Tackling Europe’s Pensions Gap

Ageing populations and increasing demographic challenges have triggered Member States to consider how best they will tackle the question of pension provision for future generations, an issue which affects each and every one of us.

In September, Aviva published research exploring the difference between the level of pension provision people need for an 'adequate' standard of living in retirement, and the actual pension income they are currently projected to receive - 'the pensions gap'. This analysis not only quantified the scale of the problem at an EU level for the very first time, but it also highlighted how the extent of the problem differs across Member States.

We all have a role to play in securing adequate and sustainable pensions for Europe's citizens; closing the pensions gap will only be achieved through a combination of actions by a combination of people. Accordingly, Aviva's research concluded by setting out a number of targeted 'Calls to Action', where the EU, national governments and the private sector should look to work together in partnership to start addressing some of the problems we face.

Providing for people's retirement needs is a prominent political and media issue across Europe this autumn, following the publication of the European Commission's Green Paper on Pensions, as well as national reforms to State pension ages. This is absolutely the right time for us all to be making a contribution to a debate of crucial political and economic importance. This breakfast event discussed the issues raised in Aviva's report, and considered how the EU could take on a greater role in the area of pensions, working in partnership with others to drive long term, positive reforms.

Aviva Pensions Research Report