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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 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

[email protected]

www.efrp.org

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