Malta’s pension reform is a step in the right direction but greater efforts are needed to drive the take-up of voluntary pension schemes according to Petra Hielkema, Chair of the European Insurance and Occupational Pensions Authority (EIOPA).
In an interview in today’s The Corporate Times, Ms Hielkema, who recently was in Malta for a high-profile conference organised by the MFSA on the insurance sector, welcomed Malta’s initiative to address pension reform but stressed that a sustainable pension system should effectively combine state, occupational, and personal pensions.
“With the shift from defined benefit to defined contribution schemes, individuals are increasingly responsible for managing their retirement savings, making financial literacy and access to pension products more important than ever,” says Ms Hielkema.
One of the most pressing concerns for Europe is the pension gap, with over 18.5 million seniors at risk of poverty or social exclusion.
“Expanding access and participation in these schemes is crucial to ensuring that people can build a secure retirement.”
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