In a new report, "Older and wiser: Solutions to the global pension challenge”, the Global Federation of Insurance Associations (GFIA) has today put forward policy recommendations to help reduce the global pension savings gap.
Chair of GFIA’s ageing society working group, Nicolas Jeanmart, commented: "With statutory, pay-as-you-go pension systems under pressure from an ageing society, policymaker action is urgently needed to promote multi-pillar pension systems and encourage individuals to save for their retirement.”
In the report, GFIA sets out its recommendations in three distinct areas:
- Stimulating the uptake of private pensions
- Fostering the efficiency of pension saving
- Empowering consumers
Jeanmart commented: "Life insurers are able to provide a wide range of pension and insurance products tailored to individual needs and they should be an integral part of any multi-pillar system. Insurers are keen to work with policymakers to find ways to fix the challenges of ensuring adequate retirement provision for citizens and GFIA hopes that this publication will be a useful contribution to the pensions debate.”