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How to Increase Coverage - The Main Challenge for Pensions

Author

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  • Matti Leppälä

    (Federación Europea de Sistema de Pensiones (EFRP))

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.

Suggested Citation

  • Matti Leppälä, 2014. "How to Increase Coverage - The Main Challenge for Pensions," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 85(01), pages 167-180.
    • Handle: RePEc:ekz:ekonoz:2014107
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    More about this item

    Keywords

    pension coverage; pension policy; occupational pensions;
    All these keywords.

    JEL classification:

    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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