Study on the feasibility of a European Personal Pension Framework : executive summary

All EU Member States are facing constant challenges with regard to ageing populations, pension sustainability and adequacy of the pension regimes. In the context of a challenging economic environment with low rates and different trends in government budgets, anticipating the evolution of pensions only within the framework of state-based and occupational pensions (pillar 1 and 2) does not appear to be sufficient to fill the pension gap. Hence the development of personal pensions (pillar 3) has become a major issue for Member States and European institutions that is likely to continue in the next decade. Aware of these fundamental challenges, the European Commission has launched a study with EY on the feasibility of a European Personal Pensions framework in the context of the Capital Markets Union (CMU) action plan.