The European Commission has today adopted a package of measures “to help citizens secure adequate income in retirement by improving access to better and more effective supplementary pensions”. Brussels specified: “the proposed actions aim to complement – not replace – public pensions, which are the foundation of pension systems in all Member States”. Today’s package forms part of the Commission’s Savings and Investments Union (SIU) Strategy which “seeks to create more opportunities for households to build their wealth through capital markets, while boosting EU economic growth and competitiveness”. The EU Commission explained: “in light of demographic shifts and labour market dynamics, which require pension systems to adapt, supplementary pensions – both occupational and personal pension schemes – can help citizens achieve more diversified retirement income, enhancing financial security and stability when retiring. They can complement the benefits of public pensions which in many cases will not be sufficient to maintain adequate living standards, especially among vulnerable people and women, where the gender pension gap between men and women currently stands at 24.5%”. Basically, the purpose of such measures – covered by wide, detailed documents – “is to strengthen both the demand for and the supply of supplementary pensions”.