EUROPE - Charlie McCreevy, European Commissioner for internal markets, today argued the European Commission (EC) should have a monitoring role in the European private pensions markets.

Speaking at an industry gathering on longevity organised by the Life Trust Foundation in London, McCreevy identified private pension provision as part of the solution to the problem of demographic change, and argued a broad access to a more competitive and sound annuity product would be necessary.

He suggested, however, annuity products are expensive so more centralised information was necessary to increase their efficiency.

McCreevy also said he wondered whether financial markets and institutions are currently able and willing to deliver the solutions that people need at affordable tariffs.

"There may be scope for a supporting role for the EU, by monitoring the development in the private pensions markets in Europe, and promoting best practices, or raising awareness of common challenges," he said.

McCreevy told IPE in a separate interview private pensions should remain a national responsibility, however he envisages the EC having a role where it could raise more awareness.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

Topics