Translation of "Rentenvorsorge" in English

Finally, incentives for private retirement saving should be expanded.

The object of the analysis here is the first tier of pension protection.

Now, for the first time, we are in a situation where the compulsory, statutory pension cover is being reduced.

We are one of the few Member States making massive provisions for future pensions.

As a result, an ever-smaller slice of employers are offering anything like defined-benefit pensions.

An ageing population puts into question the financial sustainability of pension schemes and public health care.

Insurance companies involved in supplementary pension provision are joint-stock companies.

The third pillar (private pension provision) in Austria is entirely at the discretion of the individual.

We provide reasonable pay for the local population and a separate pension scheme.

We are concerned at any effort to push third-pillar private pension provision and we agree that it is crucial that people have adequate and clear information.

Just 3% make any private provision for retirement with a foreign bank, and only 1% of retail customers take out a mortgage in another EU country.

The new system offers tenure with, depending on professional experience, a fixed yearly salary (including family medical insurance and pension scheme) and a five-year renewable contract with complementary salary paid by the hospital or university.

Moreover, a rapid shift from pay as you go to a funded system would mean that the current workforce would pay twice – once for pensions for the current aged, and once to build up provision for their own retirement.

Other countries continued to speed up reform processes started in the past years, such as those directed at improving incentives for longer working lives, lowering future replacement rates in public schemes and promoting the development of private pension provision through tax incentives and grants.

At the same time many consumers are increasingly faced with the need to do more themselves, e.g. with regard to future provisions such as pensions and life insurance.

At the same time many consumers are increasingly faced with the need to do more themselves, e.g. with regard to future provisions such as pensions and life insurance.

Provision for retirement income needs to reflect the prospect of increased life expectancy, with many living perhaps 30 or 40 years after retirement.

Responses to the Green Paper (see IP/97/507) confirmed the extent to which funded supplementary pensions could contribute to resolving the retirement provision problems facing all Member States as a result of the ageing population.

In essence, we are living longer and therefore require more in terms of pension provision, but the length of active working life is not increasing to provide a matching increase in pension contributions.

State intervention, in terms of individual pensions, takes the form of tax incentives (22,000 BEF per year is tax deductible).

In the government's view, the second tier of retirement income should ideally be provided by occupational pensions or personal pensions.

In each one of the five countries reviewed above, the decision of the state to introduce a strong element of compulsion within the second tier of pension provision did not dissuade employers, workers or trade unions to continue to make private and voluntary arrangements capable of enhancing retirement incomes.

Individual employers, in particular large enterprises, take the initiative to sponsor, supplementary benefits (paid either as pensions or as lump sums).

In 1947 the process of complementing the national pension scheme with a general supplementary earningsrelated pension scheme started with the appointment of a governmental committee.