Sustainable and adequate pensions. In the document adopted today, July 7, 2010, the European Commission observes that, to this day, most reforms have sought to improve the viability of pension schemes. The Commission thinks it would now be time to start modernizing these schemes and address the issue of pension adequacy. Because of the decline in public pension replacement rates in many countries, “it is important to provide sufficient opportunities for complementary entitlements: e.g. enabling longer working lives and increasing access to supplementary pension schemes” reads the consultation document. Reasons that also decrease the amount of the pension perceived also include the lack of compensatory crediting for periods of unemployment, sickness or caring duties, or even failure to take account of atypical labor. Knowing this, the Commission asks, in its public consultation, whether the EU should define what adequate pension entails. It also asks, “How can the EU support Member States' efforts to strengthen the adequacy of pension systems?”
.g. enabling longer working lives and increasing access to supplementary pension schemes” reads the consultation document. Reasons that also decrease the amount of the pension perceived also include the lack of compensatory crediting for periods of unemployment, sickness or caring duties, or even failure to take account of atypical labor.
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