The European Commission on Wednesday announced it will seek ideas and solutions to sustain the European Union's various pension systems.
“The number of retired people in Europe compared to those financing their pensions is forecast to double by 2060 — the current situation is simply not sustainable,” Lazlo Andor, EU commissioner for employment, social affairs and inclusion, said in a news release. “In addressing this challenge, the balance between time spent in work and in retirement needs to be looked at carefully.”
According to a “green paper” issued Wednesday, the discussion aims to address:
• ensuring pensions and pension systems are adequate to meet retirement needs;
• finding a balance between work and retirement;
• removing obstacles for retirement products;
• protecting pensions from economic crises; and
• making pension plans more transparent.
The EC will accept responses through Nov. 15, and will then consider the best course for action based on those recommendations.