View more on these topics

EU staff pension review one step closer

The European Union’s Economic and Monetary Affairs Committee has backed a call for a review of EU staff pensions brought forward by Conservative MEP Vicky Ford.

The Economic and Monetary Affairs committee voted through a pensions green paper, Towards adequate, sustainable and safe European pensions systems, this morning, including an amendment which says the committee is of the opinion a European Commission review should be carried out by June 2011.

Ford says: “I am extraordinarily pleased that my amendment has gone through, it says we should lead by example on sustainable pension provision at a time when we are suggesting best practice to member states.”

That opinion will now be looked at and be passed or rejected by the Employment and Social Affairs committee who are co-legislators on the pensions paper, and will then face a full plenary vote in the European Parliament.

Ford says when the amendment was originally raised in a plenary session in October it was not supported across the parliament and was voted out, but now, after a lot of work, support across the political groupings in the parliament is wider.

However, it is still not unanimous and Ford fears that the review could fall at the next hurdle.

She says: “The Socialist group did not support the amendment today and the chair of the Employment committee is a socialist.”

In a written parliamentary question in July, Ford pointed out the green paper lists actions taken by member states to address unsustainable pensions that other states might want to consider.

These include encouraging more people to work longer, increasing pensionable age, encouraging older workers to stay in the labour market and penalising earlier retirement.

She asked: “Which of the steps, mentioned above, has or will be taken by the Commission to ensure the EU’s own pension schemes are sustainable?” 

Eurostat, the EU’s statistics office, recently estimated the annual cost of estimated EU pensions will rise from €1.2bn last year to €2.5bn by 2045.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com