Plan for EU-wide pension schemes to avert 'time-bomb'

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Irish Independent 07 September 2015,

The proposals are aimed at making it easier for pensions to operate on a cross-border basis as concern grows of an EU-wide "pension time-bomb". Workers who travel for work purposes will be given the opportunity to contribute to schemes in various different countries.

The plan, which could be in place in 2016, is being developed as part of the new EU workplace pensions directive. "In Ireland, we cannot ignore the pension challenge which lies ahead. People cannot continue to rely primarily on state pensions. Governments and the EU institutions should be doing their bit to encourage citizens to supplement their state pension retirement with either workplace or private pensions." Mr Hayes said the directive, which must be agreed by the European Council, will allow people working with multi-national firms to contribute to their schemes in different EU member states. "As the EU workforce becomes more mobile, pension schemes need to be able to operate in a number of different member states."

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