'International payments to pension schemes to rise'

Money transfers to pension schemes are likely to rise following the publication of a European Commission (EC) report.

At a recent meeting, the EC raised its concerns that in the future European economies may be stretched in order to support residents who have retired.

The report encourages European Union (EU) ministers to introduce plans in their respective countries that see nationals working for longer.

Figures from the EC forecast that by 2060 4.75 per cent of the gross domestic product of EU countries will be directed towards state retirement plans.

Some locations are expected to cope with the pension crisis, but many may struggle to support their elderly populations, including the UK, Spain and Greece.

"The main policy lever to ensure sustainability is through reform of pension and healthcare systems," said the report.

In other news, a recent uSwitch survey revealed that France offers the best quality of life in the eurozone.

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By Linsey Summers