1. White Paper An Agenda for Adequate, Safe and Sustainable Pensions
MISSOC meeting Copenhagen, 24 May 2012

2. Challenges
Ageing population: longevity growth
Baby boomers retire now; working age population schrinks
Leads to reduced economic growth potential and pressure on public finances (pensions represent large and rising share of public expenditure)
Aggravated by crisis, affecting both pay-as-you-go schemes and funded schemes
Pensions are becoming a common concern in EU

3. White Paper: key objectives
Sets an agenda for making pensions adequate and sustainable in long term by:
Creating conditions for a high level of labour force participation of men and women throughout their lives
Enhancing opportunities to build up safe complementary retirement savings
Suggests policy orientations and initiatives at EU level trough which EU can support national policy makers in their efforts to address reform needs

4. Role for Member states and EU in pensions
MS have primary responsibility for designing pension systems
TFEU requires EU to support and complement activities of MS on social protection (Art 153) and to take into account adequate social protection in defining and implementing its policies (Art 9)

5. White Paper- Main messages
Improve balance between people in work and retired people
Raising (effective) retirement ages
More labour force participation over entire life circle
Safer and more cost-effective complementary retirement savings can also make a contribution to better adequacy in the future

6. Balancing time spent in work and retirement
Link retirement age with increases in life expectancy
Keep older workers longer in labour market
Raise retirement age and link it to gains in life expectancy
Restrict access to early retirement
Support longer working lives (health, work place and employment measures)
Closing gaps between men and women (mix of pension and employment policies)

7. Develop complementary private retirement savings
Strengthen existing EU regulatory framework
Review of IORP Directive
Protection suplementary pensions rights of people moving within EU
Improve information about pension rights stemming from statutory and occupational pension schemes

8. Deployment of EU Instruments
Main responsiblity for achieving adequate and sustainable pensions: MS
Role of helping MS achieving these goals of becomes more important. Instruments:
Legislation (where competence exists)
Funding (ESF:employability and labour market opportunities for older workers, Progress, public health)
Policy coordination : Europe 2020 Strategy, country specific recommendations, EPC, SPC, EMCO

9. White Paper: Initiatives announced
20 initiatives announced according to key themes
Balancing time spent in work and retirement
Developing complementary private retirement savings
Enhancing EU's monitoring tools on pensions and strengthening synergies across policy areas

10. Initiatives in balancing work and retirement
Promote pension reforms leading to later retirement and pension take-up
Underpin this by work place and labour market policies to enable and encourage people to work longer
EY 2012 on active ageing,gender equality and anti-discrimination,health and safety strategy,European Social Dialogue,European Semester,SPC,EPC, EMCO

11. Initiatives on developing complementary retirement savings
Improve coverage, safety and efficiency of private retirement savings
Review IORP Directive, resume work on pension portability Directive, ensure more effective protection of workers' occupational pension rights in case of insolvency of their employer, examine possibility to extend scope of Reg 883/2004

12. Initiatives to strengthen EU monitoring and coordination
Ageing Report assessing economic and budgetary impact of ageing (cooperation with EPC)
Sustainability Report
Pension Adequacy Report (cooperation with SPC)

13. Thank you for your attention!
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