The European Retail Financial Forum (ERFF) is a consumer-focused, pan-European industry platform. Launched in the European Parliament in 2015, ERFF was set up in response to the European Commission’s stated ambition to expand the dialogue on opening up retail financial markets in Europe and to engage with ‘all stakeholders around one table’. We particularly welcome collaboration with consumer groups. Our main activities are business/consumer dialogues, technical workshops with EU policymakers and our annual ‘Consumers at the heart of finance in Europe’ conference. www.erff.eu

Introduction
The purpose of this paper is to help the ERFF explore issues in 2021 that go to the heart of the ageing population challenge and the role that retirement income savings can play in the financing the Covid recovery and Green Deal policies. This work complements the work of the ERFF in examining solutions to the more immediate issues facing retail consumers from Covid economic impacts.

     1. Increase household retirement savings and raise citizens’ awareness and level of financial literacy

Opportunity
There is a need to improve the long-term financial security of many European households, with an eye on retirement income savings. Public pension systems risk becoming unsustainable. The ability of second pillar pension schemes to deliver expected retirement incomes is increasingly at risk in the face of an ageing population and very low returns due to numerous aspects such as risk aversion, regulation and low interest rates.

In many countries, governments now seem determined to act and promote the increase of retirement income savings…