Europe is taking a unity step, at least in terms of providing a pension product that crosses borders.
If adopted by the European Commission, a proposed voluntary pension plan will be available for Europeans whose work takes them across the continent, writes Jann Lee for Benefits Canada.
“All in all, we agree with the commission that a larger European market for personal pensions will support the supply of funds and will help link savings with investment opportunities and, therefore, from our general perspective we very much welcome the proposal,” Simone Miotto, senior policy advisor at PensionsEurope, is quoted saying.
The proposal world target Europeans not currently covered by a workplace retirement plan.
“One of the pension’s main selling points is its portability. The pension will include a number of national components. Individuals living in France would make contributions to one component, for example, and then would transfer their accumulated savings to a different one if they moved to Belgium,” writes Lee.
More: Tax differences among member states represent a “burden.”

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