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Working for pensions in Europe. Ms. Chris VERHAEGEN , Secretary General EFRP FIAP International Conference 31 May 2007, Varna. Key messages. EFRP is the European industry representative focussing on funded and workplace pension provision

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Working for pensions in europe

Working for pensions in Europe

Ms. Chris VERHAEGEN , Secretary General EFRP

FIAP International Conference

31 May 2007, Varna


Key messages

Key messages

  • EFRP is the European industry representative focussing on funded and workplace pension provision

  • EU-enlargement with 12 MS has increased diversity in EU pension systems

  • Europe should reflect on a “European pension model” combining EU-15 and EU-12 systems


The efrp

The EFRP

  • 29 Member Associations

    • 16 EU Member States(EU-15 – EL) + HU + SK

    • 5 non-EU(CH, Guernsey, HR, IS, NO)

  • Core Membership : funded andworkplace pension providers

  • Representative organisation with EU institutions, OECD and IOPS

    75 million EU citizens rely on EFRP members for their supplementary retirement income - Total assets managed = 3,6 trillion Euro (2005)


    Efrp mission statement

    EFRP Mission Statement

    EFRP stands for:

    • Affordable pensions for large sections of the population

    • helping to maintain living standards in retirement

    • that provide a degree of intra- and inter-generational solidarity and, which are

    • administered through funding institutions

    • which can benefit from a European passport

      taking into account:

    • the principles of subsidiarity and national diversity


    Efrp key partner in eu

    EFRP key partner in EU

    A partner for:

    • contacts with industry representatives across EU

    • influencing EU decision making

    • obtaining selected EU-level information

    • delivery of in depth analysis on some key issues for private pension providers


    Common challenges in the eu

    Common challenges in the EU

    • All Member States face similar challenges:

      • Ageing societies

      • Budgetary deficits in MS

      • Low economic growth

      • Rigid national labour markets

      • Globalisation

    • EU is developing, within its competence, a policy mix, affecting public and private pensions

    • EU-27 pension modelling is needed


    Eu 15 multi pillar model

    EU-15 multi-pillar model


    Eu 15 multi pillar model in reform

    EU-15 multi-pillar model in reform


    Eu 12 nms multi pillar model

    EU-12 (NMS) multi-pillar model


    Eu 27 divergence convergence

    EU-27: Divergence → convergence

    EU-15

    EU-12

    EU-27

    3rd pillar voluntary

    3rd pillar

    3rd pillar individual

    FUNDED

    PRIVATE

    2nd pillar mandatory

    2nd pillar occupational

    2nd pillar

    1st pillar – State pension

    PAYG

    STATE

    Social assistance programmes for the elderly


    Efrp proposal eu 27 pension pillar terminology 1

    EFRP Proposal EU-27 pension pillar terminology (1)

    Acknowledge and consistently label product diversity – who is designing the scheme

    3rd pillar – individual

    FUNDED

    PRIVATE

    2nd pillar - workplace

    company level

    government

    social partners

    Mandatory

    Voluntary

    1st pillar – State pension

    STATE

    PAYG

    Social assistance programmes for the elderly


    Key messages1

    Key messages

    • EFRP is the European industry representative focussing on funded and workplace pension provision

    • EU-enlargement with 12 MS has increased diversity in EU pension systems

    • Europe should reflect on a “European pension model” combining EU-15 and EU-12 systems


    Contact

    Contact

    EFRP

    Koningsstraat 97 rue Royale

    1000 Brussels

    Belgium

    Tel.: +32 2 289 14 14

    Fax: +32 2 289 14 15

    efrp@efrp.org

    www.efrp.org


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