Pension reform in Europe. An endless story. An uncertain future

Abstract

The author analyses the landscape of pension systems in Europe, highlighting a number of reforms that are notable for their mimicry. Perhaps this is why it is possible to speak of a silent reforming convergence. However, it is emphasised that this convergence does not mean that a new single European pension model has emerged.
It is stressed that throughout the reform process, the quest for sustainability has prevailed, while adequacy or sufficiency has been sacrificed to a large extent.
It is worth noting that, among all the main elements of the reforms, the increase in the normal retirement age, which is presented as the "almost natural" response to the increase in life expectancy and, therefore, to the extension of the pension period, is the most striking one. It also shows that the replacement rate, an essential parameter of pension adequacy, is tending to weaken, especially in southern European countries.
In this paper, several aspects of pension systems in Eastern European countries are analysed. Finally, there is reflection on the role of the second and third pillars in European social security systems.