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S&D Group supports action on the Voluntary Pension Fund to protect taxpayers’ money


23 May 2023


Euro & Finance

The Voluntary Pension Fund for members of the European Parliament between 1989 and 2009 is an old problem that needs a solution now, as it presents a serious risk to taxpayers’ money. Closed for new memberships as of 2009, the fund will run out of money by 2025 if nothing is done. No action is simply not an option. Therefore, the S&D Group supported yesterday's decision by the Bureau of the European Parliament to put in place a package of strong measures to prolong the financial sustainability of the fund without using taxpayers’ money.

These measures, based on previous decisions of the ECJ, and in line with the principle of proportionality, will include:

  • Reduction of pensions by 50% for all beneficiaries;
  • Freezing of the pension amounts;
  • Retirement age increase from 65 to 67 years old.

In addition, the S&D Group supported the possibility for all beneficiaries to withdraw from this pension scheme after a one-off final payment to be defrayed from the residual assets of the fund.

Finally, the S&D Group also supported measures to safeguard the minimum level of subsistence of current or future beneficiaries, in particular vulnerable people, such as orphans and survivors.