Sustainable provision of adequate retirement income has become a key topic throughout the EU in recent years. In numerous Member States, revisions of public pension funds have been accompanied by the introduction of private pension products, or modifications to existing products. Oxera was commissioned by DG Internal Market and Services and the Financial Services User Group to conduct a study on the position of savers in private pension products across 14 EU Member States. In addition to providing a categorisation of the systems, Oxera explored the level of charges and costs of private pension systems; returns, risk exposure and the risk management framework in place; and the information available to consumers, consumer representation and consumer behaviour with regard to private pensions.

The report is a result of more than 40 interviews with industry experts, as well as detailed desk research in 13 different languages. This report collates, presents and summarises an array of information about the pension systems of 14 EU Member States, to provide the FSUG and others with consistent information that can be used in the policy debate. Furthermore, it identifies areas where information is currently restricted and explores possible analytical frameworks for assessing important topics where data is limited. Overall, the aim of the report is to support the debate by helping to improve the clarity of understanding about how private pension systems work in Europe today.