The European Commission (EC) has adopted a package of measures aimed at providing residents of the European Union (EU) with broader opportunities to utilize more effective additional pension schemes and ensure decent incomes in old age.
Unfortunately, this does not mean that the state or the EC will help; it means that you will have to allocate part of your earnings to savings. The measures are intended as a supplement to the state pension, not a replacement. The initiative has been developed as part of the Union's strategy for savings and investments to expand households' opportunities to accumulate funds, invest them in capital markets, while simultaneously stimulating economic growth and the competitiveness of the EU.
Proposed actions include, for example, the automatic enrollment of citizens in additional pension schemes with the option to opt out, while respecting national specifics and the autonomy of social partners. The aim of such a measure is to increase participation in savings pension programs.
The EC also proposes to create a system for tracking pension rights so that residents can see in one place information about all their pension savings in various schemes. These systems should be compatible with a pan-European service for tracking pension rights, which will support the mobility of workers between countries.
