Aviva has welcomed today’s publication of the European Commission White Paper: ‘An Agenda for Adequate, Safe and Sustainable Pensions’.
The European Commission has signalled its intent to build a more secure platform for individuals to plan for their retirement, including championing recommendations made by Aviva, such as annual pension statements and measures to increase consumer confidence in retirement savings products.
Igal Mayer, Aviva Europe CEO said, “We welcome the Commission’s support for the concept of annual pension statements for all EU citizens. This would allow them to compare projected retirement income against their own expectations and take action as a result. However, Europe’s €1.9 trillion pension gap cannot be reduced with a single solution. Individuals can make a significant positive impact to their retirement income by saving more and saving earlier, yet Aviva’s “Mind the Gap” research shows that consumers are ignoring the warning signs, creating a gap between retirement expectations and actual levels of saving.”
Mayer continued, “The Commission also discloses plans to present an initiative aimed at improving the quality of private pension products by 2013. This initiative must consider both the effectiveness of existing incentives for pension saving and how to create conditions which allow providers to demonstrate the quality and security of products, facilitating comparability and increasing consumer confidence.”
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