PensionsEurope Annual Conference 2025 — “The Way to Better Pensions” – Key Takeaways
Brussels, 15 April 2025. PensionsEurope held its Annual Conference, “The Way to Better Pensions,” on 10 April in Bucharest, Romania, in collaboration with the Romanian Pension Funds’ Association (APAPR), its Romanian member organisation.
The conference opened with a reflection on the success and resilience of Romania’s private pension system. In just 18 years, it has grown to over €32 billion in assets under management with remarkable investment returns while keeping risk and costs low by European standards. This figure is expected to triple within the next decade, thus continuing to foster growth, job creation, and the development of the country’s financial markets.
“We are proud to have achieved a sound, safe and efficient private pension system that is growing fast and starting to deliver on its promises, becoming increasingly significant in the lives of Romanian citizens.” – stated Radu Craciun, Chairman of APAPR.
PensionsEurope also welcomed the EU’s growing attention to supplementary pensions amid fiscal and demographic pressures on state pensions, but stresses the importance of respecting the subsidiarity principle for Member States to tailor policies to their national needs.
Session 1: Making Pensions Pay Off
Jessica Mosher, Policy Analyst at the OECD, outlined key recommendations from the OECD’s work on decumulation, including the importance of providing lifelong payments. She also underscored the need for personal flexibility to reflect individual needs and spending patterns over time, and emphasised the critical role of default options in guiding members.
Carine Pilot-Osborn, Pensions Team Leader at EIOPA, introduced EIOPA’s upcoming DC toolkit, which will focus on best practices for both accumulation and payout phases. The work is expected to start in spring 2025 with a public consultation. She highlighted key considerations for this report to take into account, such as tax policy, risk-sharing mechanisms, and communication.
François Barker, Senior Partner at Eversheds Sutherland, presented PensionsEurope’s new report Decumulation in Focus. He presented 16 considerations for policymakers and providers — from ensuring adequacy and choice, to managing costs and promoting smart defaults. He noted that in the UK context, taking a full lump sum at retirement could, in some cases, cancel years of savings, particularly due to tax implications.
The session concluded with a panel debate focused on the trade-off between flexibility and secure lifetime income. The UK system was highlighted as an example, illustrating the tension between passive saving via auto-enrolment and the need for active decision-making at retirement. The panel explored how to better guide savers and create the right awareness and framing, so that people view pensions not as”cash” but as retirement income for life.
Session 2: Building Bridges — Pensions and the Savings and Investments Union
Tilman Lüder, Head of Unit on Insurance and Pensions, DG FISMA at the European Commission, outlined the EU’s agenda for pensions within the Savings and Investments Union. He announced a targeted consultation on pensions starting in May.
The panel discussion focused on auto-enrolment, which was recognised as an effective tool to boost participation in pension funds. It also focused on the EC’s objective to foster greater investment in the EU economy. Among the ideas discussed were introducing a European label for existing savings products that would channel investments into Europe and encouraging policymakers to design investment products with appropriate risk profiles focusing on private assets, in which pension funds would be able to invest. Finally, Tilman Lüder emphasised that scale and consolidation are essential for pension funds to access private markets more effectively.
Session 3: The Potential of Infrastructure as an Asset Class
Christian Roy, Head of CEE at Amber Infrastructure Limited, underlined infrastructure’s growing appeal as a stable, long-term asset class for pension funds. He noted its role in matching future liabilities while driving local economic development.
In the CEE region, regulatory restrictions, liquidity requirements, and risk perceptions still constrain pension fund allocations.
The panel noted the need for long-term policy stability to give pension funds confidence to invest in infrastructure. Cross-sector collaboration between regulators, governments, and funds was encouraged, including also for upcoming defense-related infrastructure investments. Local expertise and a transparent investment roadmap were also seen as critical to unlocking the full potential of infrastructure in the region.
Session 4: Accelerating Digital Transformation through AI
The final session focused on AI initiatives in the pension sector, with Tom van den Bos, Innovation Manager at PGGM, presenting PGGM’s AI program, now moving into the scaling phase. AI tools are increasingly embedded in PGGM’s operations, including digital financial coaching and portfolio management.
The speaker emphasised that AI adoption is often easier than expected and can drive rapid efficiency gains, while also stressing the importance of data quality, transparency, and consumer protection. He concluded that AI is a tool, not a goal, and that it can make mistakes but unlock new opportunities.
‘’The European pension funds sector met in Bucharest for their Annual Conference 2025. Funded pensions have always been of high social relevance for European citizens and society as a whole. In today’s challenging times, it is becoming increasingly clear that the sector’s investments not only deliver value from a returns perspective but also contribute to strengthening Europe’s capital markets and advancing its strategic objectives. It was good to reflect on the relevance of our work for our participants and discuss our role in Europe – both among ourselves and stakeholders.’’ – said Jacques Van Dijken, Chairperson of PensionsEurope.
For more information, please contact info@pensionseurope.eu.
