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Pension adequacy ‘under pressure’ as replacement rates set to decline – EFAMA


By Natalie Tuck

European pension adequacy is “increasingly under pressure”, as public pension replacement rates are projected to decline across most countries between 2026 and 2070, according to a report from the European Fund and Asset Management Association (EFAMA).

Its report, Household Participation in Capital Markets: From savers to investors - current challenges, recent progress, and factors affecting the result, said the projected deterioration in replacement rates will happen despite public pension expenditure remaining broadly stable at EU level, or even increasing in some countries


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Danish pension funds invest 38% of assets in domestic market – I&P Denmark

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PFZW raises concerns over erosion of shareholder rights in the US

The Dutch Pension Fund for Healthcare and Welfare (PFZW) has expressed concern about shareholder rights in the United States, warning that shareholders are finding it increasingly difficult to make their voices heard

SL and Almenni-Lífsverk sign merger agreement

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News in brief: 10 July

The latest news in brief and mandates from the past seven days

Master trusts account for 41% of large UK DC scheme market

Master trusts now account for 41 per cent of large UK defined contribution (DC) schemes, up from less than 30 per cent in 2022, research from Howden Employee Benefits has found
Belgian Pensions Ombudsman calls for legal right to make mistakes after AI pension error

Belgium's Pensions Ombudsman has urged the government to introduce a legal 'right to make a mistake' framework to allow citizens acting in good faith to correct errors after a pension dispute highlighted the risks of relying on artificial intelligence (AI) for pension information


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Over the line

After years of delays, Ireland’s auto-enrolment system has finally crossed the try line. But while MyFutureFund has been welcomed as a landmark reform, concerns remain over aspects of its implementation and the wider changes reshaping the pensions landscape. David Adams reports

The resilience shield

European pension funds are redefining resilience as geopolitical instability, climate risk and digital dependence reshape the landscape. Beyond funding and investment risk, regulators are now focused on operational vulnerabilities – from cyber threats to reliance on non‑European IT providers – raising new questions about the role of pensions as critical financial infrastructure. Ellie Carric reports

The dollar dilemma

Currency hedging is back in focus as doubts emerge over the dollar’s traditional role as a safe haven. Against a backdrop of heightened volatility, European pension funds are reviewing their exposure to foreign exchange risk and the opportunities hedging can offer. Lynn Strongin Dodds reports

Sweden’s pension balancing act

Skandia head of public and regulatory affairs, Mattias Munter, speaks to Callum Conway about the strengths of Sweden’s multi-pillar pension system, the lessons from recent governance controversies, and why adequacy, trust and private savings reform will shape the sector’s future

Building better retirement outcomes

Financial Planning Standards Board (FPSB) Ireland CEO, Emer Kirk, speaks to David Adams about the impact of Ireland’s new auto-enrolment system and other recent and proposed changes to the country’s pension system

Built for another era

Recent pension reforms in Germany sought to reduce the pressure on the first-pillar system while encouraging growth in the secondand third-pillar schemes. How successful have they been?

The cost compass

The continent’s pension sector is rethinking fees and costs as regulators, providers and policymakers shift the debate from price alone in search for value for money, transparency and better longterm outcomes for savers. Pete Carvill reports

Joining forces

Paige Perrin explores the current trend of consolidation in the Icelandic pension sector and the wider impacts of a more concentrated market structure on competition, ownership and financial stability

Investing for the future

APK Pensionskasse AG chief investment officer, Manfred Brenner, sits down with Paige Perrin to discuss the fund’s investment priorities, its outperformance of the market and the upcoming changes to the Austrian pension system

Ask the industry

With artificial intelligence (AI)-related pension complaints appearing in Belgian

Pensions Ombudsman cases for the first time, is the wider European pensions industry prepared for a surge in saver-led decisions driven by AI? And what responsibility does the industry have to intervene?

Waiting for take off

After years of being ignored by pension providers and savers, might a new phase of growth lie ahead for the Pan-European Personal Pension (PEPP)? David Adams reports on policymakers’ latest attempts to turn a good idea into a useful, mainstream product

Bursting under the pressure

Belgium’s Arizona coalition is facing mounting pressure as it looks to push through sweeping pension reforms. Sandra Haurant explores whether the changes will bring more unrest than solutions

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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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