Insurers are key in tackling the pension challenge
As traditional, state-run pension systems in Europe come under increasing strain from changing demographics, multi-pillar systems are widely seen as the most effective way to ensure the sustainability and adequacy of retirement provision. Insurers play a major part in multi-pillar systems, since they are significant providers of a wide variety of occupational and personal pensions.
Key to ensuring that people are provided for in old age is creating a future-proof regulatory environment that fosters the performance and diversity of pension products. It needs to enable insurers to play their role in tackling the pension saving gap while ensuring that there is a level regulatory playing field for all pension providers. And it needs to support good governance and ensure people have clear information and certainty in their preparations for retirement.
Resetting the PEPP to strengthen retirement savings
The review of the Pan-European Personal Pension Product (PEPP), under the Savings and Investments Union (SIU) agenda, provides an important opportunity to deliver on these objectives. However, it 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.
This low uptake reflects structural issues rather than a lack of demand for personal pension savings. For the PEPP to succeed, it is essential that the framework is simplified and focused on key objectives. This includes targeting long-term retirement outcomes, rather than short-term investment performance, thereby meeting savers’ needs and contributing to the long-term investment objective. In light of the differences between countries, the PEPP should work for different markets.
Survey reveals persistent pension savings gap
The need to make personal pensions more effective is clear. This is underlined by Insurance Europe’s third biennial pan-European pension survey, conducted in 2023, which found that over one-third of Europeans are not saving for retirement, and 40% say current economic pressures have reduced their contributions. Based on responses from nearly 16,000 citizens across 15 countries, the survey highlights both the scale of the challenge and the growing recognition that more must be done: 58% recognise the need for additional savings to maintain a decent standard of living later in life. It also exposes a persistent gender gap, with women saving less and showing lower confidence in their pension adequacy — 27% of women compared with 18% of men.
SURVEY
Third Pan-European Pensions Survey: Pension priorities in Europe
Our 2023 Europe-wide survey shows that more than one-third of Europeans are not saving for their retirement and 40% of people indicating that the current economic circumstances had negatively impacted their pension contributions.
Activities
European Retirement Week
Insurance Europe is one of the founders of European Retirement Week, held each November. The initiative brings together stakeholders to discuss the future of pensions in Europe and highlights the importance of saving early to secure an adequate income in retirement.
The fifth edition of the European Retirement Week will be held from 24-28 November 2025.
#InsureWisely
Partnership EYP
Insurance Europe partners also with the European Youth Parliament (EYP) to foster open dialogue between youth and the insurance industry. The partnership has so far included debates on pensions, an innovation lab bringing together young people from across Europe, and a large-scale survey exploring their views on insurance and financial education. This collaboration highlighted both the opportunities and challenges in making insurance simpler, smarter and more relevant to the next generation.
Publications
Contacts