Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-11-23-Speech-3-628-000"
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"en.20161123.33.3-628-000"2
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"Mr President, I promise on this occasion I will stick under my two minutes. I want to express my thanks for all of the contributions that have been made. As people have said: the great news is we are living longer, and we have got to respond to the demographic needs across the European Union, but we have also got to respect the fact that we have, within the European Union, many different pension schemes, different pillars, and that has to be respected.
So our principle of having minimum harmonisation, respecting Member States, and doing that in a framework, is at the heart of this proposal. I think it is really important that we send out a strong message to encourage employers and employees, which is a great European tradition in terms of the social market economy, to start saving and putting money aside. We are not going to do that if we impose new solvency requirements on pensions, if we impose new taxation on pensions. Now is the time for people to save, to ensure they have an adequate income into the future, and the way to do that is to make sure that we get this proposal right.
Others have spoken about the challenges. Yes, this is a low interest rate environment. It is an enormous challenge for pension schemes to yield the return that they need. We have seen a move from defined benefit to defined contribution schemes within the second pillar. There is a clear funding gap for many of these schemes. That is why we need a period of certainty and not to start having enormous regulatory burdens placed on the industry right now.
I am particularly proud of the fact that we have managed to put in place a better regime for cross-border pension provision and for cross-border schemes in terms of the fully funded arrangement, and also in terms of the clear rules for home and host. This is a major advance to ensure that we can get more take-up of cross-border pension schemes.
Finally, this has to be seen within the context of CMU, within the context of aligning our pension policy towards jobs, investment and growth across the European Union. If we do that we will make a success of that into the future by protecting people’s real incomes into the future."@en1
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