White Paper An Agenda for Adequate, Safe and Sustainable Pensions MISSOC meeting Copenhagen, 24 May 2012

Challenges Ageing population: longevity growth Baby boomers retire now; working age population schrinks Leads to reduced economic growth potential and pressure on public finances (pensions represent large and rising share of public expenditure) Aggravated by crisis, affecting both pay-as-you-go schemes and funded schemes Pensions are becoming a common concern in EU

White Paper: key objectives Sets an agenda for making pensions adequate and sustainable in long term by: Creating conditions for a high level of labour force participation of men and women throughout their lives Enhancing opportunities to build up safe complementary retirement savings Suggests policy orientations and initiatives at EU level trough which EU can support national policy makers in their efforts to address reform needs

Role for Member states and EU in pensions MS have primary responsibility for designing pension systems TFEU requires EU to support and complement activities of MS on social protection (Art 153) and to take into account adequate social protection in defining and implementing its policies (Art 9)

White Paper- Main messages Improve balance between people in work and retired people Raising (effective) retirement ages More labour force participation over entire life circle Safer and more cost-effective complementary retirement savings can also make a contribution to better adequacy in the future

Balancing time spent in work and retirement Link retirement age with increases in life expectancy Keep older workers longer in labour market Raise retirement age and link it to gains in life expectancy Restrict access to early retirement Support longer working lives (health, work place and employment measures) Closing gaps between men and women (mix of pension and employment policies)

Develop complementary private retirement savings Strengthen existing EU regulatory framework Review of IORP Directive Protection suplementary pensions rights of people moving within EU Improve information about pension rights stemming from statutory and occupational pension schemes

Deployment of EU Instruments Main responsiblity for achieving adequate and sustainable pensions: MS Role of helping MS achieving these goals of becomes more important. Instruments: Legislation (where competence exists) Funding (ESF:employability and labour market opportunities for older workers, Progress, public health) Policy coordination : Europe 2020 Strategy, country specific recommendations, EPC, SPC, EMCO

White Paper: Initiatives announced 20 initiatives announced according to key themes Balancing time spent in work and retirement Developing complementary private retirement savings Enhancing EU's monitoring tools on pensions and strengthening synergies across policy areas

Initiatives in balancing work and retirement Promote pension reforms leading to later retirement and pension take-up Underpin this by work place and labour market policies to enable and encourage people to work longer EY 2012 on active ageing,gender equality and anti-discrimination,health and safety strategy,European Social Dialogue,European Semester,SPC,EPC, EMCO

Initiatives on developing complementary retirement savings Improve coverage, safety and efficiency of private retirement savings Review IORP Directive, resume work on pension portability Directive, ensure more effective protection of workers' occupational pension rights in case of insolvency of their employer, examine possibility to extend scope of Reg 883/2004

Initiatives to strengthen EU monitoring and coordination Ageing Report assessing economic and budgetary impact of ageing (cooperation with EPC) Sustainability Report Pension Adequacy Report (cooperation with SPC)

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