Progress and key challenges in the delivery of adequate and sustainable pensions in Europe (A Joint Report on Pensions)

This report analyses pension systems in the EU, assesses the pension reforms in the light of aggravated challenges and develops an updated agenda for delivering adequate and sustainable pensions.

The Economic Policy Committee (EPC) together with the Ageing Working Group (AWG) and Social Protection Committee together with the Indicators Sub-Group (ISG), in cooperation with Commission services (DG ECFIN and DG EMPL) have carried out a joint analysis of pension systems in the EU focussing on the: (i) results of the last decade of reforms, (ii) impacts of the crisis, (iii) long term perspectives beyond the crisis. The aim was to re-assess the pension reforms in the light of aggravated challenges and develop an updated agenda for delivering adequate and sustainable pensions.

The report notes that ensuring that public policies cater for sustainable, accessible and adequate retirement incomes now and in the future remains a priority for the EU. While Member States share similar fundamental challenges there are considerable differences in the timing of demographic ageing, the design of pension arrangements, the growth potential and in constraints on account of the fiscal situation and external competitiveness. The projected increase in public spending due to population ageing poses an important challenge to EU Member States. Policy action to improve the long term sustainability of public finances while ensuring adequacy of pensions is crucial. In line with the mandate, this report was submitted to the Council in November 2010.

A comprehensive annex and individual country fiches describe in detail the Member States' pensions systems, the recent and planned reforms as well as developments in the light of current economic situation.