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.