Foreign analisys and publications

EC coutry-specific pension-related recommendations

On 30 May 2012, the European Commission issued recommendations for all 27 EU Member States, exhorting them to adopt reforms that achieve stability, growth and create jobs. According to EC President Jose Manuel BARROSO, they are part of a coherent approach to “rebalancing the European economy”.

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EFRP, 2012


WHITE PAPER - An Agenda for Adequate, Safe and Sustainable Pensions

An ageing population presents a major challenge to pension systems in all Member States. Unless women and men, as they live longer, also stay longer in employment and save more for their retirement, the adequacy of pensions cannot be guaranteed as the required increase in expenditure would be unsustainable.

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European Commission, 2012


Annual Growth Survey 2012

The Autumn forecasts for 2011-2013 published by the Commission on 10 November 2011 show that economic recovery has come to a standstill and that low levels of confidence are adversely affecting investment and consumption. This lack of confidence is due to the negative feedback between the sovereign debt crisis and the situation in the financial sector together with a slowdown in the global economy. The impact has been particularly acute in the Euro area. As a result, GDP is likely to stagnate in the coming year and overall growth in the EU is forecast to be as low as 0.6% for 2012. Unemployment levels are likely to remain high at around 10% in 2012 and into 2013, exacerbating the social impact of the crisis.

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European Commission, 2011


EFRP Position On the Proposal for a Council Directive on common system of Financial Transaction Tax and amending Directive 2008/7/EC, COM (2011) 594

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EFRP, 2011


Comments on OECD/IOPS Draft Good practices on PF` use of alternative investments and derivatives

The document includes comments from various FIAP members, belonging to different countries.

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FIAP Members, 2011


Draft Good practices on pension fund`s use of alternative investments and derivatives

The financial and economic crisis of 2008/2009 heightened the concern of pension regulatory and supervisory authorities regarding pension funds` use of alternative investments and derivatives. Though suffering less of a direct impact from the financial crisis in general and from such products in particular than other financial sectors, pension regulators and supervisors raised concerns that the pension funds which they oversee did not understand the products they were investing in, or have the necessary risk management systems to cope with them.

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OECD/IOPS, 2011


Comparative Collection of Regulations in Individually Funded Systems - FIAP Countries

The aim of this publication is to provide clear, schematic information on the most relevant features of the Pension Systems of those countries that have introduced reforms to their systems, by incorporating mandatory and/or voluntary schemes for capitalizing individual savings.

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FIAP, 2011


GREEN PAPER towards adequate, sustainable and safe European pension systems

An adequate and sustainable retirement income for EU citizens now and in the future is a priority for the European Union. Achieving these objectives in an ageing Europe is a major challenge. Most Member States have sought to prepare for this through pension reforms. The recent financial and economic crisis has aggravated and  amplified the impact of the severe trend in demographic ageing. Setbacks in economic growth, public budgets, financial stability and employment have made it more urgent to adjust retirement practices and the way people build up entitlements to pensions. The crisis has revealed that more must be done to improve the efficiency and safety of pension schemes1 which not only provide a means for a decent life in old age but also represent the reward for a lifetime of work.

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Euroepan Commission, 2010


EU LEGISLATION, COVERAGE AND RELATED INITIATIVES Accompanying document to the GREEN PAPER

This document describes EU legislation covering the pension pillars (section 1) and related EU legislation and initiatives (section 2). A  mapping of the EU legislation applicable to pension schemes/institutions in the different EU Member States is provided in section 3. This mapping focuses in particular on prudential regulation and was carried out by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).

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European Commission, 2010


Designing the Payout Phase of Pension Systems. Policy Issues, Constraints and Options

This paper examines the policy issues, constraints and options facing policymakers an promoting the development of sound markets for retirement products.

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The World Bank, 2010


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