Review of the pension provision across the European Union countries

Serap Saritas
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Serap Saritas: School of Oritental and African Studies, University of London

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This paper targets providing a detailed review of different modes of pension provision in both public and private sectors in EU countries and the recent transformations through which pension systems have been. Moreover, it is also aimed to address issues related to household’s income levels and poverty alleviation, particularly in the aftermath of the crisis. After outlining the general characteristics of the pension systems, their transformation is explained with reference to financialisation. In this regard, it is argued that pension provision in the EU countries have been heavily financialised in the last two decades which raised critical issues for the future retirees as well as the current ones. More privatised and individualised pension systems as a result of the increase in the financial component of pension schemes and entitlements are riskier. Furthermore, as pension benefits are a main income source for most old people, the replacement of solidarity within the pension provision by individual and financial interests raises crucial issues for the EU member states.

Keywords: Pensions; European Union; Financialisation; Crisis (search for similar items in EconPapers)
JEL-codes: G01 H55 I38 J26 L33 (search for similar items in EconPapers)
Pages: 70 pages
Date: 2014-01-30
New Economics Papers: this item is included in nep-age and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:fes:wpaper:wpaper13

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