Brussels calls on member states to support ‘collective’ pension savings

first_imgEuropean Union member states must promote “collective” pension savings vehicles, the European Commission has urged.Releasing its annual growth survey, the European executive also praised efforts by a number of countries in reforming their first-pillar pension systems, arguing that a majority of member states had amended systems to “better withstand” the impact of increased longevity.It noted, however, that the reforms could result in further “challenges” and insisted that, to ensure the success and continued support of state pension reforms, steps needed to be taken to maintain retirement income levels, extend working lives or provide other sources of income through “complementary” pension savings vehicles.“Member states,” the report continues, “need to support the development of collective and individual pension plans to complement public pension schemes, including by removing obstacles at European level.” Social partners, it says, also have an important role to play, depending on the circumstances.The reference to collective and individual pension plans is likely to be an attempt to present both second and third-pillar pension saving as viable ways of increasing income on retirement.Olivier Guersent, the most senior civil servant within the Financial Stability, Financial Services and Capital Markets Union directorate general, recently suggested the pan-European pension product developed by the European Insurance and Occupational Pensions Authority (EIOPA) could play an important role in developing pension saving where occupational systems were not in place.At the same event, EIOPA chairman Gabriel Bernardino suggested there was space for a pan-European occupational defined contribution system.The Commission’s report comes only a few months after social affairs commissioner Marianne Thyssen argued in favour of greater supplementary savings, while acknowledging the “limited” ability of many households to contribute to such systems.last_img read more

2017 FIFA U-17 World Cup: England And Spain To Contest Final

first_imgFinal:England vs. Spain3rd/4th place:Brazil vs. MaliRelated England and Spain will contest the final of the ongoing FIFA U-17 World Cup in India on Saturday in what is an all European final after both countries won their respective last four games.Liverpool youngster Rhian Brewster netted a hattrick as he helped The junior Three Lions of England record an impressive 3-1 win over favourites Brazil. Wesley cancelled out Brewster’s match opener before the Reds striker added two goals to take his tournament tally to 7 goals while taking his team to the final.England will meet Spain in the final after the Spanish side saw off Mali in a 3-1 victory. Barcelona B striker Abel Ruiz netted a brace in addition to a Ferran Torres strike before Lassana Ndiaye scored what turned out to be mere consolation for the West African side.last_img read more