Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-04-Speech-3-131"
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"en.20010704.3.3-131"2
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Entrepreneurs have discovered company pension funds as a source of venture capital. Governments regard those funds as part of an integrated financial market designed to contribute to the competitive power of the European economy. In expectation of increased returns pension capital is passed on to companies whose sole object is to make profit. Soon the shareholders of banks and insurance companies start benefiting from profits, the retired bear the increased risk as a result of protective instruments being eliminated and the disadvantages of moving to a different employer or to another Member State are not resolved. The proposed European regulation does not do justice to the reasons why those pension reserves were created. Pensions are a means of redistributing and supplementing incomes, offering everyone lasting social security, even when, at the age of 70, 90 or 110, they are no longer productive. An equal state pension for all of a sufficient amount is the best guarantee that no one loses the right to an income. On the other hand company pensions are only favourable for those with permanent highly paid jobs. They offer no solution to people who have frequently had to change jobs or employers. That is even more true of supplementary private pensions, which are only affordable by those who are able and willing to invest surpluses in an insurance company in their productive years."@en1
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