European pension reform: A way forward

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This article discusses the main challenges facing earnings-related pension systems in Europe and explores the roles of the financial sector, employers, national governments and the EU in addressing these challenges. The internal market and a deeper European capital market can help create a richer set of building blocks to build greater retirement security for European citizens. Governments should facilitate intergenerational risk sharing by issuing wage-indexed and longevity bonds. The financial sector must provide better retirement products. In particular, during the accumulation phase, interest rate and inflation risks should be managed with the pay-out phase already in mind. During the pay-out phase, annuity, health and care insurance should be optimized, using various securities supplied by governments. Employers can provide a valuable platform for transforming human capital in financial capital during the accumulation phase. They can also help to treasure the human capital of workers and to reinvent the retirement process.
Original languageEnglish
Pages (from-to)75-79
JournalPensions: An International Journal
Issue number2
Publication statusPublished - 2011


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