Pensions In The European Union Adapting To Economic And Social Change

The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.

This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.

This new book provides a cross-country comparative analysis of the key issues shaping the latest pension reforms in Europe: political games, welfare models and pathways, population reactions, and observed and expected outcomes. Pension reform has been a top policy priority for European governments in the last decade. Ageing populations, changing labour market patterns and the process of European integration are the ‘irresistible forces’ pushing for reform throughout the region. The Political Economy of Pension Reformevaluates the political forces that make pension reform viable in different national and institutional contexts and the nature of political bargains, actors and cleavages surrounding policy change. The volume also examines the nature and outcomes of pension reform experiences in Europe, searching for a solution to the financial challenge posed by growing pension budgets. By addressing the nature of change, the pathways of reform, and the outcomes of the new pension mix in the region, the authors conclude with an analysis of people’s perceptions and attitudes towards pension policy and their acceptance or otherwise of different reform options. This book will be of interest to students and scholars of international political economy, European politics, and social policy.

This book introduces the concept of new social risks in welfare state studies and explains their relevance to the comparative understanding of social policy in Europe. New social risks arise from shifts in the balance of work and family life as a direct result of the declining importance of the male breadwinner family, changes in the labour market, and the impact of globalization on national policy-making. They differ from the old social risks of the standard industrial life-course, which were concerned primarily with interruptions to income from sickness, unemployment, retirement, and similar issues. New social risks pose new challenges for the welfare policies of European countries, such as the care of children and the elderly, more equal opportunities, the activation of labour markets and the management of needs that arise from welfare state reform, and new opportunities for the coordination of policies at the EU level. The book includes detailed and up-to-date case studies of policy development across these areas in the major European countries. These studies, written by leading experts, are organized in a comparative framework which is followed throughout the book. They highlight the way in which national welfare state regimes and institutional arrangements shape policy-making to meet new social risks. A major feature of this volume is the analysis of developments at the EU level and their interaction with national policies. The EU has been largely unsuccessful in its interventions in old social risk policy, but appears to have more success in its attempts to coordinate policy for new social risks. Experience here may provide lessons for future developments in EU policy-making. The comparative framework of the book seeks to inform an understanding of the development of new social risks in Europe and of the particular political opportunities and challenges that result. It provides an original analysis of pressing issues at the forefront of European welfare policy debate and locates it at the heart of current theoretical debates.

As the end of the century rapidly approaches, The Member States of the European Union (EU) are grappling with the form and operation of their pension regimes. Over the last decades, a number of developments have challenged the pension schemes which the Member States of the EU put in place in the period following the Second World War. The increase in economic activity undertaken by women, The internationalisation of the market and increasing numbers of individuals seeking employment outside their own states, and demographic developments all suggest that future numbers of people in retirement will greatly increase while the working population shrinks. These developments have prompted some to propose that the Member States undertake a radical overhaul of their retirement provisions and replace the current >pay-as-you-go= schemes with pre-funded employer-based occupational provisions. Adapting to Change: Occupational Pension Schemes, Women and Migrant Workers examines occupational pension schemes in the UK, The Netherlands, and Germany–Member States of the EU with the most developed systems of occupational retirement provisions-from the perspective of their ability to provide women and international migrant workers with adequate levels of retirement income. The work clearly sets out its conclusions, including an assessment of the advisability of occupational provisions. This lucid, well-supported book will appeal to and inform academics and policymakers interested in pension schemes or related aspects of economics or history.

'Given the highly specialised subject matter, which so easily degenerates into rather tedious calculations, this book is really amazingly interesting and competently executed.' - The late Mark Blaug, formerly of the University of London and University of Buckingham, UK

Presenting the evolution of supplementary pensions over the past 25 years, this comprehensive book introduces the origin of pensions as a concept and explores the role that international organisations play within the field. It draws comparisons between different welfare states, reflecting upon current research and identifying new directions and ideas.