Highlights
Population ageing, changes in the social structure, the increase of the role of the social partnership, economic downturns, the globalisation, and technological development encourage reforms in the social security, especially in the pension field. We could underline four groups of factors, impeding changes in the pension policy: demographic (increase of life expectancy, decline in the fertility rate, ageing); social (inequality issues and changes in the employment structures); economic (economic crisis and globalisation); and political.
The coherent social security investment policy and the creation of the pension reserve fund is one of the key elements to ensure the sustainability of the pension system guarantees for the future generations in the light of social and economic downturns. Moreover, besides the investment policy, the modern pension policy should provide adequate and targeted income support for all population, encourage the participation in the labour market, ensure uniform access, and transparency. The aim of the social security investment policy and the creation of the pension reserve fund is to guarantee sufficient amounts for future generations. By ensuring the implementation of the principle of social solidarity between generations and taking into account the social-economic challenges in the future towards the pension guarantees, the pension reserve fund and the investment policy should be implemented in the social policy.
