EU plans to create European cross-border PENSION scheme #ExpatsPensions #ROPS #Pension Transfers
01 Monday Aug 2016
BRUSSELS’ bureaucrats are plotting a bloc-wide personal pension scheme as part of desperate efforts to boost the economy and save the euro, it has been revealed.
The European Commission (EC) is looking at how to encourage savers to invest into retirement schemes, so the cash can be used for business and economic growth.
A consultation has now been launched looking at a personal pension framework that would work across borders, with the commission asking for views from savers and businesses.
It is part of a wider Capital Markets Union (CMU) action plan, which is aimed at creating jobs, growth and investment in Europe’s struggling economy.
The call for responses said: “More investment into personal pensions contributes to a stronger single market for capital through an increase in the funds available to finance the economy.”
Policymakers are also trying to tackle the problem of people living for longer, which puts increased pressure on state resources amid flatlining economies.
The commission wants to figure out why people don’t save more and how to solve the problem, stating “The Commission aims at encouraging more savings into personal pensions to secure adequate revenues for retirement. This is essential as people are living longer, public finances are expected to remain under pressure and the ratio of retired people to workers is set to double in the next thirty five years.”
A new personal pensions framework is another push by the commission for closer monetary integration, which is seen by many policymakers as the key to guaranteeing the future of the eurozone.
The consultation on an EU pensions framework is open for responses until October 31.
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