Pan -European retirement savings scheme

The mobility of researchers is a key driver for their excellence in research however they are faced with many difficulties in preserving their supplementary pension benefits when moving between countries.

RESAVER, is the pan European retirement savings solution that enables employees to retain the same pension arrangement when moving between countries and when changing jobs. It is supported by the European Commission through Horizon 2020 and was presented on Tuesday at an event organized by the Representation of the European Commission in Nicosia at the EU House.

The program is operational since 2017 in Hungary, Austria and Belgium and is in an implementation phase in Italy and the Netherlands.

Speaking on behalf of the Directorate General for Research and Innovation (RTD) Vassiliki Kosiavelou said that the Commission believes that research and innovation are of major importance and invests a lot in these two sectors. She said that although the investment percentage is low (1,3%) one should take into consideration that 20% of the research activities from all over the world is from the EU and one third of the scientific publications comes also from researchers in the EU.

She spoke of the challenges and problems the researchers are faced with when they need to change jobs and countries, pointing out that the RESAVER is filling this gap by offering viable solutions.
 
Slaven Μisljencevic also from the DG RTD said that the Fund is a Multi-country, multi-employer fund, with a Defined Contribution which respects the national labour, social and tax laws. There are no vesting periods and no additional fees related to transfer out and all administration is paper free.

Μisljencevic said that the results are based on the economies of scale, with no hidden costs and with death and disability insurance at re-insurance rates. It eventually results in lower costs for the organization and higher retirement outcome for the employee, he explained.

According to Μisljencevic  there is a 5.000 EU per employee fee for the RESAVER Pension Fund which will be reduced to 4.000 in 2020 and a 33 EU per member fee as well as an 0,1% administration charge on assets to be paid by members out of plan assets.

AON Cyprus will provide technical support to organizations which wish to join. Phillipos Mannaris AON CEO said that the EU acknowledges the fact that there is a huge retirement gap for European citizens and promotes three pension pillars. RESAVER is in the framework of the second pillar which provides for occupational pension and maintains the current standard of living. 

He said that European research institutions and their employees can join a multi-company, multi-agency provident fund to achieve better results. Mannaris also clarified that AON does not provide promotion services for RESAVER but only technical support once an organization decides to join the scheme.