Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-289"

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"en.20101110.22.3-289"2
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"The issue of intergenerational solidarity has many different aspects, a situation the rapporteur, Mr Mann, describes well in his document. One of the most important things is the question of security in old age and, in particular, the sustainable and stable financing of old age, guaranteeing a decent level of pensions in the long term. In this report, therefore, I think there are problems with point 99, in which the rapporteur states, among other things, that it is necessary to replace a continually funded pension system with a system based on capital funds. The current crisis also pointed out the dangers inherent in constricting the solvency of some private pension funds, which have been hit hard by a fall in interest rates and a decline in the value of investments. In 2008, for example, private pension funds lost more than 20% of their value. As a result of the decline in their solvency, they were also forced to sell their assets at a loss. Many of them are still languishing on the edge of solvency. Capital pension funds cannot be a response to demographic trends. They are mainly financial products with non-negligible risks. I therefore do not think that it is reasonable to expose such a fundamental social task as ensuring dignity in old age to such risks."@en1
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