Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-11-23-Speech-3-621-000"
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"en.20161123.33.3-621-000"2
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"Mr President, Europe’s population is aging. Today we have four people of working age for everyone over 65, but by 2060 this ratio will be halved. This means that the pension system we have today will become untenable. This is a critical piece of legislation and my congratulations to the rapporteur Brian Hayes and to the shadow rapporteurs for ensuring that the pension system is simplified while retaining essential information, for boosting cross-border schemes, and for introducing new rules on greater transparency on remuneration policy for the managers of pension funds.
High standards on governance of pension funds are essential if we are to tackle scandals like the BHS one in the UK. Pension schemes have to be well run by managers who are fit and proper, to ensure that ordinary members get vital information about how their money is being spent and what they can hope to receive once they retire.
Let us not forget that pension funds are key players in making the capital markets union a reality. Therefore, it is really important that they take more environmental, social and corporate governance criteria into account when investing, but at the same time, if we want these funds to ensure they have a good return for future pensioners, it is important they improve the diversity of their portfolios, not just concentrating on investing in OECD countries with low economic growth."@en1
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