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聯絡: Mags Andersen
電話: +44 20 7178 3513

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UK
London, 12 July 2010

Mercer welcomes the European Union’s (EU) Green Paper, ‘Towards adequate, sustainable and safe European pension systems’. The Green Paper is intended to stimulate debate about actions the EU could take now to provide for the increasing proportion of Europeans who will enter retirement in the coming years.

Mercer welcomes this debate and believes more needs to be done to raise the issue of retirement provision amongst those who can take action now. Deborah Cooper, Head of the Retirement Research Group at Mercer noted, ”Whilst the Green Paper encourages member states to consider policies to address pension adequacy and sustainability, the European Commission should be more proactive in ensuring people’s expectations of retirement provision match the projected reality.”

Mercer is encouraged by the holistic view taken in the Green Paper regarding the different roles of the public and private sector and the topic of adequacy. This is fully consistent with the pioneering approach Mercer has used to assess national pension systems with its Melbourne Mercer Global Pension Index. However, Mercer notes that the meaning of ‘adequacy’ will differ greatly from country to country and from individual to individual when considered in the broader context of social schemes as a whole.  Individuals in some countries will need relatively large amounts of money over short periods to deal with healthcare challenges as they age.  In countries where there is strong support for elderly care, individuals may be adequately served by the steady income stream concepts discussed in the Green Paper.

Mercer notes that the Green Paper highlights the increasing role of DC arrangements in the EU, and supports the need for greater financial education so individuals can make better decisions in such arrangements. Mercer believes that whilst DC has not always delivered on its potential to date, the move to DC will nevertheless continue to accelerate as both the public and private sectors assess future retirement plan options. Therefore, member education is increasingly important. 

Mercer also believes that the debate needs to go further in the direction of establishing DC systems that put individuals on a well-defined path as they prepare for retirement.  This could go as far as mandatory contributions or auto-enrolment options which are being planned for countries like the UK and Ireland. Indeed, Mercer has suggested the need for mandatory contributions in its recent Plan Design of the Future Whitepaper. 

Finally, Mercer notes that the European Commission is looking to support and enhance growth in the internal market.  Craig Burnett, EMEA DC Leader at Mercer, commented: “This is a worthy objective containing both commercial and social components. Often, these interests seem irreconcilable.  However, in the Pan-European pensions space, the Commission has the unique opportunity to support both.  Many employers and suppliers are ready to lead the way in cross-border pensions but continue to face barriers.  We believe the Commission should play an active role in removing those barriers and encouraging the rapid development of Pan-European pension schemes.”

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聯絡: Mags Andersen
電話: +44 20 7178 3513