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Europeans are living longer, and fewer now remain in the labour force as they grow older. Many European countries have responded to the ensuing financial pressure by reforming their public pension systems and health care programmes. There is considerable uncertainty as to the effects of these reforms - as they typically do not alter the unfunded nature of public welfare arrangements and this uncertainty is itself costly. Not only does it undermine the credibility of public welfare programmes, but it may also distort labour supply behaviour, decisions regarding savings and capital accumulation. More generally there is uncertainty about the overall impact of ageing on welfare and society and the multiple domains in which its effects may develop. Pensions: More Information, Less Ideology builds on the existing evidence - mostly in the field of public pensions - and highlights the advantages that would be obtained by: harmonising methodologies used in the various countries to report pension outlays and forecast future pension liabilities or more generally public spending; defining common standards as to the frequency of expenditure forecasts and the length of the forecast horizons for welfare expenditures; developing European longitudinal survey of persons pre- and post retirement age, providing timely information on a wide array of decisions by individuals and household related to the ageing process and the ongoing trends.
This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.
State pensions are the largest item in the UK social security budget, costing £96.7 billion in 2017/18. In the same year, 45.6 million people were members of UK occupational pension schemes (out of a total population of 66.4 million) and the total amount saved into workplace schemes in 2018 was £90.4 billion. A consequence of the pensions sector's large size has been that pensions law and social security law have become increasingly specialised areas of practice. Yet despite their social and economic importance and the fascinating legal issues they generate, pensions have not been the subject of sustained academic attention. This book starts to fill this gap by initiating a dialogue between practitioners and scholars working on pensions law and policy, groups who have much to learn from one another.
Demographic trends put a burden on EU pension provision. As the sustainability of pension systems is addressed by current pension reforms, lower benefit levels are projected. In this scenario, households may want to consider supplementing their public pension income. As their own residence is on average their most valuable asset, its transformation to income can be one form of alleviating financial distress in old age. Thomas Müller presents research findings on the interdependency of housing and pension wealth as well as on whether and to what extent housing wealth is decumulated after retirement. The author emphasizes the consideration of housing wealth in pension policies to enable European households to employ its housing asset as an income source in old age. About the Author Thomas Müller wrote his dissertation at the Real Estate Management Institute (REMI) at the EBS Business School. His research was motivated by the effects of demographic changes on pension provision in the EU. He focused especially on the allocation and liquidation of private housing wealth as a public pension supplement.
Presents the results of the research project on Adequacy and Sustainability of Old Age Income in the EU (AIM). Examines the differences among EU member States when it comes to saving for retirement. Suggests that while in some countries the working age population is able to sustain their consumption on retirement, in others there ia a significant saving gap.
Recoge: 1. An introduction to pensions reform- 2. A decade in pension reform in the EU - 3. The impact of the crisis - 4. Policy challenges over the long-term - 5. Policy implications.
This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.
The European Commission's Green Paper "Towards adequate, sustainable and safe European pension systems" invites interested parties to submit their views on future pension provision and how the EU can best support national-level efforts. The Paper reviews the current EU pensions framework and goes on to set out the main challenges to providing adequate, sustainable and safe pensions and the priorities for modernising pension policy in the EU. It also looks at the need to improve both pension data collection and EU-level governance of pension policy. Finally, the Paper provides information on how to contribute to the consultation, as well as a glossary of terms and detailed statistical annex. (EU Bookshop).