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- 2026-02-12 发布于湖南
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OldContinent,NewGrowth
PensionReformasanEconomicEngineforEurope
January2026
Contents
03Introduction
04TheArtoftheFeasible:ModelingReform
08NationalPensionFunds:GovernmentsHarness
theMarket
?LessonsfromNewZealandandCanada
?FeasibilityinWesternEurope
13Individual,First-PillarAccounts:BalancingtheBurdenAcrossGenerations
?LessonsfromSweden
?FeasibilityinWesternEurope
15FundedOccupationalPensions:ExpandingAccessforAll?LessonsfromtheNetherlandsandtheUS
?ACountry-by-CountryReformAgenda
?CalculatingthePotential
18APracticalGuidetoExpandingFundedPensions?NationalPensionFunds
?Individual,First-PillarAccounts
?FundedOccupationalPensions
20Appendix
Introduction
AsEuropeanpolicymakersgrapplewiththedualchallengesofpensionshortfallsandproductivitylags,somehave
suggestedlinkingthetwo.InOctober2025,formerItalianprimeministerEnricoLettacalledfortheintegrationof
pensionfundsandinvestmentaccountstocreateasinglepoolofEuropeansavingsavailableforEuropean
investment.Theideahasalsobeenloatedbythe
EuropeanParliament’sResearchServiceandtheEuropeanCommissionerfortheSavingsandInvestmentUnion,
amongothers.
Itisdifficulttobuildpoliticalconsensusaround
fundamentalreformstothepensionsystem.Butwe
believethatsignificantprogresscanbeachievedwithout
majorstructuralredesign—byinsteadreformingthe
financialarchitectureofpensionstobemorerelianton
fundedschemes.Whileinsufficienttoaddressthefull
depthandbreadthofEurope’spensioncrisis,suchreformswoulddelivertangiblemeansofeasingfuturefiscal
burdensforEuropeangovernmentsandtaxpayers.
Atthesametime,byexpandingfundedcomponentsinthepensionsystem,thesereformswouldhavethewelcome
efectofdirectingcapitaltowardproductiveinvestments.
Insodoing,theycanfuelgrowthatatimewhenEurope
n
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