Insurers are key players 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.
More than a third of survey respondents (38%) were not saving for retirement, with 30% of those not saving saying they could not afford to.
Insurance Europe engages with EU policymakers in all the debates that affect pension provision, including: the implementation of the pan-European personal pension product (PEPP) (see Annual Report article below); the 2020 Solvency II review; the recommendations of the EC High-Level Expert Group on pensions; the EC Green Paper on ageing the implementation and upcoming review of the Institutions for Occupational Retirement Provision (IORP II) Directive; and the role of private pension savings in kickstarting growth through the Capital Markets Union project.