Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-287"
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"en.20000412.10.3-287"2
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"Mr President, firstly can I say that the EMAC report is pretty good and I hope we do not amend it too much. The key word is “supplementary” pensions. We are not trying to relieve poverty or provide a basic income in retirement. The second point is that it is important that we provide decent pensions to enable citizens to move around Europe. So I welcome the emphasis on removing the restrictions on the investment of pension fund portfolios and support the objective of removing barriers to labour mobility. The key is to keep it simple or it will not work, it will not remove the obstacles.
As Mr Tannock has said, there are demographic pressures upon us and it is in our interest to facilitate the development of supplementary pension schemes both around Europe and also in many countries within Europe.
On the issue of biometric risks, which we have heard a lot about, clearly a pension by definition has one biometric risk, which is longevity. Once you start building on top of that, you are on dangerous ground if you make it a condition of a passport. What we need is to have a very simple proposition, and then let the market sort the rest of it out because that is what the market is for.
The biometric risks problem means many different things to different people. We must try and get a simple product which is marketable and can be moved around this market, because if we do not, we will end up with a product that does not work at all that the different Member States cannot make use of. So the key is to keep it simple and make it work."@en1
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