EU watchdog slams Brussels’ failure to grow private sector pensions

The EU’s efforts to enhance private sector pensions amid an ageing population have been deemed ineffective by the European Court of Auditors, revealing that the cross-border pension product launched three years ago has attracted only 5,000 users and less than 0.0002% of its €700bn target. The report highlights the reliance on state pension systems in many EU countries and the pressing need for supplementary pensions as the over-65 demographic is projected to rise significantly. Challenges such as a lack of harmonised tax incentives and limited cross-border operations hinder progress, necessitating further actions to strengthen private pension schemes.

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