Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-351-000"
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"en.20110216.11.3-351-000"2
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"I voted in favour of this report urging Member States to ensure pensions are sustainable in light of the challenges of ageing societies and the spending pressures being faced across the EU. I welcome that this report recognises that there is no ‘one size fits all’ approach to pension provision across Member States, but that the EU can clearly add value in sharing ideas and coordination.
The inclusion of private debt in any assessment of sustainability of public finances should not be included in this report, as current market conditions would not support this kind of assessment. Furthermore, applying capital requirements to pensions could potentially drive up costs without adding security for employer-funded occupational pensions. This should not be made compulsory where there is an existing protection scheme; for example the UK’s Pension Protection Fund, set up by the previous Labour Government, already provides a high level of protection to pension scheme members and beneficiaries.
I, and my Labour colleagues, will continue to work to ensure that people who save with the State, with their employer or privately are given the genuine pension protection they need to feel safe about their retirement."@en1
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