Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-278"
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"en.20000412.10.3-278"2
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"Mr President, as medical advances contribute to a steady ageing of our populations, the burden of pension provision throughout the Union becomes ever more costly. In the UK, as in the US, Chile and Singapore and, to a lesser extent, the Netherlands, the burden on the state and succeeding generations has been significantly eased through the successful provision of supplementary second and third pillar private and occupational pension schemes, involving funds which grow to provide pension benefits following the retirement of the individuals. Both pillars have the advantage of being resistant to demographic change, and third-pillar portable schemes, in particular, which are not restricted to single companies, enhance labour mobility and choice for the investors and are much more affordable to small and medium enterprises.
I welcome the fact that there is widespread recognition in this House to extend these supplementary schemes throughout Europe, even if there are disagreements over their precise nature and the way that the funds are to be invested. The problem needs to be addressed urgently in my opinion, with demographic pressures in recent years already generating deficits in the pay-as-you-go schemes in France, Germany, Italy and Spain. It is even predicted that if the current trend continues some countries will be facing costs of up to 20% of their GDP in the next ten years for their pension liabilities.
There are, of course, many risks with equity investments, but there are even greater risks to Europe with stagnant economies. Growing pension funds will dynamise our economies by providing large additional capital funds for investment not only in the EU, but also in developing markets, with greater prospects for future growth and returns on investment for our pensioners.
In the case of defined contribution schemes, which give the investor a direct stake in the overall health of the national economy, there will also be a sense of participation in the country of that individual. The state scheme will of course remain the primary mechanism for basic provision in old age. But personal responsibility and choice will become the watchwords of success if the demographic challenges of the coming century are to be met successfully. That is why we should not be too prescriptive regarding the issues of biometric risks or investment strategies. We need a light-touch regulatory framework, with bilateral tax agreements, which will ensure the portability for those EU nationals wishing to work abroad throughout the Union, achieve a genuine single market in financial services and provide maximum choice to the European investor."@en1
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substitute; Committee on the Environment, Public Health and Consumer Policy (1999-07-21--2002-01-14)3
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