Pension provision inadequacy will remain a major challenge for Member States and European citizens, particularly in light of Europe’s ageing population and the impact of the Covid-19 crisis on government debt levels. Promoting retirement savings should become a major priority for policymakers, at the national and European level. This would not only support the future financial well-being of citizens but also contribute to strengthening of the Capital Markets Union. 
 
EFAMA strongly supported the Commission’s proposal to create a pan-European Personal Pension Product (PEPP).  We will evaluate the development of the market in the coming years and, if necessary, develop proposals for amending the PEPP Regulation.  EFAMA will continue to take part in any relevant consultations on pension issues, to ensure the position of our industry is taken into account. We will continue raising public awareness on the importance of saving for retirement, including by playing an active role in the launch of a European Retirement Week, the first edition of which will take in 2021 during the week starting on 29 November.  Finally, we will keep a close eye on the IORP Directive and contribute to its review.