How to Increase Coverage - The Main Challenge for Pensions

Matti Leppälä
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Matti Leppälä: Federación Europea de Sistema de Pensiones (EFRP)

EKONOMIAZ. Revista vasca de Economía, 2014, vol. 85, issue 01, 167-180

Abstract: The ageing of the population in the economically more developed countries poses great challenges for the adequacy and sustainability of pension systems. Public, mainly pay-as-yougo social security pensions will not provide for an adequate retirement income in the future. One solution is to increase pension savings with coverage supplementary pensions. Occupational pensions have a wider coverage than personal pensions because of its often compulsion based on legislation or quasi-mandatory based on collective agreements. A new phenomenon is softer compulsion with auto-enrolment, which is increasingly used with good results in countries where making pensions mandatory is not a policy option. In general, more workplace pensions are needed but many countries in Europe have instead opted for policy measures that do not support supplementary retirement savings.

Keywords: pension coverage; pension policy; occupational pensions (search for similar items in EconPapers)
JEL-codes: G23 H55 J32 (search for similar items in EconPapers)
Date: 2014
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