COI. Regarding your participation at the Life Insurance 2015, ¿What are the challenges of the European single market for private pensions?
YG. We all agree that Europa faces an ageing challenge: while there are four workers for every retired person today, there will be only two per retiree by 2050. To address this, the EU looks at ways to encourage enough savings for our retirement, including from private pensions (occupational and personal pensions). The main challenges of a European single market are to improve governance and transparency of information to scheme members, to promote cross-border activity, and to help long-term investment.
COI. What are the main actions that the European Commission has been taken to push Pensions System Reforms in European Community Countries?
YG. The overall organisation of pension systems is not a matter for the EU but for Member States, and the European Commission has no plans to change that.
However, looking for instance at personal pensions, creating the European single market can help companies to realise economies of scale, diversify risk and come up with new offers, ultimately leading to more choice at a lower cost, while ensuring consumer protection.
COI. Can you tell us three reasons not to miss Life Insurance Challenges 2015?
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YG. First, I am looking forward to hearing how life insurers see the market and the regulatory framework.
Second, 2015 is certainly a good timing for this, as Solvency II commences on 1 January 2016.
Third, I want to see innovation at play, in particular how life insurers provide new services to customers in an ever more digitalised age.
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