European Developments on Pensions

Pensions in Europe will never be the same again! With the introduction of the Green Paper on pensions in July 2010 a process of change has been started.

• The financial crisis in 2008 has urged Member states to look at the sustainability and adequacy of their pension systems.
• The awareness has grown that longevity risk has to be incorporated into the setup of social security and employer pension plans.
• The process of introducing Solvency II is now reaching its final stage and questions are asked why pensions shouldn’t be treated alike.

As a consequence of the Green Paper, EIOPA was asked by the European Commission to advise about the revision of the current IORP-directive in 2011. Two important parts of the EIOPA-advice relate to the introduction of a holistic balance sheet and to improve the communication towards all stakeholders including beneficiaries. In both topics actuaries have an important role to play!
 
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