Member States with regard to the providers of second pillar pensions;
Amendment 45 #
Draft opinion Paragraph 10 Amendment 46 #
Draft opinion Paragraph 10 10.
Amendment 47 #
Draft opinion Paragraph 10 10.
Amendment 48 #
Draft opinion Paragraph 10 10.
Amendment 49 #
Draft opinion Paragraph 10 10. Rejects regulatory harmonisation of quantitative or qualitative precautionary measures at EU level on the basis that pension systems are deeply embedded in the cultural, social, political and economic circumstances of each Member State;
Amendment 5 #
Draft opinion Paragraph 2 2. Considers that regulation of adequate, sustainable retirement income is the sole responsibility of the Member States in question and that the Commission should, where appropriate, encourage the Member States to
Amendment 50 #
Draft opinion Paragraph 10 a (new) 10a. Stresses that all 2nd pillar pensions providers, whatever their legal form, should be under proportionate and robust regulation that takes into account the characteristics of their business, particularly long term focused;
Amendment 51 #
Draft opinion Paragraph 10 a (new) 10a. Insists that 2nd pillar pensions, regardless of their providers, should not be jeopardized by EU regulation that does not take into account their long-term horizon;
Amendment 52 #
Draft opinion Paragraph 11 11. Considers that a Commission
Amendment 53 #
Draft opinion Paragraph 11 11. Considers that Commission proposals regarding quantitative and qualitative precautionary measures
Amendment 54 #
Draft opinion Paragraph 11 11. Considers that Commission proposals regarding quantitative and qualitative precautionary measures
Amendment 55 #
Draft opinion Paragraph 11 11. Considers that Commission proposals regarding quantitative and qualitative precautionary measures
Amendment 56 #
Draft opinion Paragraph 11 11. Considers that Commission proposals regarding quantitative and qualitative precautionary measures
Amendment 57 #
Draft opinion Paragraph 11 11. Considers that Commission proposals regarding quantitative and qualitative precautionary measures
Amendment 58 #
Draft opinion Paragraph 12 Amendment 59 #
Draft opinion Paragraph 12 12. Considers with regard to qualitative precautionary measures that
Amendment 6 #
Draft opinion Paragraph 2 2. Considers that the provision and regulation of
Amendment 60 #
Draft opinion Paragraph 12 12. Considers with regard to qualitative precautionary measures that proposals concerning strengthened corporate governance and risk management and those regarding enhanced transparency and information disclosure obligations are useful and should be put forward in the framework of the IORP review;
Amendment 61 #
Draft opinion Paragraph 12 12. Considers with regard to qualitative precautionary measures that proposals concerning corporate governance and risk management and those regarding transparency and information disclosure obligations are useful, including disclosure of costs and transparency of investment strategies; notes that, given the considerable differences between Member States, convergence of qualitative precautionary measures at EU level is at this stage more feasible than regulatory harmonisation;
Amendment 62 #
Draft opinion Paragraph 13 13. Is
Amendment 63 #
Draft opinion Paragraph 13 13.
Amendment 64 #
Draft opinion Paragraph 13 13.
Amendment 65 #
Draft opinion Paragraph 13 13. Is
Amendment 66 #
Draft opinion Paragraph 13 13. Is strongly opposed to Europe-wide harmonised requirements concerning own capital or evaluation; rejects any review of the Pension Funds Directive (the IORP Directive) which aims to achieve this; notes that in order to meet these requirements, employers would have to redirect capital away from other investments such as infrastructure to pension funds, which could have serious implications for EU competitiveness and economic growth;
Amendment 67 #
Draft opinion Paragraph 13 13. Is strongly opposed to Europe-wide harmonised requirements concerning own capital or evaluation; therefore fully rejects any review of the Pension Funds Directive (the IORP Directive) which aims to achieve this;
Amendment 68 #
Draft opinion Paragraph 13 a (new) 13a. Considers that prior to reviewing the IORP directive with a view of ensuring a high level of protection of employees, it will be important to assess the conclusions of the ongoing Quantitative Impact Study performed by the European Insurance and Occupational Pensions Authority (EIOPA);
Amendment 69 #
Draft opinion Paragraph 13 a (new) 13a. Reminds that the Pension Funds Directive applies only to voluntary pension schemes and does not cover any instruments being part of the obligatory public pension scheme.
Amendment 7 #
Draft opinion Paragraph 2 2. Considers that regulation of adequate, sustainable retirement income is the sole responsibility of the Member States in question and that the Commission should limit its activities to compiling and disseminating information on the pensions situation and the pension reform efforts across the EU and, where appropriate, encourage the Member States to look critically at their systems and engage in exchanges of experience;
Amendment 70 #
Draft opinion Paragraph 14 14.
Amendment 71 #
Draft opinion Paragraph 14 14. Stresses that the application of the quantitative
Amendment 72 #
Draft opinion Paragraph 14 14.
Amendment 73 #
Draft opinion Paragraph 14 14.
Amendment 74 #
Draft opinion Paragraph 14 14. Stresses that the application of quantitative Solvency II requirements poses a
Amendment 75 #
Draft opinion Paragraph 14 14. Stresses that the application of quantitative Solvency II requirements poses a great risk to pillar 2 systems, since these may, as a result of increased costs, be forced in future to accept lower company pensions or to stop them altogether; emphasises that this is n
Amendment 76 #
Draft opinion Paragraph 14 14. Stresses that the application of quantitative Solvency II requirements poses a great risk to pillar 2 systems, since these may, as a result of increased costs, be forced in future to accept lower company pensions or to stop them altogether; emphasises that this is not in the interests of employees; therefore concludes that there must be no provisions at EU level aiming to apply Solvency II
Amendment 77 #
Draft opinion Paragraph 14 a (new) 14a. Stresses that social partners (i.e. employers and employees) have a shared responsibility for the content of occupational pension arrangements; underlines that contractual agreements between social partners need to be recognized at all times, in particular with regard to the balance between risks and rewards that an occupational pension scheme aims to achieve;
Amendment 78 #
Draft opinion Paragraph 15 15. Considers proposals for the further development of variations to Solvency II, such as the Holistic Balance Sheet Model (HBS), to be useful
Amendment 79 #
Draft opinion Paragraph 15 15. Considers the further development of variations to Solvency II, such as the Holistic Balance Sheet Model (HBS),
Amendment 8 #
Draft opinion Paragraph 2 2. Considers that regulation of adequate, sustainable retirement income is the sole responsibility of the Member States in question and that the Commission should, where appropriate, encourage the Member States to look critically at their systems and engage in exchanges of experience; stresses that the EU should enhance the comparability of pension schemes and promote exchange of good practices, like increasing the accrual rate in the years immediately before the official retirement age or taking into account the life- expectancy coefficient;
Amendment 80 #
Draft opinion Paragraph 15 15. Considers the further development
Amendment 81 #
Draft opinion Paragraph 15 15. Considers the further development of variations to Solvency II, such as the Holistic Balance Sheet Model (HBS), to be useful only if specific national requirements are complied with and if they are presented as recommendations;
Amendment 82 #
Draft opinion Paragraph 15 15.
Amendment 83 #
Draft opinion Paragraph 15 15. Considers the further development of variations to Solvency II, such as the Holistic Balance Sheet Model (HBS), to be useful only if specific national requirements are complied with and if they are presented as recommendations; cautions against the HBS being used as a means of introducing Solvency 2 style provisions; categorically rejects these as components of EU-level regulations on the basis of the principle of subsidiarity;
Amendment 84 #
Draft opinion Paragraph 15 a (new) 15a. Notes a large variety in the design of pension plans, varying from defined benefit (DB) to defined contribution (DC) or mixed schemes; also notes a shift from DB schemes to DC schemes or the establishment of mandatory funded pillars in some Member States; stresses that this increases the need for more transparency and better information provision to citizens regarding the promised benefits, cost levels and investment strategies;
Amendment 85 #
Draft opinion Paragraph 16 Amendment 86 #
Draft opinion Paragraph 16 16. Re
Amendment 87 #
Draft opinion Paragraph 16 16.
Amendment 88 #
Draft opinion Paragraph 16 16. Re
Amendment 89 #
Draft opinion Paragraph 16 16. Rejects the establishment of equal competition between life insurance and 2nd pillar systems,
Amendment 9 #
Draft opinion Paragraph 2 2. Considers that regulation of adequate, sustainable retirement income is the sole responsibility of the Member States in question and that the Commission should, where appropriate, encourage the Member States to look critically at their systems and engage in exchanges of experience and best practice;
Amendment 90 #
Draft opinion Paragraph 16 16. Rejects the establishment of equal competition between life insurance and 2nd pillar systems, as the latter are not financial service providers, have a fundamentally different risk profile, do not seek to make a profit and can therefore not be compared with life insurance providers;
Amendment 91 #
Draft opinion Paragraph 17 17. Believes that, in the event of insolvency, entitlements under Article 8 of Directive 2008/94/EC must be
Amendment 92 #
Draft opinion Paragraph 18 18.
Amendment 93 #
Draft opinion Paragraph 18 18. Believes it would make sense for the Commission to have an overview of national guarantee schemes and measures
Amendment 94 #
Draft opinion Paragraph 18 a (new) 18a. Underlines that issues regarding pension protection in case of insolvency are closely related to key aspects of the IORP review; stresses that the Commission, in developing these two directives, should ensure that they are made congruent and fully compatible;
Amendment 95 #
Draft opinion Paragraph 19 19. Welcomes the development of a
Amendment 96 #
Draft opinion Paragraph 19 a (new) 19a. Emphasizes that the gender aspect also needs to be specifically addressed in this context, given the problematic fact that women presently have more limited opportunities than men to accumulate adequate occupational retirement savings;
Amendment 97 #
Draft opinion Paragraph 19 b (new) 19b. Welcomes the Commission's intention to promote the development of pension tracking services in all Member States; underlines – given the current trend of employees changing jobs more frequently than in the past – that such services will become more and more important for people to get a proper overview of total entitlements and to make rational decisions on pensions-related matters;
Amendment 98 #
Draft opinion Paragraph 19 c (new) 19c. Notes that, when fully developed, pension tracking services should ideally cover not only occupational pensions, but also 3rd pillar schemes and individualised information on 1st pillar entitlements;
Amendment 99 #
Draft opinion Paragraph 20 20. Welcomes discussion of the establishment of pension tracking services for the 1st and 2nd pillar in Member States, as well as cross-border pension tracking services for the 2nd pillar; encourages the Commission to facilitate the exchange of currently existing best practices in Member States and to promote the development of cross-border pension tracking services
source: PE-502.082
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History
(these mark the time of scraping, not the official date of the change)
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PURPOSE: presentation by the Commission of a White Paper on an agenda for adequate, safe and sustainable pensions. CONTEXT: pensions mostly from public schemes are the main source of income of older Europeans, who are a significant and growing part of the EU population (120 million or 24%). An ageing population presents a major challenge to pension systems in all Member States. Unless women and men stay longer in employment and save more for their retirement, the adequacy of pensions cannot be guaranteed as the required increase in expenditure would be unsustainable. By 2060, the life expectancy at birth for males is projected to increase by 7.9 years and by 6.5 years for females, when compared to 2010. The number of people of prime working age (20-59) will fall every year over the coming decades. Together, longevity growth and the transition into retirement of baby-boomers will have far-reaching economic and budgetary consequences in the EU, reducing the economic growth potential and exercising pressure on public finances. Pensions represent a very large and rising share of public expenditure: more than 10% of GDP on average today, possibly rising to 12.5 % in 2060 in the EU as a whole. But with spending on public pensions ranging from 6% of GDP in Ireland to 15% in Italy today, countries are in rather different situations although they face similar demographic challenges. These prospects are further aggravated by the current financial and economic crisis. Sluggish economic growth, budget deficits and debt burdens, financial instability and low employment have made it harder for all pension systems to deliver on pension promises. Pay-as-you-go pension schemes are affected by falling employment, and hence lower pension contributions. Funded schemes are affected by falling asset values and reduced returns. In this context, the Commission considers that it is a matter of urgency to draw up and implement strategies adapting pension systems to economic and demographic changes. CONTENT: the White Paper reflects the common concerns about problems in pension systems outlined above and sets out an agenda for making pensions adequate and sustainable in the long term, by creating the conditions for a high level of labour force participation of women and men throughout their lives and enhancing the opportunities to build up safe complementary retirement savings. It suggests forward policy orientations and initiatives at the European level through whereby the EU can support national policy makers in their efforts to address reform needs, notably those highlighted in the Annual Growth Surveys 2011and 2012 which highlighted key orientations for pension reforms which contribute to growth-friendly fiscal consolidation and specified in the 2011 Country-Specific Recommendations. The EU can harness a range of policy instruments to promote adequate, safe and sustainable pensions, even though the main responsibility for achieving these goals clearly remains with Member States. The White Paper also reflects the results of the wide-ranging consultation launched by the Green Paper on adequate, sustainable and safe European pension systems. The main points of the agenda, set out in the White Paper, are as follows: 1) Balancing time spent in work and retirement: to reach this objective, it will be necessary to adapt pension systems, raise the pension age and strengthen the incentives to extend active life. During the European Year 2012 on Active Ageing and Solidarity between Generations, the Commission will raise awareness of the benefits and possibilities of working longer and stimulate the dissemination of good practices of age management in work places and labour markets. In the framework of Europe 2020, the Commission will step up its support for policy coordination and joint work on enabling and encouraging older workers, women in particular, to stay longer on the labour market. The Commission will:
2) Developing complementary private retirement savings: there would be added value in stepping up European support for better coverage of women and men and the proliferation of good practices including in the optimal targeting of tax incentives for prefunded pension schemes. These can be promoted by governments (via the optimisation of tax or other incentives) or by encouraging the social partners to develop such schemes. In addition, it needs to be borne in mind that opportunities for complementary retirement savings through occupational and third pillar arrangements are underdeveloped and lacking in cost-effectiveness and safety in many Member States. The Commission will:
3) Enhancing the EUs monitoring tools on pensions and strengthening synergies across policy areas: the Commission will release the 2012 Ageing Report, assessing the economic and budgetary impact of ageing, which will form the basis for a thorough assessment of the sustainability of public finances envisaged for release in the Commission's 2012 Sustainability Report. In cooperation with the Social Protection Committee it will also prepare in 2012 a Pension Adequacy Report which can help Member States, in the context of the Platform against Poverty, to assess the adequacy of their pensions systems for women and men. New
PURPOSE: presentation by the Commission of a White Paper on an agenda for adequate, safe and sustainable pensions. CONTEXT: pensions mostly from public schemes are the main source of income of older Europeans, who are a significant and growing part of the EU population (120 million or 24%). An ageing population presents a major challenge to pension systems in all Member States. Unless women and men stay longer in employment and save more for their retirement, the adequacy of pensions cannot be guaranteed as the required increase in expenditure would be unsustainable. By 2060, the life expectancy at birth for males is projected to increase by 7.9 years and by 6.5 years for females, when compared to 2010. The number of people of prime working age (20-59) will fall every year over the coming decades. Together, longevity growth and the transition into retirement of baby-boomers will have far-reaching economic and budgetary consequences in the EU, reducing the economic growth potential and exercising pressure on public finances. Pensions represent a very large and rising share of public expenditure: more than 10% of GDP on average today, possibly rising to 12.5 % in 2060 in the EU as a whole. But with spending on public pensions ranging from 6% of GDP in Ireland to 15% in Italy today, countries are in rather different situations although they face similar demographic challenges. These prospects are further aggravated by the current financial and economic crisis. Sluggish economic growth, budget deficits and debt burdens, financial instability and low employment have made it harder for all pension systems to deliver on pension promises. Pay-as-you-go pension schemes are affected by falling employment, and hence lower pension contributions. Funded schemes are affected by falling asset values and reduced returns. In this context, the Commission considers that it is a matter of urgency to draw up and implement strategies adapting pension systems to economic and demographic changes. CONTENT: the White Paper reflects the common concerns about problems in pension systems outlined above and sets out an agenda for making pensions adequate and sustainable in the long term, by creating the conditions for a high level of labour force participation of women and men throughout their lives and enhancing the opportunities to build up safe complementary retirement savings. It suggests forward policy orientations and initiatives at the European level through whereby the EU can support national policy makers in their efforts to address reform needs, notably those highlighted in the Annual Growth Surveys 2011and 2012 which highlighted key orientations for pension reforms which contribute to growth-friendly fiscal consolidation and specified in the 2011 Country-Specific Recommendations. The EU can harness a range of policy instruments to promote adequate, safe and sustainable pensions, even though the main responsibility for achieving these goals clearly remains with Member States. The White Paper also reflects the results of the wide-ranging consultation launched by the Green Paper on adequate, sustainable and safe European pension systems. The main points of the agenda, set out in the White Paper, are as follows: 1) Balancing time spent in work and retirement: to reach this objective, it will be necessary to adapt pension systems, raise the pension age and strengthen the incentives to extend active life. During the European Year 2012 on Active Ageing and Solidarity between Generations, the Commission will raise awareness of the benefits and possibilities of working longer and stimulate the dissemination of good practices of age management in work places and labour markets. In the framework of Europe 2020, the Commission will step up its support for policy coordination and joint work on enabling and encouraging older workers, women in particular, to stay longer on the labour market. The Commission will:
2) Developing complementary private retirement savings: there would be added value in stepping up European support for better coverage of women and men and the proliferation of good practices including in the optimal targeting of tax incentives for prefunded pension schemes. These can be promoted by governments (via the optimisation of tax or other incentives) or by encouraging the social partners to develop such schemes. In addition, it needs to be borne in mind that opportunities for complementary retirement savings through occupational and third pillar arrangements are underdeveloped and lacking in cost-effectiveness and safety in many Member States. The Commission will:
3) Enhancing the EUs monitoring tools on pensions and strengthening synergies across policy areas: the Commission will release the 2012 Ageing Report, assessing the economic and budgetary impact of ageing, which will form the basis for a thorough assessment of the sustainability of public finances envisaged for release in the Commission's 2012 Sustainability Report. In cooperation with the Social Protection Committee it will also prepare in 2012 a Pension Adequacy Report which can help Member States, in the context of the Platform against Poverty, to assess the adequacy of their pensions systems for women and men. |
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