EU Pension Legislation: Older and wiser?—when governments get it wrong on pensions reform - by Steve Coulter

Europe is turning grey. By 2060 over a quarter of the EU’s population will be over 65. Ageing is accelerating as the baby-boom generation retires and average life-spans continue to increase.

But while most of us are celebrating the fact that people are living longer, healthier lives, demogaphers and officials in finance ministries fret that, on current trends, more of us could be eking out our longer retirements in poverty. The problem is that we are not saving enough. Aviva, an insurance company, estimates that Europeans needs to save an extra €2 trillion each year to close the ‘pensions gap’—the difference between what people need to save to ensure an adequate retirement and what they are actually saving.

With most people still reliant on state pensions to make ends meet in later life, ageing populations will have profound consequences for the fiscal positions of member states, as working taxpayers shift into retirement and begin claiming old-age pensions in increasing numbers. Action is therefore needed to ensure that a decent retirement is affordable and available to all.

Read more: Older and wiser?—when governments get it wrong on pensions reform • Social Europe

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