The European insurance sector is committed to delivering on pensions.
Europe’s pension systems are under growing strain. Demographic change, fewer workers per retiree and shifts in the labour market are putting pressure on public finances and pension funding. Non-linear careers and new forms of employment are adding to the challenge.
A resilient multi-pillar pension model is essential to secure dignity in retirement while fuelling the investment Europe needs for its future. Life insurers are key to this effort as major providers of both occupational and personal pensions, complementing state-funded schemes.
The upcoming review of the Pan-European Personal Pension Product (PEPP), under the Savings and Investments Union agenda, must be more than a technical adjustment – it must be a strategic reset. The PEPP was created to empower citizens, deepen capital markets and strengthen long-term savings. Yet after several years and very limited uptake, the current framework has not worked.
Insurance Europe notes that this low uptake reflects structural issues rather than a lack of demand for personal pension savings. The industry welcomes reforms to make the PEPP more workable, and stand ready to contribute, bringing long-term capital, risk management expertise and consumer protection to help the PEPP succeed.