Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-268"
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"en.20000412.10.3-268"2
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"It is essential that we do not define the nature and scope of the risk coverage in a restrictive way. Instead, we should be open-minded and look at the issue from a wider perspective and encourage a framework which is based on liberal markets and vigorous competition between different types of pension schemes. What we should promote is the freedom of choice of the employee and the employer to choose the kind of scheme that best suits their interests
The question of biometric risks has proved to be of a controversial nature. My firm opinion is that all the different pension schemes should be covered by the same directive in order not to protect certain types of schemes from competition. Consumers and employers must have the right to choose the most suitable form of pension scheme and, therefore, schemes covering biometric risks should be treated under the same directive as schemes not covering these risks. Both form a pension scheme but focus on different competitive benefits.
Mr Kuckelkorn, no-one in this Parliament is of the opinion that supplementary pensions should not cover the longevity risk, through the purchase of an annuity or by some other tool. It is not the task of the European Union to define the nature and scope of the risk coverage concerning other biometric risks. But it should be determined individually by each employee, as the Commission proposes. Leaving this kind of decision to the individual is consistent with the principle of subsidiarity.
Allowing supplementary pension scheme managers the freedom to invest in a diverse range of instruments increases the security of the overall investment portfolio. Increased freedom promotes the functioning of the capital market and has a significant impact on the growth of venture capital in Europe.
I am committed to the idea that we, as the European Parliament, should encourage healthy competition and the freedom of choice of the individual. This must not only mean a single market for supplementary pensions, but the whole package of legislation concerning the financial services."@en1
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