The Agenda for Adequate, Safe and Sustainable Pensions from a German Point of View

Abstract

In February 2012, the European Commission published the White Paper: An Agenda for Adequate, Safe and Sustainable Pensions (hereinafter 'White Paper'). An ageing population presents a major challenge to pension systems in all Member States. The current financial and economic crisis is aggravating these prospects. The European Commission wants to develop and implement comprehensive strategies to adapt pension systems to changing economic and demographic circumstances. The most important topics set out by the Commission's agenda for making pensions adequate and sustainable in the long term are going to be examined in this article from a German point of view. In particular, the suggestions on developing complementary private retirement savings by providing tax and other financial incentives, the intended revival of the Portability Directive proposal and the modernization of the supervision of Institutions for Occupational Retirement Provision (IORP) will be discussed.