From: "Salvato da Windows Internet Explorer 8"
Subject: Google Traduttore
Date: Mon, 12 Jul 2010 08:14:28 +0200
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lingua</OPTION><OPTION=20
        disabled value=3Dseparator>=E2=80=94</OPTION><OPTION=20
        value=3Daf>Afrikaans</OPTION><OPTION =
value=3Dsq>Albanese</OPTION><OPTION=20
        value=3Dar>Arabo</OPTION><OPTION value=3Dhy>Armeno =
ALPHA</OPTION><OPTION=20
        value=3Daz>Azero ALPHA</OPTION><OPTION value=3Deu>Basco=20
        ALPHA</OPTION><OPTION value=3Dbe>Bielorusso</OPTION><OPTION=20
        value=3Dbg>Bulgaro</OPTION><OPTION =
value=3Dca>Catalano</OPTION><OPTION=20
        value=3Dcs>Ceco</OPTION><OPTION =
value=3Dzh-CN>Cinese</OPTION><OPTION=20
        value=3Dko>Coreano</OPTION><OPTION value=3Dht>Creolo haitiano=20
        ALPHA</OPTION><OPTION value=3Dhr>Croato</OPTION><OPTION=20
        value=3Dda>Danese</OPTION><OPTION =
value=3Diw>Ebraico</OPTION><OPTION=20
        value=3Det>Estone</OPTION><OPTION =
value=3Dtl>Filippino</OPTION><OPTION=20
        value=3Dfi>Finlandese</OPTION><OPTION =
value=3Dfr>Francese</OPTION><OPTION=20
        value=3Dgl>Galiziano</OPTION><OPTION =
value=3Dcy>Gallese</OPTION><OPTION=20
        value=3Dka>Georgiano ALPHA</OPTION><OPTION=20
        value=3Dja>Giapponese</OPTION><OPTION =
value=3Del>Greco</OPTION><OPTION=20
        value=3Dhi>Hindi</OPTION><OPTION =
value=3Did>Indonesiano</OPTION><OPTION=20
        selected value=3Den>Inglese</OPTION><OPTION=20
        value=3Dga>Irlandese</OPTION><OPTION =
value=3Dis>Islandese</OPTION><OPTION=20
        value=3Dit>Italiano</OPTION><OPTION =
value=3Dlv>Lettone</OPTION><OPTION=20
        value=3Dlt>Lituano</OPTION><OPTION =
value=3Dmk>Macedone</OPTION><OPTION=20
        value=3Dms>Malese</OPTION><OPTION =
value=3Dmt>Maltese</OPTION><OPTION=20
        value=3Dno>Norvegese (Bokm=C3=A5l)</OPTION><OPTION=20
        value=3Dnl>Olandese</OPTION><OPTION =
value=3Dfa>Persiano</OPTION><OPTION=20
        value=3Dpl>Polacco</OPTION><OPTION =
value=3Dpt>Portoghese</OPTION><OPTION=20
        value=3Dro>Rumeno</OPTION><OPTION =
value=3Dru>Russo</OPTION><OPTION=20
        value=3Dsr>Serbo</OPTION><OPTION =
value=3Dsk>Slovacco</OPTION><OPTION=20
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value=3Des>Spagnolo</OPTION><OPTION=20
        value=3Dsv>Svedese</OPTION><OPTION =
value=3Dsw>Swahili</OPTION><OPTION=20
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value=3Dde>Tedesco</OPTION><OPTION=20
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value=3Daf>Afrikaans</OPTION><OPTION=20
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value=3Dar>Arabo</OPTION><OPTION=20
        value=3Dhy>Armeno ALPHA</OPTION><OPTION value=3Daz>Azero=20
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value=3Dbg>Bulgaro</OPTION><OPTION=20
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value=3Dcs>Ceco</OPTION><OPTION=20
        value=3Dzh-CN>Cinese (semplificato)</OPTION><OPTION =
value=3Dzh-TW>Cinese=20
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value=3Dko>Coreano</OPTION><OPTION=20
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        value=3Dhr>Croato</OPTION><OPTION =
value=3Dda>Danese</OPTION><OPTION=20
        value=3Diw>Ebraico</OPTION><OPTION =
value=3Det>Estone</OPTION><OPTION=20
        value=3Dtl>Filippino</OPTION><OPTION =
value=3Dfi>Finlandese</OPTION><OPTION=20
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value=3Dgl>Galiziano</OPTION><OPTION=20
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value=3Dhi>Hindi</OPTION><OPTION=20
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value=3Dis>Islandese</OPTION><OPTION=20
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value=3Dlt>Lituano</OPTION><OPTION=20
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value=3Dms>Malese</OPTION><OPTION=20
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value=3Dnl>Olandese</OPTION><OPTION=20
        value=3Dfa>Persiano</OPTION><OPTION =
value=3Dpl>Polacco</OPTION><OPTION=20
        value=3Dpt>Portoghese</OPTION><OPTION =
value=3Dro>Rumeno</OPTION><OPTION=20
        value=3Dru>Russo</OPTION><OPTION =
value=3Dsr>Serbo</OPTION><OPTION=20
        value=3Dsk>Slovacco</OPTION><OPTION =
value=3Dsl>Sloveno</OPTION><OPTION=20
        value=3Des>Spagnolo</OPTION><OPTION =
value=3Dsv>Svedese</OPTION><OPTION=20
        value=3Dsw>Swahili</OPTION><OPTION =
value=3Dth>Tailandese</OPTION><OPTION=20
        value=3Dde>Tedesco</OPTION><OPTION =
value=3Dtr>Turco</OPTION><OPTION=20
        value=3Duk>Ucraino</OPTION><OPTION =
value=3Dhu>Ungherese</OPTION><OPTION=20
        value=3Dur>Urdu ALPHA</OPTION><OPTION =
value=3Dvi>Vietnamita</OPTION><OPTION=20
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href=3D"https://www.google.com/accounts/Login?continue=3Dhttp://translate=
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<DIV style=3D"POSITION: absolute; TOP: 2614px; LEFT: 43px"><SPAN=20
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style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 2614px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 1534px; LEFT: 242px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>EUROPEAN=20
COMMISSION</NOBR></SPAN> <NOBR>COMMISSIONE EUROPEA</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 1642px; LEFT: 489px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Brussels,=20
7.7.2010</NOBR></SPAN> <NOBR>Bruxelles, 2010/07/07</NOBR></SPAN> </DIV>
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onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>COM(2010)365 final</NOBR></SPAN> <NOBR>COM =
(2010)=20
365 def</NOBR></SPAN> </DIV>
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onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>GREEN=20
PAPER</B></SPAN> <B>LIBRO VERDE</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 1833px; LEFT: 193px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>towards=20
adequate, sustainable and safe European pension systems</B></SPAN> =
<B>verso=20
adeguati, sostenibili e sicuri sistemi pensionistici europei</B></SPAN> =
</DIV>
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onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>SEC(2010)830</NOBR></SPAN> <NOBR>SEC =
(2010)=20
830</NOBR></SPAN> </DIV>
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ltr"=20
      class=3Dgoogle-src-text><A name=3D3><B><FONT =
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      3</FONT></B></A></SPAN> <A name=3D3><B><FONT =
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      3</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
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onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3891px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>2</NOBR></SPAN> <NOBR>2</NOBR></SPAN> =
</DIV>
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onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 2824px; LEFT: 382px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>GREEN=20
PAPER</B></SPAN> <B>LIBRO VERDE</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 2872px; LEFT: 193px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>towards=20
adequate, sustainable and safe European pension systems</B></SPAN> =
<B>verso=20
adeguati, sostenibili e sicuri sistemi pensionistici europei</B></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 2947px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>1.</B></SPAN>=20
<B>1.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 2947px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>INTRODUCTION</B></SPAN> =
<B>INTRODUZIONE</B></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 2985px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>An adequate=20
and sustainable retirement income for EU citizens now and in the future =
is=20
a</NOBR></SPAN> <NOBR>Un pensionamento sostenibile e adeguato reddito =
per i=20
cittadini UE ora e in futuro =C3=A8 un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3006px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>priority=20
for the European Union.</NOBR></SPAN> <NOBR>priorit=C3=A0 per l'Unione=20
europea.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Achieving=20
these objectives in an ageing Europe is a major</NOBR></SPAN> <NOBR>Per=20
realizzare questi obiettivi in un'Europa che invecchia =C3=A8 un=20
importante</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3027px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>challenge.</NOBR></SPAN> =
<NOBR>sfida.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Most Member=20
States have sought to prepare for this through pension =
reforms.</NOBR></SPAN>=20
<NOBR>La maggior parte degli Stati membri hanno cercato di preparare =
questo=20
attraverso la riforma delle pensioni.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3065px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The recent=20
financial and economic crisis has aggravated and amplified the impact of =

the</NOBR></SPAN> <NOBR>La finanziaria ed economica recente crisi ha =
aggravato e=20
amplificato l'impatto del</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3086px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>severe=20
trend in demographic ageing.</NOBR></SPAN> <NOBR>tendenza grave =
invecchiamento=20
demografico.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Setbacks in economic growth, public =
budgets,=20
financial</NOBR></SPAN> <NOBR>I rallentamenti della crescita, i bilanci=20
pubblici, finanziari</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3107px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>stability=20
and employment have made it more urgent to adjust retirement practices =
and the=20
way</NOBR></SPAN> <NOBR>la stabilit=C3=A0 e l'occupazione hanno reso =
pi=C3=B9 urgente per=20
adeguare le pratiche di pensionamento e il modo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3127px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>people=20
build up entitlements to pensions.</NOBR></SPAN> <NOBR>persone =
accumulano=20
diritti alle pensioni.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The crisis has revealed that more must be =
done=20
to</NOBR></SPAN> <NOBR>La crisi ha rivelato che pi=C3=B9 deve essere =
fatto=20
per</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3148px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>improve the=20
efficiency and safety of pension schemes</NOBR></SPAN> <NOBR>migliorare=20
l'efficienza e la sicurezza dei regimi pensionistici</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3144px; LEFT: 500px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>1</NOBR></SPAN> <NOBR>1</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3148px; LEFT: 511px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which not=20
only provide a means for a</NOBR></SPAN> <NOBR>che non solo forniscono =
un mezzo=20
per un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3169px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>decent life=20
in old age but also represent the reward for a lifetime of =
work.</NOBR></SPAN>=20
<NOBR>vita dignitosa nella vecchiaia, ma rappresentano anche la =
ricompensa per=20
una vita di lavoro.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3208px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In his=20
political guidelines for this Commission, President Jos=C3=A9 Manuel =
Barroso=20
highlighted the</NOBR></SPAN> <NOBR>Nei suoi orientamenti politici per =
tale=20
Commissione, il presidente Jos=C3=A9 Manuel Barroso ha sottolineato =
l'</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3228px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>importance=20
of adequate and sustainable pensions for strengthening social=20
cohesion:</NOBR></SPAN> <NOBR>importanza di pensioni adeguate e =
sostenibili per=20
rafforzare la coesione sociale:</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3267px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>"Millions of=20
Europeans are wholly dependent on pensions. The crisis has shown =
the</I></SPAN>=20
<I>"Milioni di europei sono interamente a carico per le pensioni. La =
crisi ha=20
dimostrato l'</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3288px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>importance of=20
the European approach to pension systems.</I></SPAN> <I>importanza di un =

approccio europeo ai sistemi pensionistici.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>It =
has=20
demonstrated the</I></SPAN> <I>Essa ha dimostrato la</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3308px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>interdependence of the various pension =
pillars within=20
each Member State and the importance</I></SPAN> <I>interdipendenza dei =
pilastri=20
pensionistici diversi all'interno di ciascuno Stato membro e=20
l'importanza</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3329px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>of =
common EU=20
approaches on solvency and social adequacy.</I></SPAN> <I>di approcci =
comuni=20
dell'UE in materia di solvibilit=C3=A0 e l'adeguatezza =
sociale.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>It =
has also=20
underlined that</I></SPAN> <I>Ha anche sottolineato che</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3350px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>pension funds=20
are an important part of the financial system.</I></SPAN> <I>i fondi =
pensione=20
sono una parte importante del sistema finanziario.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>We =
need to=20
ensure that pensions</I></SPAN> <I>Dobbiamo garantire che le =
pensioni</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3370px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>do =
the job=20
intended of providing the maximum support to current and future=20
pensioners,</I></SPAN> <I>fare il lavoro previsto di fornire il massimo =
supporto=20
ai pensionati attuali e futuri,</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3391px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>including for=20
vulnerable groups."</I></SPAN> <I>anche per i gruppi vulnerabili =
".</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3430px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Member=20
States are responsible for pension provision: this Green Paper =
does</NOBR>=20
<I>not</I> question</SPAN> <NOBR>Gli Stati membri sono responsabili per =
la=20
previdenza: il Libro verde <I>non</I></NOBR> <I>mette in</I> =
discussione</SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3450px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Member=20
States' prerogatives in pensions or the role of social partners and it=20
does</NOBR> <I>not</I> suggest</SPAN> <NOBR>in prerogative pensioni =
degli Stati=20
membri 'o il ruolo delle parti sociali e che <I>non</I></NOBR> =
suggerisce</SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3471px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>that there=20
is one 'ideal' one-size-fits-all pension system design.</NOBR></SPAN> =
<NOBR>che=20
vi sia un 'ideale' one-size-fits-all progettazione del sistema=20
pensionistico.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The principles of solidarity</NOBR></SPAN> =
<NOBR>I=20
principi di solidariet=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3492px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>between=20
generations and national solidarity are key in this =
regard.</NOBR></SPAN>=20
<NOBR>tra le generazioni e la solidariet=C3=A0 nazionale sono =
determinanti in questo=20
senso.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>At EU=20
level, national</NOBR></SPAN> <NOBR>A livello comunitario,=20
nazionale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3513px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>retirement=20
systems are underpinned by a framework of activities spanning from=20
policy</NOBR></SPAN> <NOBR>sistemi pensionistici sono sostenute da un =
quadro di=20
attivit=C3=A0 che vanno dalla politica</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3533px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>coordination to regulation.</NOBR></SPAN>=20
<NOBR>coordinamento alla regolamentazione.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Some common=20
themes need to be addressed in a coordinated way</NOBR></SPAN> =
<NOBR>Alcuni temi=20
comuni devono essere affrontati in modo coordinato</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3554px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>such as the=20
functioning of the internal market, the requirements of the Stability =
and=20
Growth</NOBR></SPAN> <NOBR>quali il funzionamento del mercato interno, i =

requisiti di stabilit=C3=A0 e crescita</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3575px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Pact, or=20
ensuring that pension reforms are consistent with the Europe 2020=20
strategy.</NOBR></SPAN> <NOBR>Patto, o la garanzia che le riforme =
pensionistiche=20
sono coerenti con la strategia di Europe 2020.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Sound</NOBR></SPAN> =
<NOBR>Suono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3595px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
adequate pension systems, enabling individuals to maintain, to a =
reasonable=20
degree, their</NOBR></SPAN> <NOBR>e di sistemi pensionistici adeguati, =
gli=20
individui che consenta di mantenere, in misura ragionevole, il=20
loro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3616px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>living=20
standard after retirement, are crucial for citizens and for social=20
cohesion.</NOBR></SPAN> <NOBR>standard di vita dopo il pensionamento, =
sono=20
fondamentali per i cittadini e per la coesione sociale.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The impact=20
of</NOBR></SPAN> <NOBR>L'impatto della</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3637px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>public=20
pension expenditure on public finances in one Member State may have=20
serious</NOBR></SPAN> <NOBR>spesa pubblica per le pensioni sulle finanze =

pubbliche in uno Stato membro pu=C3=B2 avere gravi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3657px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>repercussions in others.</NOBR></SPAN>=20
<NOBR>ripercussioni in altri.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>EU policy coordination on pensions has =
proven useful=20
and necessary</NOBR></SPAN> <NOBR>coordinamento delle politiche =
comunitarie in=20
materia di pensioni si =C3=A8 dimostrato utile e =
necessario</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3678px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to make=20
progress at Member State level.</NOBR></SPAN> <NOBR>per compiere =
progressi a=20
livello statale membro.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Pension funds are an integral part of=20
financial</NOBR></SPAN> <NOBR>I fondi pensione sono parte integrante =
della=20
finanziaria</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3699px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>markets and=20
their design can promote or inhibit the free movement of labour or=20
capital.</NOBR></SPAN> <NOBR>mercati e il loro disegno possono favorire =
o=20
ostacolare la libera circolazione della manodopera o di =
capitale.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3808px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>1</NOBR></SPAN> <NOBR>1</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 3811px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
European Parliament is also engaging in a policy discussion on the =
lessons=20
learnt from the crisis</NOBR></SPAN> <NOBR>Il Parlamento europeo =C3=A8 =
anche=20
impegnarsi in una discussione politica sulle lezioni apprese dalla=20
crisi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3829px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>under the=20
auspices of the Special Committee on the Financial, Economic and Social=20
Crisis.</NOBR></SPAN> <NOBR>sotto l'egida della commissione speciale =
sulla=20
finanziaria, economica e sociale di crisi.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 3964px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D4><B><FONT =
face=3Darial,sans-serif>Page=20
      4</FONT></B></A></SPAN> <A name=3D4><B><FONT =
face=3Darial,sans-serif>Pagina=20
      4</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 5140px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5154px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>3</NOBR></SPAN> <NOBR>3</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5140px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4060px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Following a=20
decade of reforms that have altered pension systems in most Member=20
States,</NOBR></SPAN> <NOBR>Dopo un decennio di riforme che hanno =
modificato i=20
sistemi pensionistici in molti Stati membri,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4081px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>there is=20
now a need to thoroughly review the EU framework.</NOBR></SPAN> <NOBR>vi =
=C3=A8 ora=20
una necessit=C3=A0 di rivedere a fondo il quadro =
comunitario.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Demographic=20
ageing has been</NOBR></SPAN> <NOBR>L'invecchiamento demografico =C3=A8=20
stato</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4102px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>faster than=20
previously expected and the recent financial and economic crisis had a=20
dramatic</NOBR></SPAN> <NOBR>pi=C3=B9 velocemente del previsto e la =
crisi finanziaria=20
ed economica recente ha avuto un drammatico</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4122px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>impact on=20
budgets, capital markets and companies.</NOBR></SPAN> <NOBR>impatto sui =
bilanci,=20
dei mercati finanziari e delle imprese.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There have=20
also been deep structural</NOBR></SPAN> <NOBR>Ci sono state anche in =
profondit=C3=A0=20
strutturale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4143px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>changes=20
such as new intergenerational balances, shifts from Pay-As-You-Go (PAYG) =

to</NOBR></SPAN> <NOBR>modifiche, quali nuovi equilibri tra le =
generazioni, si=20
sposta da Pay-As-You-Go (PAYG) a</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4164px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>funded=20
pensions and the shift of more risks to individuals.</NOBR></SPAN>=20
<NOBR>pensioni finanziati e lo spostamento di pi=C3=B9 i rischi per gli=20
individui.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>This Green Paper launches a</NOBR></SPAN> =
<NOBR>Il=20
presente libro verde avvia un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4184px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>European=20
debate through extensive and early consultation on the key challenges=20
facing</NOBR></SPAN> <NOBR>dibattito europeo attraverso ampi e rapida=20
consultazione sulle principali sfide</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4205px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
systems and how the EU can support Member State efforts to deliver =
adequate=20
and</NOBR></SPAN> <NOBR>sistemi pensionistici e come l'UE pu=C3=B2 =
sostenere gli=20
sforzi dello Stato per fornire adeguate e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4226px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>sustainable=20
pensions.</NOBR></SPAN> <NOBR>sostenibilit=C3=A0 delle =
pensioni.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4264px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This Green=20
Paper takes an integrated approach across economic, social and financial =

market</NOBR></SPAN> <NOBR>Il Libro verde prende un approccio integrato =
che=20
tenga economico e finanziario di mercato sociale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4285px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>policies=20
and recognises the links and synergies between pensions and the overall =
Europe=20
2020</NOBR></SPAN> <NOBR>politiche e riconosce i legami e le sinergie =
tra le=20
pensioni e il generale Europe 2020</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4306px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>strategy=20
for smart, sustainable and inclusive growth.</NOBR></SPAN> =
<NOBR>strategia per=20
la smart, e inclusiva crescita sostenibile.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>It takes=20
into account work by the</NOBR></SPAN> <NOBR>Esso tiene conto dei lavori =
da=20
parte</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4327px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Economic=20
Policy Committee and the Social Protection Committee on =
pensions.</NOBR></SPAN>=20
<NOBR>Comitato di politica economica e la protezione sociale sulle=20
pensioni.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The Interim</NOBR></SPAN>=20
<NOBR>L'interinale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4347px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Joint=20
Report was noted by the 7-8 June 2010 Council (ECOFIN and =
EPSCO)</NOBR></SPAN>=20
<NOBR>Relazione congiunta =C3=A8 stata notata dal 7-08 giugno 2010 del =
Consiglio=20
(ECOFIN e EPSCO)</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4343px; LEFT: 683px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>2</NOBR></SPAN> <NOBR>2</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4347px; LEFT: 689px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The goal=20
of</NOBR></SPAN> <NOBR>L'obiettivo di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4368px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>generating=20
adequate and sustainable retirement incomes through pension reforms and=20
the</NOBR></SPAN> <NOBR>generare redditi pensionistici sostenibili e =
adeguati=20
attraverso riforme delle pensioni e la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4389px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>goals of=20
Europe 2020 are mutually reinforcing.</NOBR></SPAN> <NOBR>obiettivi di =
Europe=20
2020 si rafforzano reciprocamente.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Europe 2020 emphasises higher and=20
better</NOBR></SPAN> <NOBR>Europe 2020 evidenzia una maggiore e=20
migliore</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4409px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>quality=20
employment and positive transitions: both are decisive for workers =
(women and=20
men)</NOBR></SPAN> <NOBR>occupazione di qualit=C3=A0 e transizioni =
positive: entrambe=20
sono decisive per i lavoratori (donne e uomini)</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4430px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to accrue=20
pension rights.</NOBR></SPAN> <NOBR>a maturare diritti=20
pensionistici.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Its 75% employment target requires =
employment rates=20
significantly</NOBR></SPAN> <NOBR>Il suo obiettivo occupazionale 75% =
prevede che=20
i tassi di occupazione notevolmente</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4451px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>higher than=20
the present levels in the age group 55 to 65.</NOBR></SPAN> =
<NOBR>superiori ai=20
livelli attuali nel gruppo di et=C3=A0 dai 55 ai 65 anni.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Addressing=20
gaps in pension adequacy,</NOBR></SPAN> <NOBR>Fronte alle lacune nel =
adeguatezza=20
delle pensioni,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4471px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which can=20
be a significant cause of poverty among the elderly, can also contribute =

to</NOBR></SPAN> <NOBR>che pu=C3=B2 essere una causa significativa di =
povert=C3=A0 tra gli=20
anziani, pu=C3=B2 anche contribuire a</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4492px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>achieving=20
the Europe 2020 poverty reduction target.</NOBR></SPAN> =
<NOBR>raggiungere=20
l'Europa 2020 di riduzione della povert=C3=A0.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Policies in=20
many areas can help to reduce</NOBR></SPAN> <NOBR>Le politiche in molti =
settori=20
pu=C3=B2 contribuire a ridurre</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4513px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>poverty in=20
older ages and this will in turn contribute to enhancing adequacy,=20
thus</NOBR></SPAN> <NOBR>la povert=C3=A0 in et=C3=A0 pi=C3=B9 avanzata e =
questo a sua volta=20
contribuisce a migliorare l'adeguatezza, in modo da</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4533px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>complementing pension =
reforms.</NOBR></SPAN>=20
<NOBR>completando la riforma delle pensioni.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Other goals=20
include tackling bottlenecks in the completion</NOBR></SPAN> <NOBR>Tra =
gli altri=20
obiettivi di affrontare le strozzature del completamento</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4554px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>of the=20
single market, for example making the internal market in financial =
products=20
safer and</NOBR></SPAN> <NOBR>del mercato unico, ad esempio, rendendo il =
mercato=20
interno dei prodotti finanziari pi=C3=B9 sicuri e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4575px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>more=20
integrated and facilitating the mobility of all workers</NOBR></SPAN> =
<NOBR>pi=C3=B9=20
integrate e facilitare la mobilit=C3=A0 di tutti i =
lavoratori</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4571px; LEFT: 545px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>3</NOBR></SPAN> <NOBR>3</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4575px; LEFT: 557px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
citizens across the EU</NOBR></SPAN> <NOBR>e dei cittadini in tutta=20
l'UE</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4571px; LEFT: 755px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>4</NOBR></SPAN> <NOBR>4</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4575px; LEFT: 761px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>In</NOBR></SPAN> <NOBR>In</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4596px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>turn,=20
pension reforms will contribute towards reaching the Europe 2020 goals =
for=20
employment</NOBR></SPAN> <NOBR>volta, la riforma delle pensioni =
contribuiranno=20
al raggiungimento degli obiettivi Europe 2020 per =
l'occupazione</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4616px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
long-term sustainability of public finances.</NOBR></SPAN> <NOBR>e la=20
sostenibilit=C3=A0 a lungo termine delle finanze =
pubbliche.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
completing the internal market for</NOBR></SPAN> <NOBR>Inoltre, il =
completamento=20
del mercato interno per i</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4637px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
products has a direct impact on the EU's growth potential and therefore=20
directly</NOBR></SPAN> <NOBR>prodotti di previdenza ha un impatto =
diretto su di=20
crescita potenziale dell'UE e, pertanto, direttamente il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4658px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>contributes=20
towards meeting the Europe 2020 objectives.</NOBR></SPAN> =
<NOBR>contribuisce=20
verso il raggiungimento degli obiettivi di Europe 2020.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4715px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>2.</B></SPAN>=20
<B>2.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4715px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>KEY=20
CHALLENGES</B></SPAN> <B>SFIDE CHIAVE</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4753px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>2.1.</B></SPAN> <B>2.1.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4753px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Demographic=20
ageing</B></SPAN> <B>L'invecchiamento demografico</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4792px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Whilst it=20
is well known that Europe is facing a major demographic =
challenge</NOBR></SPAN>=20
<NOBR>Mentre =C3=A8 noto che l'Europa =C3=A8 di fronte a una grande =
sfida=20
demografica</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4788px; LEFT: 715px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>5</NOBR></SPAN> <NOBR>5</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4792px; LEFT: 721px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>, we=20
are</NOBR></SPAN> <NOBR>, Siamo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4812px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>reaching a=20
critical stage as the first cohorts of baby boomers are now approaching=20
retirement</NOBR></SPAN> <NOBR>raggiungendo una fase critica come la =
prima=20
coorte di baby boomer sono ora si avvicina il =
pensionamento</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4833px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
Europe's working-age population is set to start shrinking from 2012=20
onwards.</NOBR></SPAN> <NOBR>e popolazione in et=C3=A0 di lavoro, =
l'Europa =C3=A8=20
impostato per l'avvio contrazione a partire dal 2012.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4933px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>2</NOBR></SPAN> <NOBR>2</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4936px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Report=20
available at</NOBR> <A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://europa.eu/epc/publications/index_en.htm&a=
mp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhjIVraVdK4wBTV6_tE2F7T5mrBZP=
w">http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;langpai=
r=3Den%7Cit&amp;u=3Dhttp://europa.eu/epc/publications/index_en.htm&amp;ru=
rl=3Dtranslate.google.it&amp;usg=3DALkJrhjIVraVdK4wBTV6_tE2F7T5mrBZPw</A>=
=20
m, see Council Conclusions</SPAN> <NOBR>Relazione disponibile a</NOBR> =
<A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://europa.eu/epc/publications/index_en.htm&a=
mp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhjIVraVdK4wBTV6_tE2F7T5mrBZP=
w">http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;langpai=
r=3Den%7Cit&amp;u=3Dhttp://europa.eu/epc/publications/index_en.htm&amp;ru=
rl=3Dtranslate.google.it&amp;usg=3DALkJrhjIVraVdK4wBTV6_tE2F7T5mrBZPw</A>=
=20
m, vedi le conclusioni del Consiglio</SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 4954px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://www.consilium.europa.eu/uedocs/cms_data/d=
ocs/pressdata/en/ecofin/114988.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=
=3DALkJrhhESy_jT-z6tkUmLsoF7tq-s53xwA">http://translate.googleusercontent=
.com/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://www.consil=
ium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114988.pdf&amp;rur=
l=3Dtranslate.google.it&amp;usg=3DALkJrhhESy_jT-z6tkUmLsoF7tq-s53xwA</A><=
/SPAN>=20
<A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://www.consilium.europa.eu/uedocs/cms_data/d=
ocs/pressdata/en/ecofin/114988.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=
=3DALkJrhhESy_jT-z6tkUmLsoF7tq-s53xwA">http://translate.googleusercontent=
.com/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://www.consil=
ium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114988.pdf&amp;rur=
l=3Dtranslate.google.it&amp;usg=3DALkJrhhESy_jT-z6tkUmLsoF7tq-s53xwA</A><=
/SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4968px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>3</NOBR></SPAN> <NOBR>3</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4971px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Including=20
highly mobile workers such as researchers, see Council Conclusions 2 =
March=20
2010:</NOBR></SPAN> <NOBR>Tra cui i lavoratori altamente mobili, come i=20
ricercatori, vedere le conclusioni del Consiglio 2 marzo =
2010:</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 4988px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://www.consilium.europa.eu/uedocs/cms_Data/d=
ocs/pressdata/en/intm/113121.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3D=
ALkJrhjd_fni5AtxcVJREb2FTK2JUlyHmw">http://translate.googleusercontent.co=
m/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://www.consilium=
.europa.eu/uedocs/cms_Data/docs/pressdata/en/intm/113121.pdf&amp;rurl=3Dt=
ranslate.google.it&amp;usg=3DALkJrhjd_fni5AtxcVJREb2FTK2JUlyHmw</A></SPAN=
>=20
<A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://www.consilium.europa.eu/uedocs/cms_Data/d=
ocs/pressdata/en/intm/113121.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3D=
ALkJrhjd_fni5AtxcVJREb2FTK2JUlyHmw">http://translate.googleusercontent.co=
m/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://www.consilium=
.europa.eu/uedocs/cms_Data/docs/pressdata/en/intm/113121.pdf&amp;rurl=3Dt=
ranslate.google.it&amp;usg=3DALkJrhjd_fni5AtxcVJREb2FTK2JUlyHmw</A></SPAN=
>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5002px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>4</NOBR></SPAN> <NOBR>4</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5005px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission will issue a Report on Citizenship in 2010 on the entire life =
cycle=20
of EU citizens,</NOBR></SPAN> <NOBR>La Commissione pubblicher=C3=A0 una =
relazione=20
sulla cittadinanza nel 2010 sul ciclo di vita dei cittadini=20
dell'UE,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5023px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>covering i)=20
obstacles in the effective exercise of citizens' rights, including free =
movement=20
rights, and ii)</NOBR></SPAN> <NOBR>che copre i) ostacoli l'esercizio =
effettivo=20
di 'diritti dei cittadini, compresi i diritti di libera circolazione, e=20
ii)</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5040px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the=20
solutions envisaged to remove these obstacles, along with a Roadmap for =
their=20
adoption.</NOBR></SPAN> <NOBR>le soluzioni previste per rimuovere questi =

ostacoli, insieme con una tabella di marcia per la loro =
adozione.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5054px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>5</NOBR></SPAN> <NOBR>5</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5057px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Commission=20
communication on Ageing of 29</NOBR></SPAN> <NOBR>Comunicazione della=20
Commissione, del 29 sull'invecchiamento</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5054px; LEFT: 450px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>th</NOBR></SPAN> =
<NOBR>=C2=B0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5057px; LEFT: 465px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>April 2009=20
"Dealing with the impact of an ageing</NOBR></SPAN> <NOBR>Aprile 2009 =
"Gestire=20
l'impatto dell'invecchiamento</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5074px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>population=20
in the EU (2009 Ageing Report)" and Commission staff working =
document</NOBR>=20
<I>Demography</I></SPAN> <NOBR>popolazione nell'Unione europea =
(relazione 2009=20
sull'invecchiamento demografico) "e dei servizi della Commissione =
documento di=20
lavoro</NOBR> <I>Demografia</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5092px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Report 2008 =E2=80=93=20
Meeting social needs in an ageing society</I> (SEC (2008) 2911).</SPAN>=20
<I>Report 2008 - Incontro bisogni sociali in una societ=C3=A0 che =
invecchia</I> (SEC=20
(2008) 2911).</SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5227px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D5><B><FONT =
face=3Darial,sans-serif>Page=20
      5</FONT></B></A></SPAN> <A name=3D5><B><FONT =
face=3Darial,sans-serif>Pagina=20
      5</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 6403px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6417px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>4</NOBR></SPAN> <NOBR>4</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6403px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5323px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Living=20
longer than ever before is of course an enormous achievement: over the =
last 50=20
years,</NOBR></SPAN> <NOBR>Vivono pi=C3=B9 a lungo che mai prima, =
naturalmente, =C3=A8 un=20
risultato enorme: negli ultimi 50 anni,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5344px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>life=20
expectancy has risen by about five years in the EU.</NOBR></SPAN>=20
<NOBR>l'aspettativa di vita =C3=A8 aumentata di circa cinque anni =
nell'Unione=20
europea.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The latest=20
demographic projections</NOBR></SPAN> <NOBR>Le ultime proiezioni=20
demografiche</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5340px; LEFT: 781px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>6</NOBR></SPAN> <NOBR>6</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5365px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>reveal that=20
a further rise of about seven years could materialise by =
2060.</NOBR></SPAN>=20
<NOBR>rivelano che un ulteriore aumento di circa sette anni potrebbe=20
concretizzarsi entro il 2060.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Combined with low</NOBR></SPAN> =
<NOBR>Combinato con=20
un basso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5385px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>fertility=20
rates this will lead to a dramatic change in the age composition of the=20
population (see</NOBR></SPAN> <NOBR>tassi di fecondit=C3=A0 questo =
porter=C3=A0 ad un=20
drammatico cambiamento nella composizione per et=C3=A0 della popolazione =

(vedi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5406px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>figure=20
1).</NOBR></SPAN> <NOBR>figura 1).</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>As a result, the old-age dependency ratio =
will=20
double: where at present there are</NOBR></SPAN> <NOBR>Di conseguenza, =
il=20
rapporto di dipendenza-old raddoppier=C3=A0: dove al momento non vi=20
sono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5427px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>four people=20
of working age for every person over 65, by 2060 there will be just two =
people=20
of</NOBR></SPAN> <NOBR>quattro persone in et=C3=A0 lavorativa per ogni =
persona oltre=20
65 anni, nel 2060 ci saranno solo due persone di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5447px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>working-age=20
for every person over 65 (see figure 2).</NOBR></SPAN> <NOBR>in et=C3=A0 =
lavorativa=20
per ogni persona oltre i 65 (vedi figura 2).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5486px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There are=20
also other longstanding trends in labour markets: starting full-time =
working=20
lives</NOBR></SPAN> <NOBR>Ci sono anche altre tendenze di lunga data nei =
mercati=20
del lavoro: l'ora d'inizio della vita lavorativa full-</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5507px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>later=20
because of the increased need for education and retiring earlier due to =
labour=20
market age</NOBR></SPAN> <NOBR>dopo a causa della crescente =
necessit=C3=A0 di=20
istruzione e di andare in pensione prima dell'et=C3=A0 a causa del =
lavoro di=20
mercato</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5527px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>management=20
and prevailing policies.</NOBR></SPAN> <NOBR>gestione e delle politiche=20
prevalenti.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Although the trend of early retirement has =
started=20
to</NOBR></SPAN> <NOBR>Sebbene l'andamento dei pensionamenti anticipati =
ha=20
iniziato a</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5548px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>reverse,=20
most people, and women in particular, still leave the labour market=20
significantly</NOBR></SPAN> <NOBR>inverso, la maggioranza delle persone, =
e le=20
donne in particolare, lasciano ancora il mercato del lavoro in modo=20
significativo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5569px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>before the=20
typical pensionable age of 65 (see figure 6 and 7), highlighting the =
gender=20
aspect.</NOBR></SPAN> <NOBR>prima dell'et=C3=A0 pensionabile tipico di =
65 (vedi=20
figura 6 e 7), mettendo in evidenza l'aspetto di genere.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5608px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>On present=20
trends the situation is untenable.</NOBR></SPAN> <NOBR>Se le tendenze =
attuali,=20
la situazione =C3=A8 insostenibile.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Unless people, as they live longer, also=20
stay</NOBR></SPAN> <NOBR>A meno che le persone, come vivono pi=C3=B9 a =
lungo, anche=20
restare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5628px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>longer in=20
employment, either pension adequacy is likely to suffer or an =
unsustainable rise=20
in</NOBR></SPAN> <NOBR>pi=C3=B9 a lungo nel mondo del lavoro, sia =
l'adeguatezza delle=20
pensioni rischia di subire o di un aumento insostenibile</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5649px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
expenditure may occur.</NOBR></SPAN> <NOBR>spesa pensionistica si =
pu=C3=B2=20
verificare.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The impact of the demographic challenge as =

aggravated by</NOBR></SPAN> <NOBR>L'impatto della sfida demografica =
aggravata=20
dal</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5670px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the crisis=20
will tend to reduce economic growth and put pressure on public=20
finances.</NOBR></SPAN> <NOBR>la crisi tender=C3=A0 a ridurre la =
crescita economica e=20
di far pressione sulle finanze pubbliche.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
2009</NOBR></SPAN> <NOBR>Il 2009</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5690px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Ageing=20
Report</NOBR></SPAN> <NOBR>Rapporto sull'invecchiamento</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5686px; LEFT: 216px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>7</NOBR></SPAN> <NOBR>7</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5690px; LEFT: 229px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>showed=20
that, on account of the shrinking labour force, the only source =
of</NOBR></SPAN>=20
<NOBR>ha dimostrato che, a causa della contrazione della manodopera, =
l'unica=20
fonte di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5711px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>growth by=20
2020 will be labour productivity.</NOBR></SPAN> <NOBR>la crescita nel =
2020 sar=C3=A0=20
produttivit=C3=A0 del lavoro.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>While reforms have already significantly=20
reduced</NOBR></SPAN> <NOBR>Se le riforme hanno gi=C3=A0 ridotto=20
significativamente</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5732px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the impact=20
of ageing on future pension costs, age-related public expenditure is =
still set=20
to</NOBR></SPAN> <NOBR>l'impatto dell'invecchiamento sui costi delle =
pensioni=20
future, legate all'et=C3=A0 spesa pubblica =C3=A8 ancora impostato =
su</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5752px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>increase=20
overall by almost 5 percentage points of GDP by 2060, half of which is =
due=20
to</NOBR></SPAN> <NOBR>aumento complessivo di quasi 5 punti percentuali =
del PIL=20
entro il 2060, di cui la met=C3=A0 =C3=A8 dovuta a</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5773px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>spending on=20
pensions (see figure 3 for public pension expenditure projections for=20
Member</NOBR></SPAN> <NOBR>spesa per le pensioni (vedi figura 3 per la =
pensione=20
di proiezioni di spesa pubblica per gli</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5794px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>States).</NOBR></SPAN> <NOBR>Gli=20
Stati).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5832px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Another=20
longstanding trend is societal change =E2=80=93 such as single =
households, couples=20
without</NOBR></SPAN> <NOBR>Un'altra tendenza di vecchia data =C3=A8 il =
cambiamento=20
della societ=C3=A0 - come di famiglie monoparentali, le coppie =
senza</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5853px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>children=20
and different generations of a family living far apart from each other =
=E2=80=93 which=20
is</NOBR></SPAN> <NOBR>bambini e diverse generazioni di una famiglia che =
vivono=20
lontani gli uni dagli altri - che =C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5874px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>fuelling=20
more formal provision of care services otherwise provided within the=20
family.</NOBR></SPAN> <NOBR>alimentando formale disposizione pi=C3=B9 di =
servizi di=20
cura diversa disposizione all'interno della famiglia.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>This</NOBR></SPAN> =
<NOBR>Questo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5895px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>poses=20
further challenges to the financing of the cost of health care and =
long-term=20
care.</NOBR></SPAN> <NOBR>pone ulteriori sfide al finanziamento dei =
costi=20
dell'assistenza sanitaria e assistenza a lungo termine.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5933px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Funded=20
pensions could also be affected by demographic ageing.</NOBR></SPAN>=20
<NOBR>Finanziato pensioni potrebbe essere influenzato anche =
dall'invecchiamento=20
demografico.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Ageing societies would</NOBR></SPAN>=20
<NOBR>Invecchiamento societ=C3=A0 avrebbe</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5954px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>reduce the=20
potential growth rate of the economy, implying lower real rates of =
return and=20
this</NOBR></SPAN> <NOBR>ridurre il tasso di crescita potenziale =
dell'economia,=20
il che implica minori tassi di rendimento reale e presente</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 5975px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>could also=20
affect financial asset prices.</NOBR></SPAN> <NOBR>potrebbe interessare =
anche i=20
prezzi delle attivit=C3=A0 finanziarie.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Such potentially lower returns on pension=20
fund</NOBR></SPAN> <NOBR>Tali rendimenti pi=C3=B9 bassi potenzialmente =
su fondi=20
pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 5995px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>investments=20
may lead to higher contributions, lower retirement benefits, increased=20
capital</NOBR></SPAN> <NOBR>investimenti possono portare a maggiori =
contributi,=20
benefici previdenziali pi=C3=B9 bassi, aumento di capitale</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6016px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>outflows to=20
emerging markets or greater risk taking.</NOBR></SPAN> <NOBR>flussi =
verso i=20
mercati emergenti o maggiore assunzione di rischio.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6055px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Against the=20
background of demographic ageing, the 2001 Stockholm European=20
Council</NOBR></SPAN> <NOBR>In un contesto di invecchiamento =
demografico, il=20
Consiglio europeo di Stoccolma del 2001</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6075px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>agreed a=20
three-pronged strategy for dealing with the impact on public budgets =
consisting=20
of:</NOBR></SPAN> <NOBR>concordato una strategia a tre punte per =
affrontare=20
l'impatto sui bilanci pubblici costituito da:</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6114px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 reducing=20
debt rapidly;</NOBR></SPAN> <NOBR>- Riduzione del debito=20
rapidamente;</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6153px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 raising=20
employment rates and productivity; and</NOBR></SPAN> <NOBR>- I tassi di =
aumento=20
dell'occupazione e della produttivit=C3=A0, e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6192px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 reforming=20
pension, health care and long-term care systems.</NOBR></SPAN> <NOBR>- =
La=20
riforma delle pensioni, l'assistenza sanitaria e la durata dei sistemi =
di=20
assistenza lungo.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6317px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>6</NOBR></SPAN> <NOBR>6</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6320px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>European=20
Commission and Economic Policy Committee (2009) "2009 Ageing Report: =
Economic=20
and</NOBR></SPAN> <NOBR>Commissione europea e Comitato di politica =
economica=20
(2009) "2009 Report Affinamento: economico e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6337px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>budgetary=20
projections for the EU-27 Member States (2008-2060)", European Economy, =
No=20
2.</NOBR></SPAN> <NOBR>proiezioni di bilancio per l'UE a 27 Stati membri =

(2008-2060) ", European Economy, n. 2.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6351px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>7</NOBR></SPAN> <NOBR>7</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6355px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Ibid.</NOBR></SPAN> =
<NOBR>Ibid.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6490px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D6><B><FONT =
face=3Darial,sans-serif>Page=20
      6</FONT></B></A></SPAN> <A name=3D6><B><FONT =
face=3Darial,sans-serif>Pagina=20
      6</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 7666px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7680px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>5</NOBR></SPAN> <NOBR>5</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7666px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6586px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
the 2001 Laeken European Council agreed a set of common objectives=20
for</NOBR></SPAN> <NOBR>Inoltre, il Consiglio europeo di Laeken del 2001 =
ha=20
definito una serie di obiettivi comuni per</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6607px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pensions=20
emphasising the need to make them adequate, sustainable and=20
adaptable</NOBR></SPAN> <NOBR>pensioni sottolineando la necessit=C3=A0 =
di renderli=20
adeguati, sostenibili e adattabili</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6603px; LEFT: 693px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>8</NOBR></SPAN> <NOBR>8</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6607px; LEFT: 699px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6646px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>2.2.</B></SPAN> <B>2.2.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6646px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Changes in=20
pension systems</B></SPAN> <B>I cambiamenti nei sistemi =
pensionistici</B></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6684px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>While=20
Member State systems differ markedly, a majority have been adapted so as =
to put=20
them</NOBR></SPAN> <NOBR>Mentre sistemi degli Stati membri si =
distinguono=20
nettamente, la maggioranza sono stati adattati in modo da =
metterli</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6705px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>on a more=20
sustainable footing over the past decades.</NOBR></SPAN> <NOBR>su una =
base pi=C3=B9=20
sostenibile, nel corso degli ultimi decenni.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>At the same=20
time, Member States have</NOBR></SPAN> <NOBR>Allo stesso tempo, gli =
Stati membri=20
hanno</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6726px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>attempted=20
to protect adequacy and to respond better to changes in labour markets =
and=20
gender</NOBR></SPAN> <NOBR>ha tentato di proteggere l'adeguatezza e di=20
rispondere meglio ai cambiamenti dei mercati del lavoro e di=20
genere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6746px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>roles.</NOBR></SPAN> =
<NOBR>ruoli.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Key trends=20
have been</NOBR></SPAN> <NOBR>Principali tendenze sono =
state</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6742px; LEFT: 306px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>9</NOBR></SPAN> <NOBR>9</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6746px; LEFT: 312px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>:</NOBR></SPAN> <NOBR>:</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6785px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(1)</NOBR></SPAN> <NOBR>(1)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6785px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Encouraging=20
more people to work more and longer so as to obtain similar=20
entitlements</NOBR></SPAN> <NOBR>Incoraggiare pi=C3=B9 persone a =
lavorare di pi=C3=B9 e=20
pi=C3=B9 a lungo in modo da ottenere diritti simili</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6806px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>as before:=20
increases in pensionable ages; rewarding later and penalising=20
earlier</NOBR></SPAN> <NOBR>come prima: aumento et=C3=A0 pensionabile; =
gratificante=20
pi=C3=B9 tardi e penalizzare precedenti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6826px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>retirement=20
(see figure 8); moves from benefits based on earnings in best years=20
towards</NOBR></SPAN> <NOBR>pensionamento (vedi figura 8), si sposta dai =

benefici basa su un guadagno in anni migliori verso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6847px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>entitlement=20
based on working career average earnings; closing or restricting early=20
exit</NOBR></SPAN> <NOBR>diritto basato sulla retribuzione media di =
lavoro di=20
carriera; di chiusura o di limitare l'uscita precoce</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6868px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pathways;=20
labour market measures to encourage and enable older workers to stay=20
in</NOBR></SPAN> <NOBR>percorsi, le misure del mercato del lavoro per=20
incoraggiare e consentire ai lavoratori anziani di rimanere =
in</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6889px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the labour=20
market and encouraging greater gender equality in the labour=20
market.</NOBR></SPAN> <NOBR>mercato del lavoro e favorire maggiore =
uguaglianza=20
di genere nel mercato del lavoro.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6927px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(2)</NOBR></SPAN> <NOBR>(2)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6927px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The move=20
from largely single to multi-tiered systems.</NOBR></SPAN> <NOBR>Il =
passaggio da=20
singolo in gran parte a sistemi multi-tier.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This is a=20
result of the trend in</NOBR></SPAN> <NOBR>Questo =C3=A8 il risultato =
della tendenza=20
in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6948px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>most, but=20
not all, Member States to lower the share of public PAYG pensions in=20
total</NOBR></SPAN> <NOBR>la maggior parte, ma non tutti, gli Stati =
membri a=20
ridurre la quota delle pensioni PAYG pubblico in totale</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 6969px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>provision=20
while giving an enhanced role to supplementary, prefunded private=20
schemes,</NOBR></SPAN> <NOBR>disposizione dando un ruolo pi=C3=B9 =
incisivo ai=20
supplementari, sistemi privati prefunded,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 6989px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which are=20
often of a Defined Contribution (DC) nature (see figure =
10).</NOBR></SPAN>=20
<NOBR>che sono spesso di una contribuzione definita (DC) natura (vedi =
figura=20
10).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7028px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(3)</NOBR></SPAN> <NOBR>(3)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7028px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Measures to=20
address adequacy gaps, eg through efforts to broaden coverage,=20
support</NOBR></SPAN> <NOBR>Le misure per colmare le lacune di =
adeguatezza, ad=20
esempio attraverso gli sforzi per ampliare la copertura, il=20
supporto</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7049px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>building up=20
rights, ease access to pensions for vulnerable groups and increase=20
in</NOBR></SPAN> <NOBR>la costituzione di diritti, la facilit=C3=A0 di =
accesso alle=20
pensioni per i gruppi vulnerabili e l'aumento</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7069px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>financial=20
support for poorer pensioners.</NOBR></SPAN> <NOBR>sostegno finanziario =
per i=20
pensionati pi=C3=B9 poveri.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7108px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(4)</NOBR></SPAN> <NOBR>(4)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7108px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Gender=20
dimension: women tend to predominate among those with atypical=20
contracts,</NOBR></SPAN> <NOBR>La dimensione di genere: le donne tendono =
a=20
predominare tra quelli con contratti atipici,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7129px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>they tend=20
to earn less than men and tend to take career breaks for =
caring</NOBR></SPAN>=20
<NOBR>esse tendono a guadagnare meno degli uomini e tendono a prendere =
le=20
interruzioni di carriera per prendersi cura</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7149px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>responsibilities more often than =
men.</NOBR></SPAN>=20
<NOBR>responsabilit=C3=A0 pi=C3=B9 spesso degli uomini.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>As a=20
consequence, their pensions tend to be</NOBR></SPAN> <NOBR>Di =
conseguenza, le=20
loro pensioni tendono a essere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7170px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>lower and=20
the risk of poverty tends to be higher among older women, also=20
because</NOBR></SPAN> <NOBR>inferiore e il rischio di povert=C3=A0 tende =
ad essere=20
pi=C3=B9 elevata tra le donne pi=C3=B9 anziane, anche =
perch=C3=A9</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7191px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>they live=20
longer.</NOBR></SPAN> <NOBR>vivono pi=C3=B9 a lungo.</NOBR></SPAN> <SPAN =

onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>While=20
periods of care are recognised in some PAYG systems, this =
is</NOBR></SPAN>=20
<NOBR>Anche se i periodi di cura vengono riconosciuti in alcuni sistemi =
PAYG,=20
questo =C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7212px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>less=20
straightforward in funded pension schemes, with the question of how to=20
finance</NOBR></SPAN> <NOBR>meno semplice nei regimi pensionistici a=20
capitalizzazione, con la questione di come finanziare</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7232px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>such=20
solidarity.</NOBR></SPAN> <NOBR>solidariet=C3=A0.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7271px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Reforms=20
have underpinned recent increases in effective retirement ages and =
opened=20
new</NOBR></SPAN> <NOBR>Le riforme hanno sostenuto i recenti aumenti =
nelle et=C3=A0=20
effettiva di pensionamento e ha aperto nuove</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7292px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>avenues to=20
delivering adequate pensions in a sustainable manner.</NOBR></SPAN> =
<NOBR>viali=20
a fornire pensioni adeguate in modo sostenibile.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>At the same=20
time, reforms</NOBR></SPAN> <NOBR>Allo stesso tempo, le =
riforme</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7312px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>have given=20
and will continue to give rise to greater individual responsibility for=20
outcomes.</NOBR></SPAN> <NOBR>hanno dato e continueranno a dare luogo ad =
una=20
maggiore responsabilit=C3=A0 individuale per i risultati.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7333px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>While=20
people have more choice, they are also exposed to more =
risk.</NOBR></SPAN>=20
<NOBR>Mentre la gente ha pi=C3=B9 scelta, ma sono anche esposti a =
maggiori=20
rischi.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>For reforms=20
to be</NOBR></SPAN> <NOBR>Per le riforme da</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7354px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>successful,=20
all pension schemes must deliver their part and risks must be well =
understood=20
and</NOBR></SPAN> <NOBR>successo, tutti i regimi pensionistici devono =
consegnare=20
la loro parte e rischi devono essere ben comprese e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7374px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>managed.</NOBR></SPAN> =
<NOBR>gestito.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Future=20
pension adequacy will rest on a combination of returns in financial=20
markets</NOBR></SPAN> <NOBR>l'adeguatezza delle pensioni future dipende =
da una=20
combinazione dei rendimenti nei mercati finanziari</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7395px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and labour=20
markets delivering opportunities for longer and less broken contributory =

careers.</NOBR></SPAN> <NOBR>e mercati del lavoro offrendo =
opportunit=C3=A0 per pi=C3=B9=20
lungo e meno rotture di carriere contributive.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7416px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>To=20
strengthen social cohesion, a number of Member States may want to =
address=20
outstanding</NOBR></SPAN> <NOBR>Per rafforzare la coesione sociale, un =
certo=20
numero di Stati membri potrebbero voler affrontare in =
sospeso</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7437px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>issues such=20
as minimum pensions, coverage of atypical workers and crediting of=20
some</NOBR></SPAN> <NOBR>temi come le pensioni minime, la copertura dei=20
lavoratori atipici e l'accredito di alcuni</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7457px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>involuntary=20
employment breaks, for example when caring for frail =
dependents.</NOBR></SPAN>=20
<NOBR>interruzioni involontarie di lavoro, per esempio quando prendersi =
cura di=20
persone a carico non autosufficienti.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7563px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>8</NOBR></SPAN> <NOBR>8</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7566px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>"Quality=20
and viability of pensions =E2=80=93 Joint report on objectives and =
working methods in=20
the area of</NOBR></SPAN> <NOBR>"E sostenibilit=C3=A0 delle pensioni - =
Relazione=20
congiunta sugli obiettivi di qualit=C3=A0 ei metodi di lavoro nel =
settore=20
della</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7583px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pensions"=20
[10672/01 ECOFIN 198 SOC 272].</NOBR></SPAN> <NOBR>pensioni "10672/01 =
[ECOFIN=20
198 SOC 272].</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7597px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>9</NOBR></SPAN> <NOBR>9</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7600px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The Interim=20
Joint Report on pensions of the Economic Policy Committee and the Social =

Protection</NOBR></SPAN> <NOBR>La relazione intermedia comune sulle =
pensioni del=20
Comitato di politica economica e la protezione sociale</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7618px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Committee=20
contains a more detailed assessment, see footnote 2.</NOBR></SPAN>=20
<NOBR>Comitato contiene una valutazione pi=C3=B9 dettagliata, vedi nota=20
2.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7753px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D7><B><FONT =
face=3Darial,sans-serif>Page=20
      7</FONT></B></A></SPAN> <A name=3D7><B><FONT =
face=3Darial,sans-serif>Pagina=20
      7</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 8929px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8943px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>6</NOBR></SPAN> <NOBR>6</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8929px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7849px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
reformed pension systems increase adequacy risks for a considerable =
number of=20
workers.</NOBR></SPAN> <NOBR>La riforma delle pensioni adeguatezza =
rischi=20
aumentano sistemi per un numero considerevole di =
lavoratori.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7870px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Net=20
replacement rates will decline in many Member States, though the =
starting=20
position and</NOBR></SPAN> <NOBR>tassi di sostituzione netto =
diminuir=C3=A0 in molti=20
Stati membri, anche se la posizione di partenza e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7891px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the degree=20
of reduction vary significantly, and some countries, especially those =
with very=20
low</NOBR></SPAN> <NOBR>il grado di riduzione variano in modo =
significativo, e=20
in alcuni paesi, soprattutto quelli molto bassi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7911px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>initial=20
levels, have increased them (see figure 5).</NOBR></SPAN> <NOBR>livelli=20
iniziali, hanno aumentato la loro (vedi figura 5).</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Delaying=20
labour market exit can reduce the</NOBR></SPAN> <NOBR>Ritardare l'uscita =
del=20
mercato del lavoro pu=C3=B2 ridurre il</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 7932px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>decline.</NOBR></SPAN> =
<NOBR>declino.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7971px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In many=20
Member States additional reforms may be needed given the scale of=20
demographic</NOBR></SPAN> <NOBR>In molti Stati membri ulteriori riforme =
possono=20
essere necessari, data la scala di fattori demografici</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 7991px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>changes=20
ahead and to ensure the lasting success of implemented =
reforms.</NOBR></SPAN>=20
<NOBR>cambiamenti avanti e per garantire il successo duraturo delle =
riforme=20
attuate.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>For Member=20
States</NOBR></SPAN> <NOBR>Per gli Stati membri</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8012px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>where the=20
reform process is not sufficiently advanced, there is an urgent need to =
review=20
the</NOBR></SPAN> <NOBR>dove il processo di riforma non =C3=A8 =
sufficientemente=20
avanzata, vi =C3=A8 un urgente bisogno di rivedere il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8033px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
promise in view of what the rest of the economy =E2=80=93 and public =
budgets - can=20
be</NOBR></SPAN> <NOBR>le promesse di pensione in vista di ci=C3=B2 che =
il resto=20
dell'economia - e bilanci pubblici - pu=C3=B2 essere</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8053px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>expected to=20
provide.</NOBR></SPAN> <NOBR>dovrebbe fornire.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8092px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>2.3.</B></SPAN> <B>2.3.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8092px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Impact of the=20
financial and economic crisis</B></SPAN> <B>Impatto della crisi =
finanziaria ed=20
economica</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8131px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
financial and economic crisis has seriously aggravated the underlying =
ageing=20
challenge.</NOBR></SPAN> <NOBR>La crisi finanziaria ed economica ha =
seriamente=20
aggravato la sfida dell'invecchiamento sottostante.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8152px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>By=20
demonstrating the interdependence of the various schemes and revealing=20
weaknesses in</NOBR></SPAN> <NOBR>Dimostrando l'interdipendenza dei vari =
sistemi=20
e le debolezze rivelando in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8172px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>some scheme=20
designs it has acted as a wake-up call for all pensions, whether PAYG=20
or</NOBR></SPAN> <NOBR>qualche schema di disegno che ha agito come un =
campanello=20
d'allarme-up per tutte le pensioni, o se PAYG</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8193px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>funded:=20
higher unemployment, lower growth, higher national debt levels and =
financial=20
market</NOBR></SPAN> <NOBR>: Maggiore disoccupazione, minore crescita, =
maggiore=20
nazionale e livelli di debito dei mercati finanziari =
finanziati</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8214px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>volatility=20
have made it harder for all systems to deliver on pension=20
promises.</NOBR></SPAN> <NOBR>volatilit=C3=A0 hanno reso pi=C3=B9 =
difficile per tutti i=20
sistemi a mantenere le promesse di pensione.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Private=20
schemes</NOBR></SPAN> <NOBR>sistemi privati</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8234px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>can relieve=20
some of the pressure on public pension provision.</NOBR></SPAN> =
<NOBR>pu=C3=B2=20
alleviare la pressione esercitata sui regimi pensionistici=20
pubblici.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>However, increasing reliance =
on</NOBR></SPAN>=20
<NOBR>Tuttavia, crescente dipendenza</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8255px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>private=20
schemes has fiscal costs, given the widespread practice of providing tax =

incentives</NOBR></SPAN> <NOBR>sistemi di privato ha dei costi fiscali, =
data la=20
diffusa pratica di incentivi fiscali</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8276px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>during the=20
accumulation phase.</NOBR></SPAN> <NOBR>durante la fase di=20
accumulo.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The costs of tax relief can be =
considerable and=20
its</NOBR></SPAN> <NOBR>I costi di sgravio fiscale pu=C3=B2 essere =
notevole e la=20
sua</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8296px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>effectiveness and redistributive impacts=20
questionable</NOBR></SPAN> <NOBR>l'efficacia e l'impatto redistributivo=20
discutibile</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8292px; LEFT: 505px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>10</NOBR></SPAN> <NOBR>10</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8296px; LEFT: 517px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>With public=20
budgets under heavy</NOBR></SPAN> <NOBR>Con i bilanci pubblici sotto=20
pesanti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8317px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pressure,=20
some Member States are now reconsidering the efficiency of this=20
spending.</NOBR></SPAN> <NOBR>pressione, alcuni Stati membri sono ora=20
riconsiderando l'efficacia di questa spesa.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Better</NOBR></SPAN> =
<NOBR>Meglio</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8338px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>sharing of=20
information on its costs and effectiveness may help policy makers across =
the=20
EU</NOBR></SPAN> <NOBR>la condivisione di informazioni sui suoi costi e=20
l'efficacia pu=C3=B2 aiutare i responsabili politici in tutta =
l'UE</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8334px; LEFT: 770px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>11</NOBR></SPAN> <NOBR>11</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8338px; LEFT: 782px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8358px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Furthermore, if private schemes cannot =
deliver their=20
promises, there will inevitably be</NOBR></SPAN> <NOBR>Inoltre, se i =
regimi=20
privati non possono esprimere le loro promesse, ci saranno=20
inevitabilmente</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8379px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pressures=20
on the public purse to pick up part of the tab.</NOBR></SPAN> <NOBR>le =
pressioni=20
sui bilanci pubblici per prendere parte della scheda.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8418px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>With secure=20
incomes from public pensions, which generally have been allowed to=20
perform</NOBR></SPAN> <NOBR>Con un reddito sicuro da pensioni pubbliche, =
che in=20
genere sono stati autorizzati a svolgere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8439px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>their role=20
as automatic stabilisers, current pensioners have so far been among =
those=20
least</NOBR></SPAN> <NOBR>il loro ruolo di stabilizzatori automatici, i=20
pensionati attuali sono stati finora tra i meno</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8459px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>affected by=20
the crisis.</NOBR></SPAN> <NOBR>colpiti dalla crisi.</NOBR></SPAN> <SPAN =

onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Exceptions=20
apart, benefits from funded schemes still play a marginal</NOBR></SPAN>=20
<NOBR>Eccezioni a parte, beneficia di regimi a capitalizzazione svolgono =
ancora=20
un ruolo marginale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8480px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>role and=20
just a few Member States with very acute public budget problems or=20
well-anchored</NOBR></SPAN> <NOBR>ruolo e solo alcuni Stati membri con =
molto=20
acuti problemi di bilancio pubblico o ben ancorata</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8501px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>automatic=20
adjustment mechanisms were compelled to reduce public pensions in=20
payment.</NOBR></SPAN> <NOBR>meccanismi di regolazione automatica sono =
stati=20
costretti a ridurre le pensioni pubbliche a pagamento.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>But</NOBR></SPAN> <NOBR>Ma</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8521px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the crisis=20
and lower growth prospects will affect all types of pension=20
schemes.</NOBR></SPAN> <NOBR>la crisi e prospettive di crescita =
inferiore avr=C3=A0=20
effetto su tutti i tipi di regimi pensionistici.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8560px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The scale=20
of fiscal deterioration following the crisis is equivalent to offsetting =
20=20
years of</NOBR></SPAN> <NOBR>La scala del deterioramento di bilancio a =
seguito=20
della crisi =C3=A8 equivalente a compensazione di 20 anni =
di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8581px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>fiscal=20
consolidation, implying that fiscal constraints will be very strong in =
the next=20
decade.</NOBR></SPAN> <NOBR>consolidamento fiscale, il che implica che i =
vincoli=20
di bilancio sar=C3=A0 molto forte nel prossimo decennio.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8601px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Estimates=20
suggest that the crisis will put further pressure on public pension =
spending=20
over the</NOBR></SPAN> <NOBR>Le stime suggeriscono che la crisi =
metter=C3=A0=20
ulteriore pressione sulla spesa pensionistica pubblica nel corso=20
degli</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8622px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>long-term=20
because economic growth is set to be considerably lower and there is=20
great</NOBR></SPAN> <NOBR>di lungo periodo perch=C3=A9 la crescita =
economica =C3=A8=20
destinato ad essere notevolmente inferiore e non vi =C3=A8 =
grande</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8643px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>uncertainty=20
as to the timing of the full recovery.</NOBR></SPAN> <NOBR>incertezza =
per quanto=20
concerne i tempi di recupero totale.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8639px; LEFT: 456px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>12</NOBR></SPAN> <NOBR>12</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8643px; LEFT: 473px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In a number=20
of Member States some social</NOBR></SPAN> <NOBR>In un certo numero di =
Stati=20
membri alcuni sociale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8664px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>security=20
contributions were diverted to newly established mandatory funded=20
pensions.</NOBR></SPAN> <NOBR>contributi previdenziali sono stati =
dirottati=20
verso le pensioni di nuova costituzione finanziato =
obbligatori.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The</NOBR></SPAN> <NOBR>Il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8684px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>crisis has=20
underscored this double payment problem and has caused a few governments =
to=20
halt</NOBR></SPAN> <NOBR>crisi ha sottolineato questo pagamento doppio =
problema=20
e ha causato alcuni governi per fermare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8705px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>or lower=20
contributions to private pensions to improve public pension=20
finances.</NOBR></SPAN> <NOBR>o contributi inferiori alle pensioni =
private per=20
migliorare le finanze pensionistici pubblici.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8774px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>10</NOBR></SPAN> <NOBR>10</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8777px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Section 4.2=20
p.</NOBR></SPAN> <NOBR>Sezione 4.2 p.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>26 of SPC=20
Report "Privately managed funded pension provision and their =
contribution=20
to</NOBR></SPAN> <NOBR>26 del SPC Report "a gestione privata finanziata =
la=20
previdenza e il loro contributo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8794px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>adequate=20
and sustainable pensions" (2008)</NOBR> <A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/social/main.jsp%3FcatId%3D75=
2%26langId%3Den&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhhYlR5XJ5SS=
r9T6Gg5ZvmIf6H1l1Q">http://translate.googleusercontent.com/translate_c?hl=
=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/social/main.jsp%=
3FcatId%3D752%26langId%3Den&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJ=
rhhYlR5XJ5SSr9T6Gg5ZvmIf6H1l1Q</A></SPAN>=20
<NOBR>pensioni adeguate e sostenibili "(2008)</NOBR> <A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/social/main.jsp%3FcatId%3D75=
2%26langId%3Den&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhhYlR5XJ5SS=
r9T6Gg5ZvmIf6H1l1Q">http://translate.googleusercontent.com/translate_c?hl=
=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/social/main.jsp%=
3FcatId%3D752%26langId%3Den&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJ=
rhhYlR5XJ5SSr9T6Gg5ZvmIf6H1l1Q</A></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8808px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>11</NOBR></SPAN> <NOBR>11</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8812px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This could=20
include sharing experience on approaches such as 'communicating vessels' =
whereby=20
the</NOBR></SPAN> <NOBR>Ci=C3=B2 potrebbe includere la condivisione di =
esperienze su=20
strategie quali la 'vasi comunicanti' con cui il</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8829px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>amount of=20
tax relief available for voluntary individual savings is inversely =
related to=20
the amount of</NOBR></SPAN> <NOBR>ammontare di agevolazioni fiscali =
disponibili=20
per il risparmio volontario individuale =C3=A8 inversamente =
proporzionale alla=20
quantit=C3=A0 di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8846px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>statutory=20
and occupational pensions an individual already has.</NOBR></SPAN> =
<NOBR>e delle=20
pensioni di legge =C3=A8 gi=C3=A0 un individuo.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See the=20
"Proposal for a pension model</NOBR></SPAN> <NOBR>Vedere la "Proposta di =
un=20
modello di pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8863px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>with a=20
compensating layer" by GJB Dietvorst, EC Tax Review 2007 nr.3=20
p.142-145.</NOBR></SPAN> <NOBR>con uno strato di compensazione "di GJB=20
Dietvorst, EC Tax Review 2007 n.3 p.142-145.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 8877px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>12</NOBR></SPAN> <NOBR>12</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 8881px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See=20
footnote 6.</NOBR></SPAN> <NOBR>Si veda la nota 6.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9016px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D8><B><FONT =
face=3Darial,sans-serif>Page=20
      8</FONT></B></A></SPAN> <A name=3D8><B><FONT =
face=3Darial,sans-serif>Pagina=20
      8</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 10192px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10206px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>7</NOBR></SPAN> <NOBR>7</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10192px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9112px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In the=20
short term, the return rates and solvency of funded schemes have been =
affected=20
through</NOBR></SPAN> <NOBR>Nel breve termine, i tassi di rendimento e =
la=20
solvibilit=C3=A0 dei sistemi a capitalizzazione sono state colpite=20
attraverso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9133px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>falls in=20
interest rates and asset values: private pension funds lost over 20% of =
their=20
value</NOBR></SPAN> <NOBR>cadute dei tassi di interesse e valore delle =
attivit=C3=A0:=20
i fondi pensione privati perso oltre il 20% del loro =
valore</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9154px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>during=20
2008</NOBR></SPAN> <NOBR>nel corso del 2008</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9149px; LEFT: 197px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>13</NOBR></SPAN> <NOBR>13</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9154px; LEFT: 209px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover=20
several sponsors of occupational pension funds were hindered =
in</NOBR></SPAN>=20
<NOBR>Inoltre numerosi patrocinatori della previdenza professionale sono =
stati=20
ostacolati nel</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9174px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>their=20
ability to honour their obligations.</NOBR></SPAN> <NOBR>la loro =
capacit=C3=A0 di=20
onorare i propri obblighi.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>However, as few schemes had to lock in =
losses=20
to</NOBR></SPAN> <NOBR>Tuttavia, come aveva pochi programmi per bloccare =
le=20
perdite</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9195px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>meet their=20
current liabilities, supervisors were able to ease valuation and =
solvency=20
regulations</NOBR></SPAN> <NOBR>far fronte agli impegni correnti, le =
autorit=C3=A0 di=20
vigilanza sono stati in grado di facilitare la valutazione e la =
solvibilit=C3=A0=20
regolamenti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9216px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to allow=20
time for markets to recover.</NOBR></SPAN> <NOBR>per dare il tempo ai =
mercati di=20
recuperare.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Pension funds were able to recoup some of =
their=20
losses</NOBR></SPAN> <NOBR>I fondi pensione sono stati in grado di =
recuperare=20
alcune delle loro perdite</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9236px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>in=20
2009</NOBR></SPAN> <NOBR>nel 2009</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9232px; LEFT: 161px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>14</NOBR></SPAN> <NOBR>14</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9236px; LEFT: 177px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>but many=20
still remain far off the required solvency levels.</NOBR></SPAN> =
<NOBR>ma molti=20
rimangono ancora lontani i livelli di solvibilit=C3=A0 =
richiesto.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9275px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Variations=20
in the ability of funded schemes to weather the crisis have demonstrated =

that</NOBR></SPAN> <NOBR>Variazioni nella capacit=C3=A0 dei sistemi a=20
capitalizzazione per superare la crisi hanno dimostrato =
che</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9296px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>differences=20
in design, regulation and investment strategy clearly =
matter.</NOBR></SPAN>=20
<NOBR>differenze di progettazione, la regolamentazione e la strategia=20
d'investimento con chiarezza in materia.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Losses vary=20
with</NOBR></SPAN> <NOBR>Le perdite variano con</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9316px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>investment=20
practices and the ability to absorb the shock depends also on how well =
the=20
burden</NOBR></SPAN> <NOBR>le pratiche di investimento e la =
capacit=C3=A0 di=20
assorbire lo shock dipende anche dal modo in cui l'onere</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9337px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>is shared=20
among providers, contributors and recipients.</NOBR></SPAN> <NOBR>=C3=A8 =
condivisa=20
tra gli operatori, i contribuenti e beneficiari.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Unfortunately, schemes in =
countries</NOBR></SPAN>=20
<NOBR>Purtroppo, i regimi dei paesi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9358px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>where=20
solvency requirements were lower and asset value losses particularly =
large also=20
tend to</NOBR></SPAN> <NOBR>in cui i requisiti di solvibilit=C3=A0 sono =
state=20
inferiori e perdite di valore delle attivit=C3=A0 particolarmente =
elevato tendono=20
a</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9379px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>have poorer=20
protection of accrued entitlements and the least flexible mechanisms for =

burden</NOBR></SPAN> <NOBR>sono pi=C3=B9 poveri di protezione dei =
diritti maturati e=20
lo meccanismi flessibili almeno per oneri</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9399px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>sharing.</NOBR></SPAN>=20
<NOBR>condivisione.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>As a result, entitlements can be lost and =
providers=20
inclined to discontinue schemes,</NOBR></SPAN> <NOBR>Come risultato, i =
diritti=20
possono essere persi e fornitori inclini a interrompere i =
sistemi,</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9420px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>since they=20
cannot afford to bring schemes back to solvency.</NOBR></SPAN> =
<NOBR>poich=C3=A9 non=20
possono permettersi di portare indietro i regimi di =
solvibilit=C3=A0.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9459px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The crisis=20
will also have a serious impact on future pensions as many workers will =
have=20
lost</NOBR></SPAN> <NOBR>La crisi avr=C3=A0 anche un grave impatto sulle =
pensioni=20
future dei lavoratori molti hanno perso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9479px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>their jobs=20
and have been unemployed for a certain period and others might have had =
to=20
accept</NOBR></SPAN> <NOBR>il loro lavoro e sono stato disoccupato per =
un certo=20
periodo e altri potrebbero aver dovuto accettare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9500px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>lower=20
earnings or shorter working hours</NOBR></SPAN> <NOBR>redditi inferiori =
o=20
riduzione dell'orario di lavoro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9496px; LEFT: 417px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>15</NOBR></SPAN> <NOBR>15</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9500px; LEFT: 429px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>One of the=20
challenges will be to ensure that</NOBR></SPAN> <NOBR>Una delle sfide =
sar=C3=A0=20
quella di garantire che</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9521px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>adequate=20
levels of pensions can be maintained also in these situations (see =
figure=20
9).</NOBR></SPAN> <NOBR>adeguati livelli delle pensioni pu=C3=B2 essere =
mantenuto=20
anche in queste situazioni (vedi figura 9).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9559px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The crisis=20
has, therefore, added the following dimensions to the pre-existing =
reform=20
agenda:</NOBR></SPAN> <NOBR>La crisi ha, pertanto, ha aggiunto le =
seguenti=20
dimensioni per l'attuale riforma pre-ordine del giorno:</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9598px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 a more=20
pressing need to address adequacy gaps;</NOBR></SPAN> <NOBR>- Un =
pressante=20
bisogno di pi=C3=B9 per colmare le lacune di adeguatezza;</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9637px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 a more=20
pressing need for reforms that improve the sustainability of public=20
finances;</NOBR></SPAN> <NOBR>- Un pressante bisogno di pi=C3=B9 di =
riforme che=20
migliorino la sostenibilit=C3=A0 delle finanze pubbliche;</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9675px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 an=20
increased emphasis on raising effective retirement ages;</NOBR></SPAN> =
<NOBR>-=20
Una maggiore enfasi sulla innalzando l'et=C3=A0 effettiva di=20
pensionamento;</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9714px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 a need to=20
revisit the regulation of funded pension schemes to ensure that they are =

efficient</NOBR></SPAN> <NOBR>- La necessit=C3=A0 di rivedere la =
regolamentazione dei=20
regimi pensionistici a capitalizzazione per garantire che siano=20
efficienti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9735px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and remain=20
safe in the wake of major financial crises whilst ensuring regulation=20
is</NOBR></SPAN> <NOBR>e al sicuro sulla scia di grandi crisi =
finanziarie=20
garantendo nel contempo il regolamento =C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9756px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>proportionate and does not push employers =
into=20
insolvency or into abandoning pension</NOBR></SPAN> <NOBR>proporzionata =
e non=20
spingere i datori di lavoro verso il fallimento o l'abbandono in=20
pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9776px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>schemes;</NOBR></SPAN> =
<NOBR>sistemi;</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9815px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>=E2=80=93 a need to=20
ensure that financial market regulation is effective and intelligent =
given=20
the</NOBR></SPAN> <NOBR>- La necessit=C3=A0 di garantire che la =
regolamentazione dei=20
mercati finanziari =C3=A8 efficace e intelligente dato il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9836px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>growing=20
role of pension funds.</NOBR></SPAN> <NOBR>ruolo crescente dei fondi=20
pensione.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The G20 Pittsburgh and Toronto summits =
emphasised=20
that</NOBR></SPAN> <NOBR>Il G20 di Pittsburgh e Toronto vertici hanno=20
sottolineato che</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9856px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>all=20
financial institutions should be regulated and that there is a greater =
need for=20
common</NOBR></SPAN> <NOBR>tutti gli istituti finanziari dovrebbero =
essere=20
regolamentati e che non vi =C3=A8 una maggiore necessit=C3=A0 di =
comuni</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9877px; LEFT: 128px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>rules.</NOBR></SPAN> =
<NOBR>regole.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 9934px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>3.</B></SPAN>=20
<B>3.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9934px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>PRIORITIES FOR=20
MODERNISING PENSION POLICY IN THE EU</B></SPAN> <B>PRIORIT=C3=80 PER =
Modernizzazione=20
della politica pensionistici nell'Unione europea</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9972px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
overarching objectives of pension reforms are to ensure that pension =
systems=20
are</NOBR></SPAN> <NOBR>Gli obiettivi complessivi della riforma delle =
pensioni =C3=A8=20
di garantire che i sistemi pensionistici sono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 9993px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>adequate=20
and sustainable.</NOBR></SPAN> <NOBR>adeguate e =
sostenibili.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There has=20
been a tendency to treat the three-pronged Stockholm</NOBR></SPAN> =
<NOBR>C'=C3=A8=20
stata una tendenza a trattare il triplice Stoccolma</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10014px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>strategy as=20
a list from which to pick and choose.</NOBR></SPAN> <NOBR>strategia come =
una=20
lista da cui scegliere.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>But if pension systems are to deliver and=20
if</NOBR></SPAN> <NOBR>Ma se i sistemi pensionistici siano a consegnare =
e=20
se</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10089px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>13</NOBR></SPAN> <NOBR>13</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10092px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>OECD,=20
"Pensions and the crisis =E2=80=93 How should retirement income systems =
respond to=20
financial and</NOBR></SPAN> <NOBR>OCSE, "Pensioni e la crisi - Come i =
sistemi di=20
redditi da pensione rispondere finanziaria e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10109px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>economic=20
pressures" 2009.</NOBR></SPAN> <NOBR>pressioni economiche =
"2009.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10123px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>14</NOBR></SPAN> <NOBR>14</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10126px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>OECD=20
"Pension Markets in Focus", October 2009, Issue 6.</NOBR></SPAN> =
<NOBR>OCSE=20
"Mercati Pension in Focus", ottobre 2009, Numero 6.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10140px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>15</NOBR></SPAN> <NOBR>15</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10144px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Chapters=20
3.3 =E2=80=93 3.5 of the Interim Joint Report on pensions, see footnote =
2.</NOBR></SPAN>=20
<NOBR>Capitoli 3,3-3,5 della relazione intermedia comune in materia di =
pensioni,=20
si veda la nota 2.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10279px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D9><B><FONT =
face=3Darial,sans-serif>Page=20
      9</FONT></B></A></SPAN> <A name=3D9><B><FONT =
face=3Darial,sans-serif>Pagina=20
      9</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 11455px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11469px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>8</NOBR></SPAN> <NOBR>8</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11455px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10375px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the Europe=20
2020 strategy is to succeed, it will now be necessary to address all =
three=20
issues in a</NOBR></SPAN> <NOBR>l'Europa 2020 strategia =C3=A8 quella di =
avere=20
successo, sar=C3=A0 ora necessario affrontare tutte e tre le questioni =
in=20
un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10396px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>coordinated=20
way.</NOBR></SPAN> <NOBR>modo coordinato.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10435px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>3.1.</B></SPAN> <B>3.1.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10435px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Overarching=20
objectives: adequacy and sustainability</B></SPAN> <B>obiettivi =
principali:=20
l'adeguatezza e la sostenibilit=C3=A0</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10473px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Adequacy</I>=20
and <I>sustainability</I> are two sides of the same coin.</SPAN>=20
<I>Adeguatezza</I> e la <I>sostenibilit=C3=A0</I> sono due facce della =
stessa=20
medaglia.</SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text>If =
pensions are=20
at risk of being</SPAN> Se le pensioni sono a rischio di essere</SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10494px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>inadequate,=20
there may be pressure for</NOBR> <I>ad hoc</I> increases in pensions or =
higher=20
demand for other</SPAN> <NOBR>inadeguata, ci pu=C3=B2 essere la =
pressione=20
<I>ad</I></NOBR> aumenti <I>ad hoc</I> delle pensioni oa una forte =
domanda per=20
gli altri</SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10515px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>benefits,=20
jeopardising sustainability.</NOBR></SPAN> <NOBR>prestazioni, mettere a=20
repentaglio la sostenibilit=C3=A0.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Equally if a pension system is =
unsustainable it will=20
prove</NOBR></SPAN> <NOBR>Allo stesso modo se un sistema pensionistico =
=C3=A8=20
insostenibile, si riveler=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10535px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to be=20
inadequate in the long run when sudden corrections are =
needed.</NOBR></SPAN>=20
<NOBR>insufficienti nel lungo periodo, quando le correzioni improvvise =
sono=20
necessari.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The issues of pension</NOBR></SPAN> =
<NOBR>I temi=20
della pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10556px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>adequacy=20
and sustainability need to be considered jointly.</NOBR></SPAN>=20
<NOBR>adeguatezza e sostenibilit=C3=A0 devono essere considerati=20
congiuntamente.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10586px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Addressing=20
pension adequacy</B></SPAN> <B>Affrontare l'adeguatezza delle=20
pensioni</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10615px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Ensuring=20
adequate retirement income is the purpose of pension systems and is a =
matter=20
of</NOBR></SPAN> <NOBR>Garantire il pensionamento un reddito adeguato =
=C3=A8 lo scopo=20
dei sistemi pensionistici e 'una questione di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10636px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>fundamental=20
inter- and intra-generational solidarity.</NOBR></SPAN> =
<NOBR>fondamentale=20
inter-e intra-generazionale solidariet=C3=A0.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Most=20
reforms of pension systems so far</NOBR></SPAN> <NOBR>La maggior parte =
delle=20
riforme dei sistemi pensionistici finora</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10657px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>have been=20
aimed at improving sustainability.</NOBR></SPAN> <NOBR>sono state =
finalizzate a=20
migliorare la sostenibilit=C3=A0.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Further modernisation of pension systems=20
will</NOBR></SPAN> <NOBR>modernizzazione dei sistemi pensionistici=20
saranno</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10678px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>be needed=20
to address adequacy gaps.</NOBR></SPAN> <NOBR>essere necessarie per =
colmare le=20
lacune di adeguatezza.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>As public pension replacement rates in =
most cases=20
will</NOBR></SPAN> <NOBR>Come pubblici i tassi di sostituzione delle =
pensioni=20
nella maggioranza dei casi sar=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10698px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>decline=20
(see figure 4), it is important to provide sufficient opportunities for=20
complementary</NOBR></SPAN> <NOBR>declino (vedi figura 4), =C3=A8 =
importante fornire=20
sufficienti opportunit=C3=A0 di complementare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10719px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>entitlements: eg enabling longer working =
lives and=20
increasing access to supplementary</NOBR></SPAN> <NOBR>diritti: ad =
esempio=20
consentendo prolungamento della vita lavorativa e aumentare l'accesso ai =

supplementari</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10740px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
schemes.</NOBR></SPAN> <NOBR>regimi pensionistici.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The lack of=20
compensatory crediting for periods of unemployment, =
sickness</NOBR></SPAN>=20
<NOBR>La mancanza di accredito di compensazione per i periodi di =
disoccupazione,=20
malattia</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10760px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>or caring=20
duties can also lead to gaps, as can lack of coverage of vulnerable =
groups, such=20
as</NOBR></SPAN> <NOBR>o delle sue funzioni cura pu=C3=B2 anche portare =
a lacune,=20
come mancanza di copertura dei gruppi vulnerabili, come i</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10781px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>short-term=20
contract and atypical workers, or insufficient minimum pension =
guarantees=20
or</NOBR></SPAN> <NOBR>Contratto a breve termine e lavoratori atipici, o =

insufficienti pensioni minime garantite o</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10802px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>income=20
provision for older people, but these raise questions about=20
financing.</NOBR></SPAN> <NOBR>di risorse a favore degli anziani, ma =
queste=20
domande sollevano sul finanziamento.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In=20
funded</NOBR></SPAN> <NOBR>In finanziati</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10822px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>schemes,=20
reducing investment risk, notably close to and in the pay-out phase, and =

improving</NOBR></SPAN> <NOBR>regimi, riducendo il rischio di =
investimento, in=20
particolare in prossimit=C3=A0 e in fase di pay-out, e il =
miglioramento</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10843px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>risk=20
sharing between pension savers and pension providers, building on the =
advantages=20
of</NOBR></SPAN> <NOBR>condivisione del rischio tra i risparmiatori e =
degli enti=20
previdenziali pensionistici, sulla base dei vantaggi di</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10864px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>collective=20
insurance, can boost the adequacy of retirement income.</NOBR></SPAN>=20
<NOBR>assicurazioni collettive, pu=C3=B2 aumentare l'adeguatezza dei =
redditi da=20
pensione.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Broadening the sources of</NOBR></SPAN>=20
<NOBR>Ampliare le fonti di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10884px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>retirement=20
income beyond pensions may also need to be considered.</NOBR></SPAN>=20
<NOBR>redditi da pensione al di l=C3=A0 delle pensioni pu=C3=B2 anche =
bisogno di essere=20
presi in considerazione.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10914px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Securing=20
sustainability</B></SPAN> <B>Garantire la sostenibilit=C3=A0</B></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 10944px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Many=20
pension reforms have contributed to limiting the increase in future =
public=20
pension</NOBR></SPAN> <NOBR>Molte riforme delle pensioni hanno =
contribuito a=20
limitare l'aumento futuro delle pensioni pubbliche</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10965px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>spending,=20
but additional steps are urgently needed to put systems on a more=20
sustainable</NOBR></SPAN> <NOBR>di spesa, ma passaggi aggiuntivi sono=20
urgentemente necessarie per poter attuare sistemi su un pi=C3=B9=20
sostenibile</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 10985px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>footing,=20
thereby contributing to the long term sustainability of public finances, =
notably=20
in</NOBR></SPAN> <NOBR>footing, contribuendo cos=C3=AC alla =
sostenibilit=C3=A0 a lungo=20
termine delle finanze pubbliche, in particolare nel</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11006px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>countries=20
where future public pension spending is projected to be =
high.</NOBR></SPAN>=20
<NOBR>paesi in cui la spesa pensionistica previsto =C3=A8 il futuro del =
pubblico ad=20
essere elevato.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Failing to take resolute</NOBR></SPAN> =
<NOBR>Non=20
riuscendo a prendere risolutamente</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11027px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>policy=20
action to enhance sustainability will push the burden of adjustment =
forward=20
either to</NOBR></SPAN> <NOBR>un'azione politica per migliorare la =
sostenibilit=C3=A0=20
spinger=C3=A0 l'onere dell'aggiustamento in avanti sia per</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11047px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>future=20
workers or to future pensioners who might not have prepared for lower =
than=20
expected</NOBR></SPAN> <NOBR>futuri lavoratori o ai pensionati futuri =
che=20
potrebbero non avere preparato inferiore al previsto</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11068px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pensions,=20
as underlined by the European Council</NOBR></SPAN> <NOBR>pensioni, come =

sottolineato dal Consiglio europeo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11064px; LEFT: 460px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>16</NOBR></SPAN> <NOBR>16</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11068px; LEFT: 472px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Given the=20
dire state of public finances and</NOBR></SPAN> <NOBR>Dato lo stato =
disastroso=20
delle finanze pubbliche e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11089px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the=20
projected unsustainable increase in public debt levels with unchanged =
policies,=20
fiscal</NOBR></SPAN> <NOBR>l'insostenibile aumento previsto del livello =
del=20
debito pubblico con politiche invariate, fiscali</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11109px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>consolidation will be a binding constraint =
on all=20
policies, including pensions.</NOBR></SPAN> <NOBR>consolidamento =
sar=C3=A0 un vincolo=20
su tutte le politiche, comprese le pensioni.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Stability</NOBR></SPAN> <NOBR>Il patto di stabilit=C3=A0</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11130px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and Growth=20
Pact (SGP) provides the framework for monitoring the sustainability of=20
public</NOBR></SPAN> <NOBR>e crescita (PSC) rappresenta il quadro per il =

monitoraggio della sostenibilit=C3=A0 del pubblico</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11151px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>finances,=20
including pension systems</NOBR></SPAN> <NOBR>finanze, inclusi i regimi=20
pensionistici</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11147px; LEFT: 367px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>17</NOBR></SPAN> <NOBR>17</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11151px; LEFT: 379px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
there could be further pressure for spending</NOBR></SPAN> =
<NOBR>Inoltre, vi=20
potrebbe essere un'ulteriore pressione per la spesa</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11172px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>on care for=20
the elderly should formal care increasingly replace informal care in the =

future.</NOBR></SPAN> <NOBR>per l'assistenza agli anziani dovrebbe =
sostituire=20
sempre pi=C3=B9 la cura formale di assistenza informale in =
futuro.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11192px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Reforms=20
that enhance the EU's economic growth potential, eg by stimulating =
labour=20
supply,</NOBR></SPAN> <NOBR>Riforme atte a promuovere il potenziale di =
crescita=20
economica dell'Unione europea la, ad esempio, stimolando l'offerta di=20
lavoro,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11213px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>are=20
therefore particularly important.</NOBR></SPAN> <NOBR>sono quindi=20
particolarmente importanti.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Higher labour productivity growth benefits =
all=20
citizens, as</NOBR></SPAN> <NOBR>Pi=C3=B9 elevata crescita della =
produttivit=C3=A0 del=20
lavoro benefici tutti i cittadini, come</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11234px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>it enables=20
higher living standards.</NOBR></SPAN> <NOBR>permette un tenore di vita=20
superiore.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>As regards fiscal sustainability, =
achieving=20
higher</NOBR></SPAN> <NOBR>Per quanto riguarda la sostenibilit=C3=A0 =
fiscale,=20
raggiungimento di pi=C3=B9 elevati</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11254px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>employment=20
rates in particular for older workers is even more =
important.</NOBR></SPAN>=20
<NOBR>tassi di occupazione in particolare per i lavoratori anziani =
=C3=A8 ancora pi=C3=B9=20
importante.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11334px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>16</NOBR></SPAN> <NOBR>16</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11338px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Presidency=20
conclusions of the 23 March 2005 COUNCIL OF THE EUROPEAN UNION=20
7619/1/05,</NOBR></SPAN> <NOBR>conclusioni della Presidenza del 23 Marzo =
2005=20
CONSIGLIO DELL'UNIONE EUROPEA 7619/1/05,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11355px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>REV 1,=20
stressed the need "to safeguard the sustainability of public finances in =
the=20
long run, to promote</NOBR></SPAN> <NOBR>REV 1, ha sottolineato la =
necessit=C3=A0 di=20
"garantire la sostenibilit=C3=A0 delle finanze pubbliche a lungo =
termine, a=20
promuovere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11372px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>growth, and=20
to avoid imposing excessive burdens on future =
generations."</NOBR></SPAN>=20
<NOBR>crescita, e per evitare di imporre oneri eccessivi alle =
generazioni=20
future. "</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11386px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>17</NOBR></SPAN> <NOBR>17</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11389px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In relation=20
to the SGP the Commission has proposed to also take account of implicit=20
liabilities, notably</NOBR></SPAN> <NOBR>In relazione al PSC, la =
Commissione ha=20
proposto di tenere conto anche delle passivit=C3=A0 implicite, in=20
particolare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11407px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>related to=20
ageing, amongst other factors to reflect future risks (COM(2010)=20
367/2).</NOBR></SPAN> <NOBR>legati all'invecchiamento, tra l'altro per=20
riflettere i rischi futuri "(COM (2010) 367 / 2).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11542px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D10><B><FONT =
face=3Darial,sans-serif>Page=20
      10</FONT></B></A></SPAN> <A name=3D10><B><FONT =
face=3Darial,sans-serif>Pagina=20
      10</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 12718px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12732px; LEFT: 442px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>9</NOBR></SPAN> <NOBR>9</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12718px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11640px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(1)</I></SPAN>=20
<I>(1)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11640px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>How can the EU=20
support Member States' efforts to strengthen the adequacy of =
pension</I></SPAN>=20
<I>Come pu=C3=B2 il sostegno degli Stati membri dell'UE 'sforzi per =
rafforzare=20
l'adeguatezza delle pensioni</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11661px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>systems?</I></SPAN> <I>sistemi?</I></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Should the EU=20
seek to define better what an adequate retirement income</I></SPAN> =
<I>L'UE=20
dovrebbe cercare di definire meglio ci=C3=B2 che un reddito =
pensionistico=20
adeguato</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11682px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>might=20
entail?</I></SPAN> <I>potrebbe comportare?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11721px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(2)</I></SPAN>=20
<I>(2)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11721px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>Is =
the=20
existing pension framework at the EU level sufficient to ensure=20
sustainable</I></SPAN> <I>=C3=88 il quadro delle pensioni vigenti a =
livello=20
comunitario sufficiente a garantire la sostenibilit=C3=A0</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11741px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>public=20
finances?</I></SPAN> <I>finanze pubbliche?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11782px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>3.2.</B></SPAN> <B>3.2.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11782px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Achieving a=20
sustainable balance between time spent in work and in =
retirement</B></SPAN>=20
<B>Il raggiungimento di un equilibrio sostenibile tra tempo speso nel =
lavoro e=20
in pensione</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11821px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Time spent=20
in retirement has increased considerably over the past century and there =
are=20
large</NOBR></SPAN> <NOBR>Il tempo trascorso in pensione =C3=A8 =
aumentata=20
notevolmente durante il secolo scorso e ci sono grandi</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11842px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>variations=20
between Member States.</NOBR></SPAN> <NOBR>variazioni tra Stati=20
membri.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Currently,=20
typically about one third of adult life is spent in</NOBR></SPAN>=20
<NOBR>Attualmente, in genere circa un terzo della vita adulta =C3=A8 =
speso=20
in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11862px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>retirement=20
and this share will increase substantially with future gains in life=20
expectancy</NOBR></SPAN> <NOBR>pensionamento e questa percentuale =
aumenter=C3=A0=20
sensibilmente con l'incremento della speranza di vita =
futura</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11858px; LEFT: 775px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>18</NOBR></SPAN> <NOBR>18</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11883px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>unless the=20
length of working life increases and people retire later.</NOBR></SPAN> =
<NOBR>a=20
meno che la durata dell'orario di lavoro aumenta la vita e le persone =
vanno in=20
pensione pi=C3=B9 tardi.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Less than 50% of people are</NOBR></SPAN> =
<NOBR>Meno=20
del 50% delle persone sono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11904px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>still in=20
employment by the age of 60.</NOBR></SPAN> <NOBR>ancora in servizio da =
60 anni=20
di et=C3=A0.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This goes=20
against Member State commitments at the</NOBR></SPAN> <NOBR>Questo va =
contro gli=20
impegni di Stato presso il</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11924px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Barcelona=20
European Council to postpone the age at which people stop working by=20
five</NOBR></SPAN> <NOBR>Consiglio europeo di Barcellona di posticipare =
l'et=C3=A0 di=20
cessazione dell'attivit=C3=A0 di lavoro da cinque</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11945px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>years</NOBR></SPAN> =
<NOBR>anni</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11941px; LEFT: 144px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>19</NOBR></SPAN> <NOBR>19</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 11945px; LEFT: 156px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>It is also=20
inconsistent with the objective of reaching the Europe 2020 =
75%</NOBR></SPAN>=20
<NOBR>E 'anche in contrasto con l'obiettivo di raggiungere l'Europa 2020 =
il=20
75%</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11966px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>employment=20
rate target and impacts negatively on growth potential.</NOBR></SPAN>=20
<NOBR>obiettivo del tasso di occupazione e gli impatti negativamente sul =

potenziale di crescita.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The steep rise in old-age</NOBR></SPAN> =
<NOBR>Il=20
rapido aumento di vecchiaia</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 11986px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>dependency=20
ratios could be largely avoided if people would work longer (see figure=20
2).</NOBR></SPAN> <NOBR>indici di dipendenza potrebbe essere in gran =
parte=20
evitati se la gente avrebbe lavorato pi=C3=B9 a lungo (vedi figura =
2).</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12007px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Without=20
this a painful combination of lower benefits and higher contributions =
would=20
be</NOBR></SPAN> <NOBR>Senza questa dolorosa di una combinazione di =
minori=20
prestazioni e maggiori contributi sarebbe</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12028px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>inevitable.</NOBR></SPAN>=20
<NOBR>inevitabile.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12066px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Ensuring=20
that the time spent in retirement does not continue to increase compared =
to=20
time</NOBR></SPAN> <NOBR>Garantire che il tempo trascorso in =
pensionamento non=20
continuer=C3=A0 ad aumentare rispetto al tempo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12087px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>spent=20
working would support adequacy and sustainability.</NOBR></SPAN> =
<NOBR>passato a=20
lavorare a sostenere l'adeguatezza e la =
sostenibilit=C3=A0.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This means=20
increasing the age at</NOBR></SPAN> <NOBR>Ci=C3=B2 significa aumentare =
l'et=C3=A0=20
in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12108px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which one=20
stops working and draws a pension.</NOBR></SPAN> <NOBR>cui si smette di =
lavorare=20
e di una rendita dovuta.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Many Member States have already decided=20
to</NOBR></SPAN> <NOBR>Molti Stati membri hanno gi=C3=A0 deciso =
di</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12129px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>raise the=20
eligibility age for a full pension in their public pension schemes (see =
figure=20
6).</NOBR></SPAN> <NOBR>innalzare l'et=C3=A0 di ammissibilit=C3=A0 per =
una pensione=20
completa nei loro sistemi pensionistici pubblici (vedi figura =
6).</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>There</NOBR></SPAN> <NOBR>Ci</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12149px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>is a=20
growing awareness that this represents an important signal to workers =
and=20
employers,</NOBR></SPAN> <NOBR>=C3=A8 una crescente consapevolezza che =
questo=20
rappresenta un segnale importante per i lavoratori e datori di=20
lavoro,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12170px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which=20
motivates them to aim for higher effective retirement =
ages.</NOBR></SPAN>=20
<NOBR>che li spinge a puntare pi=C3=B9 elevato l'et=C3=A0 pensionabile=20
effettiva.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>A number of Member</NOBR></SPAN> <NOBR>Un =
certo=20
numero di membri</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12191px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>States have=20
demonstrated that a promising policy option for strengthening the =
sustainability=20
of</NOBR></SPAN> <NOBR>Gli Stati hanno dimostrato che una scelta =
politica=20
promettente per rafforzare la sostenibilit=C3=A0 delle</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12211px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
systems is an automatic adjustment that increases the pensionable age in =
line=20
with</NOBR></SPAN> <NOBR>sistemi pensionistici =C3=A8 un adeguamento =
automatico che=20
aumenta l'et=C3=A0 pensionabile in linea con</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12232px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>future=20
gains in life expectancy.</NOBR></SPAN> <NOBR>guadagni futuri della =
speranza di=20
vita.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>While this=20
approach of contingent adjustments could be</NOBR></SPAN> <NOBR>Mentre =
questo=20
approccio di adeguamenti contingente potrebbe essere</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12253px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>contemplated for other risks as well, =
committing to=20
periodic reviews of the adequacy and</NOBR></SPAN> <NOBR>prevista per =
altri=20
rischi pure, impegnandosi a controlli periodici, l'adeguatezza =
e</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12273px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>sustainability of pensions could be an =
alternative=20
or complementary way to facilitate a timely</NOBR></SPAN> =
<NOBR>sostenibilit=C3=A0=20
delle pensioni potrebbe essere un'alternativa o un modo complementare =
per=20
facilitare una tempestiva</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12294px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and smooth=20
response to changing conditions many of which are hard to =
predict.</NOBR></SPAN>=20
<NOBR>liscio e risposta al mutamento delle condizioni, molti dei quali =
sono=20
difficili da prevedere.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12333px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
feasibility of universal pensionable ages has always been debated due to =

occupational</NOBR></SPAN> <NOBR>La fattibilit=C3=A0 di universale =
et=C3=A0 pensionabile =C3=A8=20
sempre stato oggetto di discussione a causa del lavoro</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12354px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>differences=20
in labour market entry ages and the health status of workers in=20
different</NOBR></SPAN> <NOBR>differenze di et=C3=A0 l'ingresso nel =
mercato del=20
lavoro e lo stato di salute dei lavoratori nei vari</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12374px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>occupations.</NOBR></SPAN>=20
<NOBR>occupazioni.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Most Member States address this challenge =
through=20
resolute policies to improve</NOBR></SPAN> <NOBR>La maggior parte degli =
Stati=20
membri affrontare questa sfida con politiche risoluto a =
migliorare</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12395px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>health and=20
safety at work while providing access to pathways for those in real need =
before=20
the</NOBR></SPAN> <NOBR>salute e sicurezza sul lavoro fornendo al =
contempo=20
l'accesso a percorsi per chi =C3=A8 nel bisogno reale prima che =
il</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12416px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pensionable=20
age.</NOBR></SPAN> <NOBR>et=C3=A0 pensionabile.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>National=20
efforts are underpinned by the European Health and Safety</NOBR></SPAN>=20
<NOBR>Sforzi nazionali si fondano sul sanitaria europea e la=20
sicurezza</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12436px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Strategy.</NOBR></SPAN>=20
<NOBR>Strategia.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>A few Member States have acknowledged =
differences in=20
entry ages by combining</NOBR></SPAN> <NOBR>Alcuni Stati membri hanno=20
riconosciuto le differenze di et=C3=A0 l'ingresso =
combinando</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12457px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>measures to=20
increase pensionable ages with those increasing the number of =
contributory=20
years</NOBR></SPAN> <NOBR>misure per aumentare l'et=C3=A0 pensionabile =
con quelle di=20
aumentare il numero di anni di contribuzione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12478px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>required=20
for a full pension.</NOBR></SPAN> <NOBR>necessari per una pensione=20
completa.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Furthermore, whilst taking measures to =
extend=20
working lives, it</NOBR></SPAN> <NOBR>Inoltre, pur prendendo le misure =
per=20
estendere la vita lavorativa, =C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12498px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>will also=20
be important to address issues such as gender gaps in both pay and the=20
labour</NOBR></SPAN> <NOBR>Sar=C3=A0 importante anche per affrontare =
questioni come=20
la disparit=C3=A0 tra i sessi, sia a pagamento e il lavoro</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12519px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>market.</NOBR></SPAN> <NOBR>di=20
mercato.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12558px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>As labour=20
market exit ages are still low, the question is whether common EU =
principles=20
and</NOBR></SPAN> <NOBR>Come le et=C3=A0 di uscita dal mercato del =
lavoro sono ancora=20
scarse, la domanda =C3=A8 se i principi comuni dell'Unione europea =
e</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12579px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pathways to=20
adequate and sustainable pensions, applied in a differentiated manner, =
to cater=20
for</NOBR></SPAN> <NOBR>percorsi di pensioni adeguate e sostenibili, =
applicati=20
in modo differenziato, per tener conto</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12649px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>18</NOBR></SPAN> <NOBR>18</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12652px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Chapter=20
3.2.1 of the Interim Joint Report on pensions, see footnote =
2.</NOBR></SPAN>=20
<NOBR>Capitolo 3.2.1 della relazione intermedia comune in materia di =
pensioni,=20
si veda la nota 2.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12666px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>19</NOBR></SPAN> <NOBR>19</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12670px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Presidency=20
conclusions of the 15-16 March 2002 EUROPEAN COUNCIL SN 100/1/02 REV=20
1.</NOBR></SPAN> <NOBR>conclusioni della Presidenza del 15-16 marzo 2002 =

CONSIGLIO EUROPEO SN 100/1/02 REV 1.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12805px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D11><B><FONT =
face=3Darial,sans-serif>Page=20
      11</FONT></B></A></SPAN> <A name=3D11><B><FONT =
face=3Darial,sans-serif>Pagina=20
      11</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 13981px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13995px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>10</NOBR></SPAN> <NOBR>10</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13981px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12901px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>differences=20
in pension systems, would be helpful?</NOBR></SPAN> <NOBR>differenze tra =
i=20
sistemi pensionistici, sarebbero utili?</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Such=20
pathways would aim to enable people</NOBR></SPAN> <NOBR>Tali percorsi =
mirano a=20
consentire alle persone</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12922px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to build=20
adequate entitlements whilst also making EU economies more=20
sustainable.</NOBR></SPAN> <NOBR>di costruire diritti adeguata quando =
anche fare=20
economie europee pi=C3=B9 sostenibili.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>This</NOBR></SPAN> =
<NOBR>Questo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 12943px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>requires=20
pension system reforms to be supplemented with substantial efforts to =
allow=20
workers</NOBR></SPAN> <NOBR>richiede riforme del sistema pensionistico =
che deve=20
essere integrato con notevoli sforzi per consentire ai =
lavoratori</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12963px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to maintain=20
their employability throughout their working lives, offering appropriate =

retraining</NOBR></SPAN> <NOBR>di mantenere la loro occupabilit=C3=A0 =
nel corso della=20
loro vita lavorativa, offrendo adeguate riqualificazione</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 12984px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>opportunities.</NOBR></SPAN>=20
<NOBR>opportunit=C3=A0.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>New technologies and services to provide =
flexible=20
work arrangements through</NOBR></SPAN> <NOBR>Nuove tecnologie e servizi =
per=20
fornire sistemi di lavoro flessibile attraverso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13005px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>telework=20
and upgrading of skills can help to accommodate older workers in the =
workplace=20
for</NOBR></SPAN> <NOBR>telelavoro e aggiornamento di conoscenze =
pu=C3=B2 contribuire=20
a ospitare i lavoratori anziani sul posto di lavoro per</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13025px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>longer.</NOBR></SPAN> <NOBR>pi=C3=B9 a=20
lungo.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13064px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Key=20
measures enabling older workers, both women and men, to remain longer in =
the=20
labour</NOBR></SPAN> <NOBR>Le misure fondamentali consentire ai =
lavoratori=20
anziani, sia uomini che donne, per restare pi=C3=B9 a lungo nel mercato =
del=20
lavoro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13085px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>market=20
would include access for all, irrespective of age, gender and ethnicity, =
to=20
labour</NOBR></SPAN> <NOBR>di mercato includono l'accesso per tutti,=20
indipendentemente dall'et=C3=A0, sesso ed etnia, al lavoro</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13105px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>markets, to=20
training and disability adjustments</NOBR></SPAN> <NOBR>mercati, alla =
formazione=20
e alla disabilit=C3=A0 adeguamenti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13101px; LEFT: 473px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>20</NOBR></SPAN> <NOBR>20</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13105px; LEFT: 486px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
European Social Fund supports</NOBR></SPAN> <NOBR>Il Fondo sociale =
europeo=20
sostiene</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13126px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>measures to=20
improve the employability and raise the employment rates of women and =
men=20
of</NOBR></SPAN> <NOBR>misure volte a migliorare l'occupabilit=C3=A0 e =
aumentare i=20
tassi di occupazione delle donne e degli uomini di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13147px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>all working=20
ages.</NOBR></SPAN> <NOBR>tutte le et=C3=A0 di lavoro.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission is preparing a European Year on Active Ageing =
2012</NOBR></SPAN>=20
<NOBR>La Commissione sta preparando un Anno europeo su Active Ageing=20
2012</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13168px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which=20
should encourage Member States, social partners and other stakeholders =
to create=20
better</NOBR></SPAN> <NOBR>che dovrebbe incoraggiare gli Stati membri, =
parti=20
sociali e altri soggetti interessati a creare migliori</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13188px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>opportunities and working conditions for =
the=20
participation of older workers in the labour</NOBR></SPAN> =
<NOBR>opportunit=C3=A0 e=20
condizioni di lavoro per la partecipazione dei lavoratori anziani nel =
mercato=20
del lavoro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13209px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>market.</NOBR></SPAN> <NOBR>di=20
mercato.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13248px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This could=20
involve adapting social and financial incentives to work, including =
Member=20
States</NOBR></SPAN> <NOBR>Ci=C3=B2 potrebbe comportare l'adeguamento e =
incentivi=20
finanziari sociale al lavoro, compresi gli Stati membri</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13268px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>examining=20
the role of their tax rules.</NOBR></SPAN> <NOBR>esaminare il ruolo =
delle loro=20
norme fiscali.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Other measures could include adjusting=20
age</NOBR></SPAN> <NOBR>Altre misure potrebbero includere aumento=20
dell'et=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13289px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>management,=20
working arrangements and attitudes in labour markets and work-places,=20
and</NOBR></SPAN> <NOBR>gestione, organizzazione del lavoro e degli=20
atteggiamenti nei mercati del lavoro e luoghi di lavoro, e</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13310px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>considering=20
conditions for older self-employed workers.</NOBR></SPAN> =
<NOBR>considerando le=20
condizioni per anziani autonomi lavoratori autonomi.</NOBR></SPAN> <SPAN =

onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Prolonging=20
working lives to reflect</NOBR></SPAN> <NOBR>Prolungare la vita =
lavorativa per=20
riflettere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13330px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>continuous=20
gains in life expectancy over time would bring a double dividend: higher =

living</NOBR></SPAN> <NOBR>incrementi della speranza di vita continua =
nel tempo=20
porterebbe un doppio dividendo: pi=C3=B9 vita</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13351px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>standards=20
and more sustainable pensions.</NOBR></SPAN> <NOBR>le norme e le =
pensioni pi=C3=B9=20
sostenibili.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>In order to achieve more sustainable and=20
adequate</NOBR></SPAN> <NOBR>Al fine di conseguire pi=C3=B9 adeguate e=20
sostenibili</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13372px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pensions,=20
it is important that workers, and very often younger ones, spend more =
time in=20
jobs</NOBR></SPAN> <NOBR>pensioni, =C3=A8 importante che i lavoratori, e =
molto spesso=20
quelli pi=C3=B9 giovani, trascorrono pi=C3=B9 tempo in posti di =
lavoro</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13392px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>with wages=20
and working hours entitling them to future pension rights.</NOBR></SPAN> =

<NOBR>con salari e orari di lavoro che consentano loro di diritti =
pensionistici=20
futuri.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13431px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Member=20
States are already taking measures to support longer working =
lives</NOBR></SPAN>=20
<NOBR>Gli Stati membri stanno gi=C3=A0 adottando misure per sostenere =
prolungamento=20
della vita lavorativa</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13427px; LEFT: 656px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>21</NOBR></SPAN> <NOBR>21</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13431px; LEFT: 668px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Health=20
policies</NOBR></SPAN> <NOBR>Politiche sanitarie</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13452px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>aimed at=20
helping citizens age in better health can contribute to extending =
working=20
lives,</NOBR></SPAN> <NOBR>mira ad aiutare i cittadini in et=C3=A0 =
migliore salute=20
pu=C3=B2 contribuire a prolungare la vita lavorativa,</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13473px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>reduce=20
pressure on pension systems and can improve sustainability</NOBR></SPAN> =

<NOBR>ridurre la pressione sui sistemi pensionistici e possono =
migliorare la=20
sostenibilit=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13468px; LEFT: 590px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>22</NOBR></SPAN> <NOBR>22</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13473px; LEFT: 602px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Poor health=20
is one of the</NOBR></SPAN> <NOBR>cattive condizioni di salute =C3=A8 =
uno=20
dei</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13493px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>drivers of=20
early retirement.</NOBR></SPAN> <NOBR>i conducenti di pensionamento=20
anticipato.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13534px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(3)</I></SPAN>=20
<I>(3)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13534px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>How can higher=20
effective retirement ages best be achieved and how could increases =
in</I></SPAN>=20
<I>Come possono le et=C3=A0 effettiva di pensionamento pi=C3=B9 elevato =
essere realizzato=20
al meglio e come potrebbe aumenti</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13555px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>pensionable=20
ages contribute?</I></SPAN> <I>et=C3=A0 pensionabile =
contribuire?</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Should=20
automatic adjustment mechanisms related to</I></SPAN> <I>In caso di =
meccanismi=20
di adeguamento automatico connessi</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13576px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>demographic=20
changes be introduced in pension systems in order to balance the =
time</I></SPAN>=20
<I>cambiamenti demografici essere introdotti nei sistemi pensionistici =
al fine=20
di equilibrare il tempo</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13596px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>spent in work=20
and in retirement?</I></SPAN> <I>speso nel lavoro e in =
pensione?</I></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>What role=20
could the EU level play in this regard?</I></SPAN> <I>Quale ruolo =
potrebbe=20
svolgere il livello UE in questo senso?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13635px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(4)</I></SPAN>=20
<I>(4)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13635px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>How can the=20
implementation of the Europe 2020 strategy be used to promote =
longer</I></SPAN>=20
<I>Come pu=C3=B2 l'attuazione della strategia Europe 2020 sar=C3=A0 =
utilizzato per=20
promuovere la pi=C3=B9</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13656px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>employment,=20
its benefits to business and to address age discrimination in the=20
labour</I></SPAN> <I>l'occupazione, i vantaggi per le imprese e ad =
affrontare le=20
discriminazioni basate sull'et=C3=A0 nel lavoro</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13677px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>market?</I></SPAN> <I>mercato?</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13718px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>3.3.</B></SPAN> <B>3.3.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13718px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Removing=20
obstacles to mobility in the EU</B></SPAN> <B>Rimuovere gli ostacoli =
alla=20
mobilit=C3=A0 all'interno dell'UE</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13756px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Policies=20
and regulation need to facilitate the free movement of production =
factors,=20
notably</NOBR></SPAN> <NOBR>Politiche e normative necessit=C3=A0 di =
agevolare la=20
libera circolazione dei fattori di produzione, in =
particolare</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13777px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>labour and=20
capital, so as to use resources efficiently and create favourable =
conditions=20
to</NOBR></SPAN> <NOBR>lavoro e capitale, in modo da usare le risorse in =
modo=20
efficiente e di creare condizioni favorevoli per</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13797px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>maximise=20
incomes.</NOBR></SPAN> <NOBR>massimizzare il reddito.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Greater=20
flexibility in job mobility supports the adjustment capacity of=20
the</NOBR></SPAN> <NOBR>Maggiore flessibilit=C3=A0 nella mobilit=C3=A0 =
del lavoro a=20
sostegno della capacit=C3=A0 di adeguamento del</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13860px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>20</NOBR></SPAN> <NOBR>20</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13864px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>A better=20
transposition and application of the Employment Equality Directive =
(2000/78/EC)=20
and the</NOBR></SPAN> <NOBR>Una migliore attuazione e applicazione della =

direttiva sulla parit=C3=A0 di occupazione (2000/78/CE) e =
la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13881px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>realisation=20
of the added value of older staff is needed.</NOBR></SPAN> =
<NOBR>realizzazione=20
del valore aggiunto dei dipendenti pi=C3=B9 anziani =C3=A8 =
necessario.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Age is the=20
most common perceived disadvantage</NOBR></SPAN> <NOBR>L'et=C3=A0 =C3=A8 =
la comune=20
percezione svantaggio pi=C3=B9</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13898px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>when=20
seeking a job, see</NOBR> <A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/public_opinion/archives/ebs/=
ebs_317_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhgmY7rLpi21R=
XSfIvLYwDU8j9JpUg">http://translate.googleusercontent.com/translate_c?hl=3D=
it&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/public_opinion/arch=
ives/ebs/ebs_317_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhgm=
Y7rLpi21RXSfIvLYwDU8j9JpUg</A></SPAN>=20
<NOBR>quando si cerca un lavoro, vedere</NOBR> <A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/public_opinion/archives/ebs/=
ebs_317_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhgmY7rLpi21R=
XSfIvLYwDU8j9JpUg">http://translate.googleusercontent.com/translate_c?hl=3D=
it&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/public_opinion/arch=
ives/ebs/ebs_317_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhgm=
Y7rLpi21RXSfIvLYwDU8j9JpUg</A></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13912px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>21</NOBR></SPAN> <NOBR>21</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13915px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Chapter 2.1=20
of the Interim Joint Report on pensions, see footnote 2.</NOBR></SPAN>=20
<NOBR>Capitolo 2.1 della Relazione intermedia comune in materia di =
pensioni, si=20
veda la nota 2.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 13929px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>22</NOBR></SPAN> <NOBR>22</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 13933px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See=20
Commission Staff Working Document SEC(2010)830.</NOBR></SPAN> <NOBR>Vedi =
di=20
lavoro della Commissione SEC (2010) 830.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14068px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D12><B><FONT =
face=3Darial,sans-serif>Page=20
      12</FONT></B></A></SPAN> <A name=3D12><B><FONT =
face=3Darial,sans-serif>Pagina=20
      12</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 15244px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15258px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>11</NOBR></SPAN> <NOBR>11</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15244px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14164px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>economy and=20
strengthens the European social model.</NOBR></SPAN> <NOBR>economia =
sociale e=20
rafforza il modello europeo.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Unleashing the full potential of =
the</NOBR></SPAN>=20
<NOBR>Liberare tutto il potenziale della</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14185px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>single=20
market could bring significant benefits for all citizens</NOBR></SPAN>=20
<NOBR>mercato unico potrebbe apportare notevoli vantaggi per tutti i=20
cittadini</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14181px; LEFT: 540px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>23</NOBR></SPAN> <NOBR>23</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14185px; LEFT: 552px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14224px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.3.1.</I></SPAN> <I>3.3.1.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Strengthening=20
the internal market for pensions</I></SPAN> <I>Rafforzamento del mercato =
interno=20
per le pensioni</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14262px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
adoption of the Directive on Institutions for Occupational Retirement =
Provision=20
(IORP)</NOBR></SPAN> <NOBR>L'adozione della direttiva sugli enti =
pensionistici=20
aziendali o professionali (EPAP)</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14283px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>in 2003 was=20
a major achievement.</NOBR></SPAN> <NOBR>nel 2003 =C3=A8 stato un =
risultato=20
importante.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>But this Directive only covers those =
funded pensions=20
that</NOBR></SPAN> <NOBR>Ma questa direttiva si applica soltanto ai =
pensionati=20
finanziati che</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14304px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>are=20
occupational in nature and not even all occupational schemes fall under =
its=20
scope (eg</NOBR></SPAN> <NOBR>sono di natura professionale e non anche =
tutti i=20
regimi professionali rientrano nel suo ambito di applicazione (ad=20
esempio</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14324px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>book=20
reserve schemes are excluded).</NOBR></SPAN> <NOBR>regimi di riserva =
libro sono=20
esclusi).</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>It is not a framework directive, which =
makes it=20
difficult</NOBR></SPAN> <NOBR>Non =C3=A8 una direttiva quadro, che rende =

difficile</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14345px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to adapt=20
regulation to market changes.</NOBR></SPAN> <NOBR>adeguare il =
regolamento ai=20
cambiamenti del mercato.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>First experience has shown that there are=20
still</NOBR></SPAN> <NOBR>In primo luogo l'esperienza ha dimostrato che =
ci sono=20
ancora</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14366px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>considerable barriers to cross-border=20
activity.</NOBR></SPAN> <NOBR>notevoli barriere cross-border=20
attivit=C3=A0.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>They prevent the full realisation of=20
efficiency</NOBR></SPAN> <NOBR>Essi impediscono la piena realizzazione =
di=20
efficienza</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14386px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>gains=20
arising from scale economies and competition, thereby raising the cost =
of=20
pensions and</NOBR></SPAN> <NOBR>plusvalenze derivanti da economie di =
scala e la=20
concorrenza, aumentando cos=C3=AC il costo delle pensioni =
e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14407px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>restricting=20
consumer choice.</NOBR></SPAN> <NOBR>che limitano la scelta del=20
consumatore.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Barriers are in many cases the result of =
regulatory=20
differences</NOBR></SPAN> <NOBR>Le barriere sono in molti casi il =
risultato di=20
differenze di regolamentazione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14428px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and legal=20
uncertainties, such as an unclear definition of cross-border activity, a =
lack=20
of</NOBR></SPAN> <NOBR>e l'incertezza giuridica, come ad esempio una =
definizione=20
chiara di attivit=C3=A0 cross-border, la mancanza di</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14449px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>harmonisation of prudential regulation and =
complex=20
interaction between EU regulation and</NOBR></SPAN> <NOBR>armonizzazione =
della=20
regolamentazione prudenziale e complessa interazione tra normativa =
comunitaria=20
e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14469px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>national=20
law.</NOBR></SPAN> <NOBR>diritto nazionale.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Removing=20
these obstacles may require a review of the IORP Directive,=20
further</NOBR></SPAN> <NOBR>La rimozione di questi ostacoli possono =
richiedere=20
un riesame della direttiva sui fondi pensionistici, a =
seguito</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14490px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>supervisory=20
convergence and more transparency about national =
differences.</NOBR></SPAN>=20
<NOBR>la convergenza della vigilanza e pi=C3=B9 trasparenza sulle =
differenze=20
nazionali.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Moreover, aspects</NOBR></SPAN> =
<NOBR>Inoltre, gli=20
aspetti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14511px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>concerning=20
custodianship</NOBR></SPAN> <NOBR>relativa custodia</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14506px; LEFT: 291px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>24</NOBR></SPAN> <NOBR>24</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14511px; LEFT: 309px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and pension=20
fund governance need to be addressed, including an</NOBR></SPAN> <NOBR>e =

governance dei fondi pensione devono essere affrontati, tra cui =
un</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14531px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>adequate=20
understanding and supervision of investment decisions, remuneration,=20
incentive</NOBR></SPAN> <NOBR>adeguata comprensione e la vigilanza delle =

decisioni di investimento, di retribuzione, di =
incentivazione</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14552px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>structures=20
for service providers and socially responsible investment =
(SRI).</NOBR></SPAN>=20
<NOBR>strutture per i fornitori di servizi e investimenti socialmente=20
responsabili (SRI).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14591px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Appropriate=20
and comparable accounting standards are important to enhancing=20
transparency</NOBR></SPAN> <NOBR>Un'adeguata e principi contabili =
comparabili=20
sono importanti per aumentare la trasparenza</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14611px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>about=20
pension liabilities.</NOBR></SPAN> <NOBR>sulle passivit=C3=A0=20
pensionistiche.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The International Accounting Standards =
Board (IASB)=20
has</NOBR></SPAN> <NOBR>L'International Accounting Standards Board =
(IASB)=20
ha</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14632px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>undertaken=20
a project to review its pension accounting standard IAS 19</NOBR></SPAN> =

<NOBR>avviato un progetto per rivedere la sua pensione di standard =
contabili IAS=20
19</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14628px; LEFT: 656px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>25</NOBR></SPAN> <NOBR>25</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14632px; LEFT: 668px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
European</NOBR></SPAN> <NOBR>L'Autorit=C3=A0 europea</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14653px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Commission=20
jointly with its technical advisor, the European Financial Reporting=20
Advisory</NOBR></SPAN> <NOBR>Commissione, di concerto con il proprio =
consulente=20
tecnico, l'European Financial Reporting Advisory</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14673px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Group=20
(EFRAG), closely monitors the IASB project to improve pension =
accounting,=20
possibly</NOBR></SPAN> <NOBR>Group (EFRAG), segue da vicino il progetto =
dello=20
IASB per migliorare la contabilit=C3=A0 pensione, forse</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14694px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>also for=20
pension funds themselves, in accordance with the endorsement process=20
established</NOBR></SPAN> <NOBR>anche per i fondi pensione stessi, in =
conformit=C3=A0=20
della procedura di omologazione stabilita</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14715px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>under the=20
IAS Regulation</NOBR></SPAN> <NOBR>ai sensi del regolamento =
IAS</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14711px; LEFT: 291px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>26</NOBR></SPAN> <NOBR>26</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14715px; LEFT: 303px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14754px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The free=20
movement of capital is facilitated by Member States giving the same tax=20
treatment to</NOBR></SPAN> <NOBR>La libera circolazione dei capitali =
=C3=A8 agevolata=20
da parte degli Stati membri, indicando le tasse stesso trattamento=20
ai</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14774px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>dividends=20
and interest received by IORPs investing in their territory but =
established=20
elsewhere</NOBR></SPAN> <NOBR>i dividendi e gli interessi percepiti da =
EPAP=20
investendo nel loro territorio ma con sede all'estero</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14795px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>in the=20
European Economic Area (EEA).</NOBR></SPAN> <NOBR>nella Spazio economico =
europeo=20
(SEE).</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Following=20
the Commission's decision to launch</NOBR></SPAN> <NOBR>A seguito della=20
decisione della Commissione di avviare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14816px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>infringement action against several Member =
States=20
because of discriminatory features of their</NOBR></SPAN> =
<NOBR>procedure di=20
infrazione nei confronti di vari Stati membri a causa delle =
caratteristiche=20
discriminatorie del loro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14836px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>tax rules=20
in this area, some Member States have already aligned their pension's =
tax=20
legislation</NOBR></SPAN> <NOBR>norme fiscali in questo settore, alcuni =
Stati=20
membri hanno gi=C3=A0 allineato la loro legislazione fiscale =
pensione</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14857px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>with the=20
requirements of EU law.</NOBR></SPAN> <NOBR>con le esigenze del diritto=20
comunitario.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14896px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Although=20
the Internal Market for insurance products has been in place for a =
longer=20
time,</NOBR></SPAN> <NOBR>Nonostante il mercato interno per i prodotti=20
assicurativi =C3=A8 in vigore per un tempo pi=C3=B9 lungo,</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14916px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>cross-border activity for life assurance =
products=20
has also remained limited, representing well</NOBR></SPAN> =
<NOBR>Attivit=C3=A0=20
cross-border dei prodotti di assicurazione vita =C3=A8 rimasta limitata, =
che=20
rappresentano ben</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14937px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>below 10%=20
of total life assurance premiums written in most Member =
States.</NOBR></SPAN>=20
<NOBR>inferiore al 10% del totale premi di assicurazione vita scritto in =
molti=20
Stati membri.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The Internal</NOBR></SPAN>=20
<NOBR>L'Internal</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 14958px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Market=20
could also be helpful in extending access to additional sources of =
retirement=20
income</NOBR></SPAN> <NOBR>Mercato pu=C3=B2 anche essere utile per =
estendere=20
l'accesso a ulteriori fonti di reddito per la pensione</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 14979px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>beyond=20
pensions, such as reverse mortgages.</NOBR></SPAN> <NOBR>al di l=C3=A0 =
delle=20
pensioni, ad esempio mutui inverso.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>There have also been calls to create a=20
regulatory</NOBR></SPAN> <NOBR>Ci sono state anche le chiamate a creare =
un=20
quadro normativo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15089px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>23</NOBR></SPAN> <NOBR>23</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15092px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See=20
footnote 22 for more information on the current EU framework on=20
pensions.</NOBR></SPAN> <NOBR>Si veda la nota 22 per maggiori =
informazioni sul=20
quadro attuale dell'Unione europea in materia di pensioni.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15106px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>24</NOBR></SPAN> <NOBR>24</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15109px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See=20
Commission report on some key aspects concerning Directive 2003/41/EC on =
the=20
activities and</NOBR></SPAN> <NOBR>Cfr. relazione della Commissione su =
alcuni=20
aspetti fondamentali riguardanti la direttiva 2003/41/CE relativa alle =
attivit=C3=A0=20
e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15127px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>supervision=20
of institutions for occupational retirement provision (IORP Directive) =
of=20
30.4.2009,</NOBR></SPAN> <NOBR>supervisione degli enti pensionistici =
aziendali o=20
professionali (EPAP direttiva) del 2009/04/30,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15144px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>COM(2009)=20
203, available at</NOBR></SPAN> <NOBR>COM (2009) 203, disponibile=20
all'indirizzo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15161px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/internal_market/pensions/doc=
s/legislation/iorp_report_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3D=
ALkJrhig8E1-IgMp8r2dm9VJt6mAO1lfLQ">http://translate.googleusercontent.co=
m/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/=
internal_market/pensions/docs/legislation/iorp_report_en.pdf&amp;rurl=3Dt=
ranslate.google.it&amp;usg=3DALkJrhig8E1-IgMp8r2dm9VJt6mAO1lfLQ</A></SPAN=
>=20
<A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/internal_market/pensions/doc=
s/legislation/iorp_report_en.pdf&amp;rurl=3Dtranslate.google.it&amp;usg=3D=
ALkJrhig8E1-IgMp8r2dm9VJt6mAO1lfLQ">http://translate.googleusercontent.co=
m/translate_c?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/=
internal_market/pensions/docs/legislation/iorp_report_en.pdf&amp;rurl=3Dt=
ranslate.google.it&amp;usg=3DALkJrhig8E1-IgMp8r2dm9VJt6mAO1lfLQ</A></SPAN=
>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15175px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>25</NOBR></SPAN> <NOBR>25</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15178px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>IAS 19=20
Employee Benefits applies to the sponsoring undertakings.</NOBR></SPAN>=20
<NOBR>IAS 19 Benefici per i dipendenti si applica alle imprese=20
promotrici.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15192px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>26</NOBR></SPAN> <NOBR>26</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15196px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>IAS=20
Regulation 1606/2002.</NOBR></SPAN> <NOBR>IAS regolamento=20
1606/2002.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15331px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D13><B><FONT =
face=3Darial,sans-serif>Page=20
      13</FONT></B></A></SPAN> <A name=3D13><B><FONT =
face=3Darial,sans-serif>Pagina=20
      13</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 16507px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16521px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>12</NOBR></SPAN> <NOBR>12</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16507px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15427px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>framework=20
for an EU-wide private pension regime alongside the existing pension =
regimes=20
in</NOBR></SPAN> <NOBR>quadro per un livello di regime pensionistico =
privato=20
dell'Unione europea a fianco i regimi pensionistici =
esistenti</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15448px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Europe</NOBR></SPAN> =
<NOBR>Europa</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15444px; LEFT: 158px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>27</NOBR></SPAN> <NOBR>27</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15448px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15489px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(5)</I></SPAN>=20
<I>(5)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15489px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>In =
which way=20
should the IORP Directive be amended to improve the conditions =
for</I></SPAN>=20
<I>In che modo dovrebbe direttiva sui fondi pensionistici essere =
modificati per=20
migliorare le condizioni di</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15510px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>cross-border=20
activity?</I></SPAN> <I>-Border attivit=C3=A0 croce?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15551px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.3.2.</I></SPAN> <I>3.3.2.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Mobility of=20
pensions</I></SPAN> <I>Mobilit=C3=A0 delle pensioni</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15589px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>EU=20
Regulations on the coordination of social security systems have been =
protecting=20
pension</NOBR></SPAN> <NOBR>Regolamenti UE sul coordinamento dei sistemi =
di=20
sicurezza sociale sono stati tutela pensionistica</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15610px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>rights of=20
mobile EU citizens and their family members for the past five=20
decades.</NOBR></SPAN> <NOBR>diritti delle esigenze dei cittadini =
dell'UE e dei=20
loro familiari per gli ultimi cinque decenni.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
new</NOBR></SPAN> <NOBR>Il nuovo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15631px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Regulations=20
883/2004 and 987/2009 expand this protection and ensure that for the =
accrual=20
of</NOBR></SPAN> <NOBR>Regolamenti 883/2004 e 987/2009 espandere questa=20
protezione e assicura che per la maturazione di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15651px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
rights, insurance periods acquired in another Member State will be taken =

into</NOBR></SPAN> <NOBR>diritti pensionistici, i periodi assicurativi =
acquisiti=20
in un altro Stato membro saranno presi in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15672px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>account.</NOBR></SPAN> =
<NOBR>conto.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>These=20
Regulations are limited to statutory and occupational pension schemes=20
where</NOBR></SPAN> <NOBR>Tali regolamenti sono limitati a regimi =
pensionistici=20
professionali e statutari, dove</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15693px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>rights are=20
based on legislation: recent national reforms as outlined above may thus =
require=20
an</NOBR></SPAN> <NOBR>diritti sono basate sulla legislazione: recenti =
riforme=20
nazionali di cui sopra pu=C3=B2 quindi richiedere un</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15713px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>extension=20
of the coordination regulations and minimum standards to improve mobile=20
workers'</NOBR></SPAN> <NOBR>estensione delle norme di coordinamento e =
le norme=20
minime per migliorare lavoratori mobili '</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15734px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>access to=20
supplementary pension rights within and between Member =
States.</NOBR></SPAN>=20
<NOBR>l'accesso ai diritti a pensione complementare all'interno e tra =
gli Stati=20
membri.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15773px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission proposed a Directive in 2005 to set minimum standards for the =

acquisition,</NOBR></SPAN> <NOBR>La Commissione ha proposto una =
direttiva nel=20
2005 di fissare norme minime per l'acquisizione,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15793px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>preservation and transferability of =
supplementary=20
pension rights.</NOBR></SPAN> <NOBR>la conservazione e la =
trasferibilit=C3=A0 dei=20
diritti a pensione complementare.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Internal mobility was</NOBR></SPAN> =
<NOBR>La=20
mobilit=C3=A0 interna =C3=A8 stata</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15814px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>included=20
because a separation of internal and external mobility was=20
impractical.</NOBR></SPAN> <NOBR>incluso perch=C3=A9 una separazione di =
mobilit=C3=A0=20
interna ed esterna non era pratico.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15853px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
proposal was revised by the Commission in 2007 to drop the =
transferability=20
element</NOBR></SPAN> <NOBR>La proposta =C3=A8 stata rivista dalla =
Commissione nel=20
2007 di abbandonare l'elemento di trasferibilit=C3=A0</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15873px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which had=20
been opposed by some as technically difficult and potentially burdensome =
or=20
open</NOBR></SPAN> <NOBR>che si era opposto da alcuni come tecnicamente=20
difficile e potenzialmente oneroso o aperte</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15894px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>to=20
abuse.</NOBR></SPAN> <NOBR>ad abusi.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This left=20
the emphasis on the timely acquisition of pension rights and =
their</NOBR></SPAN>=20
<NOBR>Ci=C3=B2 ha lasciato l'accento sulla tempestiva acquisizione dei =
diritti=20
pensionistici e la loro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15915px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>subsequent=20
preservation.</NOBR></SPAN> <NOBR>successiva =
conservazione.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>However, it=20
has still not been possible to achieve the unanimity</NOBR></SPAN>=20
<NOBR>Tuttavia, non =C3=A8 ancora stato possibile raggiungere=20
l'unanimit=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15936px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>needed in=20
the Council to pass the Directive.</NOBR></SPAN> <NOBR>necessario in =
sede di=20
Consiglio di passare la direttiva.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15974px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Fresh=20
impetus is needed to reach a solution for all mobile =
workers</NOBR></SPAN>=20
<NOBR>Rilanciare =C3=A8 necessario per raggiungere una soluzione per =
tutti i=20
lavoratori mobili</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 15970px; LEFT: 585px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>28</NOBR></SPAN> <NOBR>28</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15974px; LEFT: 597px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In today's=20
labour market,</NOBR></SPAN> <NOBR>Nel mercato del lavoro di =
oggi,</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 15995px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>with the=20
added challenges from the financial and economic crisis, people need to =
be able=20
to</NOBR></SPAN> <NOBR>le sfide aggiunto dalla crisi finanziaria ed =
economica,=20
le persone devono essere in grado di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16016px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>change jobs=20
easily throughout their working life and employers should be able to =
recruit=20
the</NOBR></SPAN> <NOBR>cambiare lavoro facilmente in tutta la loro vita =
di=20
lavoro e datori di lavoro dovrebbero essere in grado di reclutare=20
i</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16036px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>right=20
person with the right skills.</NOBR></SPAN> <NOBR>persona giusta con le=20
competenze giuste.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Further need for action comes from the =
rise in=20
the</NOBR></SPAN> <NOBR>ulteriore necessit=C3=A0 di intervento deriva =
dalla crescita=20
del</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16057px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>importance=20
of funded pensions in diverse forms.</NOBR></SPAN> <NOBR>importanza =
delle=20
pensioni finanziati in forme diverse.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This raises=20
the issue of scope: eg should</NOBR></SPAN> <NOBR>Questo pone il =
problema del=20
campo di applicazione: ad esempio, dovrebbe</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16078px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>statutory=20
mandatory funded schemes be included in EU measures?</NOBR></SPAN> =
<NOBR>legale=20
finanziato regimi obbligatori essere inclusi nelle misure dell'Unione=20
europea?</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16116px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Some Member=20
States operate pension tracing services which help people keep track of=20
their</NOBR></SPAN> <NOBR>Alcuni Stati membri procedono pensione =
rintracciare i=20
servizi che aiutano le persone tenere traccia dei loro</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16137px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
rights from different sources within that Member State.</NOBR></SPAN>=20
<NOBR>diritti a pensione da diverse fonti all'interno di tale Stato=20
membro.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Given the=20
growing degree of</NOBR></SPAN> <NOBR>Dato il crescente grado =
di</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16158px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>labour=20
mobility and reliance on a broader set of public and private sources of=20
retirement</NOBR></SPAN> <NOBR>mobilit=C3=A0 del lavoro e la fiducia su =
un insieme=20
pi=C3=B9 ampio di fonti pubbliche e private di =
pensionamento</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16179px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>income, an=20
EU level tracking system could help mobile individuals keep track of =
their=20
pension</NOBR></SPAN> <NOBR>reddito, un sistema di monitoraggio a =
livello UE=20
potrebbe aiutare le persone mobile tenere traccia della loro=20
pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16199px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>rights.</NOBR></SPAN> =
<NOBR>diritti.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16238px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Discriminatory tax rules can be an =
obstacle to the=20
mobility of pensions.</NOBR></SPAN> <NOBR>norme fiscali discriminatorie =
pu=C3=B2=20
essere un ostacolo alla mobilit=C3=A0 delle pensioni.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The Court=20
of Justice</NOBR></SPAN> <NOBR>La Corte di giustizia</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16259px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>has ruled=20
that it is contrary to EU law to tax transfers of pension capital from=20
domestic</NOBR></SPAN> <NOBR>ha stabilito che =C3=A8 contrario al =
diritto=20
comunitario, di trasferimenti fiscali del capitale pensionistico da=20
domestico</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16279px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
funds to funds established elsewhere in the EEA if transfers of pension=20
capital</NOBR></SPAN> <NOBR>fondi pensione ai fondi stabilita nel resto =
del SEE=20
i trasferimenti di capitale pensionistico</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16352px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>27</NOBR></SPAN> <NOBR>27</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16355px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The Monti=20
Report also suggests an option to explore the 28</NOBR></SPAN> <NOBR>Il =
Rapporto=20
Monti suggerisce anche una opzione per esplorare i 28</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16352px; LEFT: 524px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>th</NOBR></SPAN> =
<NOBR>=C2=B0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16355px; LEFT: 536px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>regime for=20
supplementary pension rights,</NOBR></SPAN> <NOBR>regime dei diritti a =
pensione=20
complementare,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16372px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>see A NEW=20
STRATEGY FOR THE SINGLE MARKET AT THE SERVICE OF EUROPE'S</NOBR></SPAN>=20
<NOBR>vedere UNA NUOVA STRATEGIA PER IL MERCATO UNICO AL SERVIZIO=20
d'Europa</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16390px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>ECONOMY AND=20
SOCIETY, Report to the President of the European Commission Jos=C3=A9=20
Manuel</NOBR></SPAN> <NOBR>Economia e societ=C3=A0, Relazione al =
Presidente della=20
Commissione europea Jos=C3=A9 Manuel</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16407px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Barroso by=20
Mario Monti, 9 May 2010, p.58.</NOBR></SPAN> <NOBR>Barroso, di Mario =
Monti, il 9=20
maggio 2010, p.58.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16421px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>28</NOBR></SPAN> <NOBR>28</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16424px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>For=20
example, setting up a cross-border EU pension fund for highly mobile =
workers (eg=20
researchers)</NOBR></SPAN> <NOBR>Ad esempio, la creazione di un =
transfrontaliera=20
dei fondi pensione dell'UE per i lavoratori altamente mobile (es.=20
ricercatori)</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16441px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>could be an=20
option.</NOBR></SPAN> <NOBR>potrebbe essere un'opzione.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>See=20
"Feasibility Study of a Pan-European pension fund for EU researchers",=20
Hewitt</NOBR></SPAN> <NOBR>Vedere "Studio di fattibilit=C3=A0 di un =
fondo pensione=20
europeo per i ricercatori Pan-UE", Hewitt</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16459px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Associates=20
on behalf of the European Commission (DG RTD), May 2010.</NOBR></SPAN>=20
<NOBR>Associates per conto della Commissione europea (DG RTD), maggio=20
2010.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16594px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D14><B><FONT =
face=3Darial,sans-serif>Page=20
      14</FONT></B></A></SPAN> <A name=3D14><B><FONT =
face=3Darial,sans-serif>Pagina=20
      14</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 17770px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17784px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>13</NOBR></SPAN> <NOBR>13</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17770px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16690px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>between=20
domestic pension funds are tax free</NOBR></SPAN> <NOBR>tra i fondi =
pensione=20
nazionali sono esenti da imposte</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16686px; LEFT: 433px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>29</NOBR></SPAN> <NOBR>29</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16690px; LEFT: 445px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission intends to examine whether</NOBR></SPAN> <NOBR>La Commissione =
intende=20
esaminare se</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16711px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>there are=20
any other Member States with similar rules.</NOBR></SPAN> <NOBR>ci sono =
altri=20
Stati membri con norme analoghe.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16752px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(6)</I></SPAN>=20
<I>(6)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16752px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>What should be=20
the scope of schemes covered by EU level action on removing</I></SPAN> =
<I>Quale=20
dovrebbe essere il campo di applicazione dei regimi disciplinati dal =
un'azione a=20
livello dell'UE sulla rimozione</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16773px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>obstacles for=20
mobility?</I></SPAN> <I>ostacoli per la mobilit=C3=A0?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16811px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(7)</I></SPAN>=20
<I>(7)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16811px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Should the EU=20
look again at the issue of transfers or would minimum standards =
on</I></SPAN>=20
<I>L'UE dovrebbe riesaminare la questione dei trasferimenti o sarebbe =
norme=20
minime per le</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16832px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>acquisition=20
and preservation plus a tracking service for all types of pension rights =
be=20
a</I></SPAN> <I>acquisizione e la salvaguardia oltre a un servizio di=20
monitoraggio per tutti i tipi di diritti a pensione essere un</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16853px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>better=20
solution?</I></SPAN> <I>migliore soluzione?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16894px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><B>3.4.</B></SPAN> <B>3.4.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16894px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>Safer, more=20
transparent pensions with better awareness and information</B></SPAN> =
<B>Pi=C3=B9=20
sicura, pi=C3=B9 trasparente delle pensioni di pi=C3=B9 con una maggiore =
consapevolezza e=20
informazione</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16932px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Safety in=20
pensions is important to support adequacy.</NOBR></SPAN> <NOBR>Sicurezza =
delle=20
pensioni sia importante sostenere adeguatezza.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
the macroeconomic benefits</NOBR></SPAN> <NOBR>Inoltre, i vantaggi=20
macroeconomici</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16953px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>can be felt=20
quickly as pensioners are a growing source of stable and regular=20
consumption.</NOBR></SPAN> <NOBR>pu=C3=B2 essere sentito presto i =
pensionati sono una=20
fonte crescente di consumo stabile e regolare.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The</NOBR></SPAN> <NOBR>Il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 16974px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>disparate=20
developments in Member States' pension systems and the trend towards=20
DC</NOBR></SPAN> <NOBR>differente evoluzione in pensione 'i sistemi =
degli Stati=20
membri e la tendenza alla DC</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 16994px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>schemes,=20
however, raise new policy questions.</NOBR></SPAN> <NOBR>sistemi, =
tuttavia,=20
sollevano questioni di politica nuova.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17033px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.4.1.</I></SPAN> <I>3.4.1.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Closing gaps=20
in EU regulation</I></SPAN> <I>Colmare i divari in UE =
regolamento</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17072px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>As pension=20
provision moves from single to multi-tiered systems and from simple to=20
complex</NOBR></SPAN> <NOBR>Come si muove pensione disposizione da =
singolo a=20
sistemi multi-tier e dal semplice al complesso</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17092px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
packages, the fragmented and incomplete character of the present=20
European</NOBR></SPAN> <NOBR>Pacchetti pensionistici, il carattere =
frammentario=20
e incompleto europea attuale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17113px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>framework=20
may no longer be sufficient.</NOBR></SPAN> <NOBR>quadro pu=C3=B2 non =
essere pi=C3=B9=20
sufficiente.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17152px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(1)</NOBR></SPAN> <NOBR>(1)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17152px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Reforms=20
have led to some funded pension schemes, both public and private,=20
being</NOBR></SPAN> <NOBR>Le riforme hanno portato ad alcuni regimi=20
pensionistici a capitalizzazione, sia pubbliche che private,=20
essendo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17172px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>covered by=20
EU regulation in some Member States but not in others.</NOBR></SPAN>=20
<NOBR>contemplati dal regolamento comunitario in alcuni Stati membri, ma =
non in=20
altri.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This is=20
not</NOBR></SPAN> <NOBR>Questo non =C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17193px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>consistent=20
with the relevant G20 Pittsburgh declaration (=E2=80=9C13. [=E2=80=A6] =
All firms=20
whose</NOBR></SPAN> <NOBR>coerente con le pertinenti Pittsburgh =
dichiarazione=20
G20 ("13. [...] Tutte le imprese la cui</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17214px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>failure=20
could pose a risk to financial stability must be subject to=20
consistent,</NOBR></SPAN> <NOBR>fallimento potrebbe comportare un =
rischio per la=20
stabilit=C3=A0 finanziaria devono essere oggetto di =
costante,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17235px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>consolidated supervision and regulation =
with high=20
standards.</NOBR></SPAN> <NOBR>vigilanza su base consolidata e =
regolazione con=20
standard elevati.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>[=E2=80=A6]=E2=80=9D), as reinforced =
at</NOBR></SPAN> <NOBR>[...]=20
"), Come ribadito in occasione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17255px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the G20=20
Toronto summit, nor does it reflect the fact that pension funds have=20
become</NOBR></SPAN> <NOBR>il vertice del G20 di Toronto, non riflette =
il fatto=20
che i fondi pensione sono diventate</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17276px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>major=20
players in financial markets.</NOBR></SPAN> <NOBR>i principali operatori =
nei=20
mercati finanziari.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17315px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(2)</NOBR></SPAN> <NOBR>(2)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17315px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Similar=20
pension schemes are covered by different EU rules thus raising issues=20
of</NOBR></SPAN> <NOBR>regimi pensionistici simili sono coperti da =
diverse norme=20
UE in tal modo di provocare problemi di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17335px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>consistency.</NOBR></SPAN>=20
<NOBR>coerenza.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17374px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(3)</NOBR></SPAN> <NOBR>(3)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17374px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There are=20
unclear boundaries between: social security schemes and private=20
schemes;</NOBR></SPAN> <NOBR>Ci sono confini chiari fra: regimi di =
sicurezza=20
sociale e di privati;</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17395px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>occupational and individual schemes; and =
voluntary=20
and mandatory schemes.</NOBR></SPAN> <NOBR>e singoli regimi =
professionali e=20
volontari e sistemi obbligatori.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17433px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>(4)</NOBR></SPAN> <NOBR>(4)</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17433px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>It is not=20
always clear what differentiates general saving from =
pensions.</NOBR></SPAN>=20
<NOBR>Non =C3=A8 sempre chiaro ci=C3=B2 che differenzia il risparmio =
generale di=20
pensioni.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>This raises the</NOBR></SPAN> =
<NOBR>Ci=C3=B2 solleva=20
la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17454px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>question=20
whether the label 'pension' should not be restricted to a product that=20
has</NOBR></SPAN> <NOBR>questione se l'etichetta 'pensione' non dovrebbe =
essere=20
limitato a un prodotto che ha</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17475px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>certain=20
features such as security and rules restricting access including a =
payout=20
design</NOBR></SPAN> <NOBR>alcune funzioni come la sicurezza e le norme =
che=20
limitano l'accesso tra cui un disegno payout</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17496px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>which=20
incorporates a regular stream of payments in retirement.</NOBR></SPAN> =
<NOBR>che=20
incorpora un flusso regolare dei pagamenti in pensione.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17534px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
the trend towards DC schemes, away from defined benefit (DB) schemes,=20
is</NOBR></SPAN> <NOBR>Inoltre, la tendenza verso un sistema a corrente=20
continua, lontano da prestazione definita (DB) i piani, =
=C3=A8</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17555px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>continuing.</NOBR></SPAN> <NOBR>di=20
continuare.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The aim of tying employees to the company =
through=20
occupational pension</NOBR></SPAN> <NOBR>L'obiettivo di legare i =
dipendenti alla=20
societ=C3=A0 attraverso previdenza professionale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17576px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>promises is=20
losing ground: employers are less reliant on firm-specific skills due=20
to</NOBR></SPAN> <NOBR>promette sta perdendo terreno: i datori di lavoro =
sono=20
meno affidamento su specifiche competenze di impresa a causa =
di</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17596px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>technological advances and employees are=20
increasingly preferring flexibility and mobility.</NOBR></SPAN> =
<NOBR>progressi=20
tecnologici e gli impiegati sono sempre pi=C3=B9 preferendo la =
flessibilit=C3=A0 e la=20
mobilit=C3=A0.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17617px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Furthermore, while occupational DB schemes =
provide=20
greater certainty about future</NOBR></SPAN> <NOBR>Inoltre, mentre i =
regimi=20
professionali di DB garantire una maggiore certezza sul =
futuro</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17638px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>retirement=20
income and reduce costs because of their size and risk sharing, they can =
be=20
an</NOBR></SPAN> <NOBR>ridurre i costi e proventi di pensionamento a =
causa delle=20
loro dimensioni e la ripartizione del rischio, possono essere =
un</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17658px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>untenable=20
burden on employers.</NOBR></SPAN> <NOBR>onere insostenibile ai datori =
di=20
lavoro.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17718px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>29</NOBR></SPAN> <NOBR>29</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17722px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Commission vs.=20
Belgium</I> , Case C-522/04.</SPAN> <I>Commissione contro Belgio,</I> =
causa=20
C-522/04.</SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17857px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D15><B><FONT =
face=3Darial,sans-serif>Page=20
      15</FONT></B></A></SPAN> <A name=3D15><B><FONT =
face=3Darial,sans-serif>Pagina=20
      15</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 19033px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19047px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>14</NOBR></SPAN> <NOBR>14</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19033px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17953px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Today,=20
nearly 60 million Europeans are enrolled in DC schemes</NOBR></SPAN> =
<NOBR>Oggi,=20
quasi 60 milioni di europei sono iscritti a programmi di =
DC</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17949px; LEFT: 586px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>30</NOBR></SPAN> <NOBR>30</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17953px; LEFT: 598px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Such=20
schemes are much</NOBR></SPAN> <NOBR>Tali sistemi sono =
molto</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 17974px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>more=20
prevalent today than they were a decade ago and will continue to grow in =

importance.</NOBR></SPAN> <NOBR>pi=C3=B9 diffusa oggi rispetto a un =
decennio fa e=20
continuer=C3=A0 a crescere in importanza.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 17995px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The sponsor=20
does not bear the financial risk and DC schemes are more likely to=20
promote</NOBR></SPAN> <NOBR>Lo sponsor non sopporta il rischio =
finanziario e=20
sistemi di DC sono pi=C3=B9 propensi a promuovere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18015px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>longer=20
working lives.</NOBR></SPAN> <NOBR>prolungamento della vita=20
attiva.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>But a key=20
implication is that they shift the investment, inflation =
and</NOBR></SPAN>=20
<NOBR>Ma una implicazione fondamentale =C3=A8 che si spostano gli =
investimenti,=20
inflazione e</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18036px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>longevity=20
risks to scheme members, who are less well placed to bear these risks=20
individually.</NOBR></SPAN> <NOBR>rischi di longevit=C3=A0 degli =
iscritti, che sono=20
meno in grado di sostenere tali rischi individualmente.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18057px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There are,=20
however, ways to reduce these risks.</NOBR></SPAN> <NOBR>Ci sono, =
tuttavia, il=20
modo di ridurre tali rischi.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Minimum return guarantees and=20
life-styling</NOBR></SPAN> <NOBR>garanzie di rendimento minimo e la=20
vita-styling</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18077px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>portfolio=20
compositions come at a cost but good practice across Member States has =
shown=20
that</NOBR></SPAN> <NOBR>composizioni di portafoglio hanno un costo, ma =
delle=20
buone prassi tra gli Stati membri ha dimostrato che</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18098px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>they can=20
reduce short-term volatility.</NOBR></SPAN> <NOBR>essi possono ridurre =
la=20
volatilit=C3=A0 di breve termine.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Market performance can be enhanced by good =

economic</NOBR></SPAN> <NOBR>Le prestazioni del mercato pu=C3=B2 essere =
migliorata=20
bene economico</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18119px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and public=20
finance policies and better regulation.</NOBR></SPAN> <NOBR>e le =
politiche di=20
finanza pubblica e una migliore regolamentazione.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Better=20
investment practice and scheme</NOBR></SPAN> <NOBR>Migliore prassi di=20
investimento e regime</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18139px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>design can=20
substantially mitigate risk and increase capacity for shock absorption=20
thus</NOBR></SPAN> <NOBR>il design pu=C3=B2 sostanzialmente ridurre i =
rischi e=20
aumentare la capacit=C3=A0 di assorbimento degli urti =
cos=C3=AC</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18160px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>achieving a=20
better balance between risks, security and affordability for both savers =

and</NOBR></SPAN> <NOBR>raggiungimento di un migliore equilibrio tra i =
rischi,=20
la sicurezza e la convenienza per entrambi i risparmiatori =
e</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18181px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>providers.</NOBR></SPAN>=20
<NOBR>fornitori.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18220px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Collective=20
risk sharing through hybrid schemes, such as a DC scheme with a minimum=20
return</NOBR></SPAN> <NOBR>condivisione collettiva del rischio =
attraverso=20
sistemi ibridi, quali un regime DC con un rendimento =
minimo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18240px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>guarantee=20
or a part-DB and part-DC scheme, could change the current trend to=20
individualised</NOBR></SPAN> <NOBR>garanzia o una parte-DB-DC e regime =
parte,=20
potrebbe cambiare l'attuale tendenza a individualizzato</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18261px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>DC=20
schemes.</NOBR></SPAN> <NOBR>DC regimi.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
high quality schemes are being promoted by industry =
initiatives.</NOBR></SPAN>=20
<NOBR>Inoltre, i sistemi di alta qualit=C3=A0 sono stati promossi da =
iniziative del=20
settore.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18282px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Some=20
occupational DB schemes have also adapted to demographic and structural =
changes=20
by</NOBR></SPAN> <NOBR>Alcuni DB regimi professionali hanno inoltre =
adattato=20
alle cambiamenti demografici e strutturali da</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18302px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>increasing=20
risk sharing between sponsors, workers and pensioners.</NOBR></SPAN>=20
<NOBR>condivisione del rischio crescente tra gli sponsor, i lavoratori e =

pensionati.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Existing collective</NOBR></SPAN> =
<NOBR>Collettiva=20
esistente</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18323px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>governance=20
structures in DB schemes facilitate this.</NOBR></SPAN> <NOBR>strutture =
di=20
governo nei regimi di DB facilitare questo.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Examples=20
include moving from final</NOBR></SPAN> <NOBR>Gli esempi includono =
passando=20
dalla finale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18344px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>salary to=20
career average schemes, establishing cash balance schemes, allowing for=20
longevity</NOBR></SPAN> <NOBR>stipendio ai regimi medio di carriera, =
istituisce=20
regimi di saldo di cassa, consentendo per la =
longevit=C3=A0</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18364px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>adjustments, changing accrual rates, =
adjusting the=20
normal pension age, and applying</NOBR></SPAN> <NOBR>regolazione, =
sostituire=20
tassi di accumulazione, la regolazione della pensione normale e=20
l'applicazione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18385px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>conditional=20
indexation.</NOBR></SPAN> <NOBR>indicizzazione =
condizionale.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18424px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>International policy discussions raise the =
question=20
whether current EU regulation is able to</NOBR></SPAN> <NOBR>discussioni =
di=20
politica internazionale di sollevare la questione se l'attuale normativa =
UE =C3=A8 in=20
grado di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18444px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>cope with=20
the shift towards DC schemes</NOBR></SPAN> <NOBR>far fronte al passaggio =
a=20
regimi DC</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18440px; LEFT: 413px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>31</NOBR></SPAN> <NOBR>31</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18444px; LEFT: 425px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>A=20
reassessment of the IORP Directive may be</NOBR></SPAN> <NOBR>Una =
rivalutazione=20
della direttiva sui fondi pensionistici possono essere</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18465px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>required in=20
areas such as governance, risk management, safekeeping of assets,=20
investment</NOBR></SPAN> <NOBR>in settori quali la governance, gestione =
del=20
rischio, custodia del patrimonio, gli investimenti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18486px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>rules and=20
disclosure.</NOBR></SPAN> <NOBR>regole e divulgazione.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>In=20
addition, the current EU framework does not address the=20
accumulation</NOBR></SPAN> <NOBR>Inoltre, l'attuale quadro UE non =
affronta=20
l'accumulo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18507px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>phase.</NOBR></SPAN> =
<NOBR>fase.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>This=20
includes (i) plan design to mitigate short-term volatility in returns =
and=20
(ii)</NOBR></SPAN> <NOBR>Questo include (i) progettazione del piano per=20
attenuare la volatilit=C3=A0 di breve termine dei rendimenti e =
(ii)</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18527px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>investment=20
choice and default investment options.</NOBR></SPAN> <NOBR>investimento =
di=20
scelta e opzioni di investimento predefinite.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
given that the size of the</NOBR></SPAN> <NOBR>Inoltre, dato che le =
dimensioni=20
del</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18548px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension in=20
DC schemes can depend on the year in which the pensioner retires,=20
market</NOBR></SPAN> <NOBR>nei regimi pensionistici DC pu=C3=B2 =
dipendere l'anno in=20
cui il pensionato si ritira, il mercato</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18569px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>regulation=20
needs to address the payout phase such as rules on purchasing an annuity =

(eg</NOBR></SPAN> <NOBR>Il regolamento deve affrontare la fase di =
pagamento=20
quali le norme per l'acquisto di una rendita (ad esempio</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18589px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>whether it=20
is mandatory or voluntary, and the timing).</NOBR></SPAN> <NOBR>se sia=20
obbligatorio o volontario, e la tempistica).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18630px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(8)</I></SPAN>=20
<I>(8)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18630px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Does current=20
EU legislation need reviewing to ensure a consistent regulation =
and</I></SPAN>=20
<I>L'attuale legislazione UE necessit=C3=A0 di revisione per garantire =
una=20
regolamentazione coerente e</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18651px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>supervision of=20
funded (ie backed by a fund of assets) pension schemes and =
products?</I></SPAN>=20
<I>supervisione di capitalizzazione (cio=C3=A8 sostenuta da un fondo di =
beni) ai=20
regimi pensionistici e prodotti?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18672px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><I>If =
so, which=20
elements?</I></SPAN> <I>Se s=C3=AC, quali elementi?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18711px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(9)</I></SPAN>=20
<I>(9)</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18711px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>How could=20
European regulation or a code of good practice help Member =
States</I></SPAN>=20
<I>Come potrebbe regolamento europeo o di un codice di buone pratiche =
aiutare=20
gli Stati membri</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18731px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>achieve a=20
better balance for pension savers and pension providers between=20
risks,</I></SPAN> <I>ottenere un migliore equilibrio per i risparmiatori =
e degli=20
enti previdenziali pensionistici tra i rischi,</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18752px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>security and=20
affordability?</I></SPAN> <I>sicurezza e la convenienza?</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18793px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.4.2.</I></SPAN> <I>3.4.2.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Improving the=20
solvency regime for pension funds</I></SPAN> <I>Migliorare il regime di=20
solvibilit=C3=A0 per i fondi pensione</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18831px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The IORP=20
Directive's minimum prudential requirements include solvency rules for=20
DB</NOBR></SPAN> <NOBR>Della direttiva EPAP prudenziale requisiti minimi =

comprendono norme di solvibilit=C3=A0 per DB</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18852px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>schemes.</NOBR></SPAN> =
<NOBR>regimi.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>These=20
solvency rules are currently the same as those that apply to life=20
assurance</NOBR></SPAN> <NOBR>Queste regole di solvibilit=C3=A0 sono =
attualmente le=20
stesse che si applicano alle assicurazioni sulla vita</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18873px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>undertakings.</NOBR></SPAN>=20
<NOBR>imprese.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>With the entry into force of the Solvency =
II=20
Directive in 2012, insurance</NOBR></SPAN> <NOBR>Con l'entrata in vigore =
della=20
direttiva Solvibilit=C3=A0 II nel 2012, l'assicurazione</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18894px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>undertakings will be able to benefit from =
a=20
three-pillar, risk-based solvency regime and the</NOBR></SPAN> <NOBR>le =
imprese=20
potranno beneficiare di un ciclo di tre pilastri, basato regime di =
solvibilit=C3=A0=20
del rischio e la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18964px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>30</NOBR></SPAN> <NOBR>30</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18967px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>EFRP survey=20
on DC pensions 2010.</NOBR></SPAN> <NOBR>EFRP indagine sulle pensioni DC =

2010.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 18981px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>31</NOBR></SPAN> <NOBR>31</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 18985px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>OECD=20
Pension Market in Focus Oct. 2009.</NOBR></SPAN> <NOBR>OCSE mercato =
delle=20
pensioni in Focus ottobre 2009.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19120px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D16><B><FONT =
face=3Darial,sans-serif>Page=20
      16</FONT></B></A></SPAN> <A name=3D16><B><FONT =
face=3Darial,sans-serif>Pagina=20
      16</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 20296px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20310px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>15</NOBR></SPAN> <NOBR>15</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20296px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19216px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>question is=20
whether this new regime should also apply to IORPs.</NOBR></SPAN>=20
<NOBR>questione =C3=A8 se questo nuovo regime dovrebbe valere anche per=20
EPAP.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There is=20
little agreement</NOBR></SPAN> <NOBR>Vi =C3=A8 poco =
accordo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19237px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>among=20
stakeholders, partly reflecting the difference in the ways occupational =
pensions=20
are</NOBR></SPAN> <NOBR>tra i soggetti interessati, riflettendo in parte =
la=20
differenza nei modi pensioni aziendali o professionali =
sono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19258px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>delivered:=20
book reserve, pension fund or insurance contract.</NOBR></SPAN> =
<NOBR>espresso:=20
riserva libro, fondo pensione o contratto di =
assicurazione.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19296px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>As regards=20
pension funds, Member States have also taken different approaches to=20
protecting</NOBR></SPAN> <NOBR>Per quanto riguarda i fondi pensione, gli =
Stati=20
membri hanno inoltre adottato diversi approcci per la =
protezione</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19317px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>acquired=20
pension rights</NOBR></SPAN> <NOBR>diritti pensionistici =
acquisiti</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19313px; LEFT: 277px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>32</NOBR></SPAN> <NOBR>32</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19317px; LEFT: 289px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission conducted a consultation on this subject in =
2008</NOBR></SPAN>=20
<NOBR>La Commissione ha condotto una consultazione su questo tema nel=20
2008</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19338px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
organised a public hearing in May 2009.</NOBR></SPAN> <NOBR>e ha =
organizzato=20
un'audizione pubblica nel maggio 2009.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>During this=20
process, stakeholders signalled that</NOBR></SPAN> <NOBR>Durante questo=20
processo, ha segnalato che i soggetti interessati</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19358px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>there needs=20
to be a</NOBR> <I>sui generis</I> solvency regime for pension funds and =
that it=20
is important to</SPAN> <NOBR>ci deve essere una</NOBR> <I>sui =
generis</I> regime=20
di solvibilit=C3=A0 per i fondi pensione e che =C3=A8 importante</SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19379px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>avoid=20
pro-cyclical solvency rules.</NOBR></SPAN> <NOBR>evitare il ciclico =
solvibilit=C3=A0=20
regole-pro.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The Solvency II approach could be a good =
starting=20
point,</NOBR></SPAN> <NOBR>L'approccio di Solvency II potrebbe essere un =
buon=20
punto di partenza,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19400px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>subject to=20
adjustments to take account of the nature and duration of the pension=20
promise,</NOBR></SPAN> <NOBR>oggetto di adeguamenti per tener conto =
della natura=20
e della durata della promessa pensione,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19420px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>where=20
appropriate.</NOBR></SPAN> <NOBR>se del caso.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
suitability of Solvency II for pension funds needs to be considered=20
in</NOBR></SPAN> <NOBR>L'idoneit=C3=A0 di Solvency II per i fondi =
pensione deve=20
essere considerato in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19441px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>a rigorous=20
impact assessment, examining notably the influence on price and =
availability=20
of</NOBR></SPAN> <NOBR>una valutazione di impatto rigorosa, esaminando =
in=20
particolare l'influenza sul prezzo e la disponibilit=C3=A0 =
di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19462px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
products</NOBR></SPAN> <NOBR>pensione di prodotti</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19466px; LEFT: 229px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>.</NOBR></SPAN> <NOBR>.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19501px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>A related=20
question is whether, reflecting developments in banking, insurance and=20
investment,</NOBR></SPAN> <NOBR>Una questione collegata =C3=A8 se, =
riflettendo gli=20
sviluppi nel settore bancario, assicurativo e di =
investimento,</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19521px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>there is a=20
need for promoting pension benefit guarantee systems in the Member=20
States,</NOBR></SPAN> <NOBR>vi =C3=A8 la necessit=C3=A0 di promuovere =
sistemi di garanzia=20
benefici pensionistici degli Stati membri,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19542px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>possibly=20
coordinated or facilitated at EU level.</NOBR></SPAN> =
<NOBR>possibilmente=20
coordinate o agevolato a livello UE.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Such=20
systems can not only address failures in</NOBR></SPAN> <NOBR>Tali =
sistemi=20
possono non solo far fronte alle inefficienze in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19563px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>sponsor-backed DB schemes or book reserve =
schemes,=20
but could also compensate for</NOBR></SPAN> <NOBR>sponsor garantiti da =
sistemi=20
di DB o regimi di riserva libro, ma potrebbe anche =
compensare</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19583px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>excessive=20
losses in DC schemes.</NOBR></SPAN> <NOBR>eccessive perdite nei sistemi=20
DC.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this) =
onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>There are,=20
however, important aspects to address such as</NOBR></SPAN> <NOBR>Vi =
sono,=20
tuttavia, aspetti importanti per affrontare, come</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19604px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>moral=20
hazard and potential implicit public support in very turbulent=20
times.</NOBR></SPAN> <NOBR>moral hazard e il potenziale pubblico un =
supporto=20
implicito in tempi molto turbolenti.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19645px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(10) What=20
should an equivalent solvency regime for pension funds look =
like?</I></SPAN>=20
<I>(10) Cosa si deve un regime di solvibilit=C3=A0 per i fondi pensione =
equivalente=20
assomiglia?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19686px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.4.3.</I></SPAN> <I>3.4.3.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Addressing the=20
risk of employer insolvency</I></SPAN> <I>Affrontare il rischio di =
insolvenza=20
del datore di lavoro</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19725px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Given the=20
important role of sponsoring undertakings in the provision of benefits =
and=20
the</NOBR></SPAN> <NOBR>Considerato l'importante ruolo di "impresa =
promotrice=20
l'erogazione delle prestazioni e la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19745px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>funding of=20
IORPs, their insolvency presents a particular risk.</NOBR></SPAN>=20
<NOBR>finanziamento di EPAP, la loro insolvenza presenta un rischio=20
particolare.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The Insolvency Directive</NOBR></SPAN>=20
<NOBR>L'insolvenza della direttiva</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19741px; LEFT: 775px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>33</NOBR></SPAN> <NOBR>33</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19766px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>provides=20
for the protection of employees' rights to supplementary occupational =
pensions=20
in</NOBR></SPAN> <NOBR>prevede la tutela dei 'diritti dei lavoratori per =
le=20
pensioni integrative aziendali in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19787px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the event=20
of the insolvency of their employer.</NOBR></SPAN> <NOBR>caso di =
insolvenza del=20
datore di lavoro.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>However, there is no obligation on the=20
Member</NOBR></SPAN> <NOBR>Tuttavia, non vi =C3=A8 alcun obbligo per gli =
Stati=20
membri</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19807px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>State to=20
fund the rights nor do full guarantees need to be provided, thus leaving =

considerable</NOBR></SPAN> <NOBR>Stato per finanziare i diritti n=C3=A9 =
garanzie=20
devono essere fornite, lasciando in tal modo un notevole</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19828px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>latitude on=20
the level and modalities of protection.</NOBR></SPAN> <NOBR>latitudine =
sul=20
livello e le modalit=C3=A0 di protezione.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
the IORP Directive does not</NOBR></SPAN> <NOBR>Inoltre, la direttiva =
sui fondi=20
pensionistici non</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19849px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>apply to=20
companies using book reserve schemes for the payment of retirement =
benefits to=20
their</NOBR></SPAN> <NOBR>applicano alle societ=C3=A0 che utilizzano =
sistemi di=20
riserve per il pagamento delle prestazioni pensionistiche ai =
loro</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19869px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>employees.</NOBR></SPAN>=20
<NOBR>dipendenti.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The need to ensure the protection of =
supplementary=20
occupational pensions in</NOBR></SPAN> <NOBR>La necessit=C3=A0 di =
garantire la=20
protezione delle pensioni integrative aziendali in</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19890px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>those=20
instances becomes more acute in the present situation, since the =
financial and=20
economic</NOBR></SPAN> <NOBR>quelle istanze si fa pi=C3=B9 acuto nella =
situazione=20
attuale, in quanto la finanziaria ed economica</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19911px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>crisis will=20
increase the number of company insolvencies.</NOBR></SPAN> <NOBR>crisi =
aumenter=C3=A0=20
il numero delle insolvenze aziendali.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19950px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission presented a Staff Working Document</NOBR></SPAN> <NOBR>La =
Commissione=20
ha presentato un documento di lavoro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19945px; LEFT: 536px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>34</NOBR></SPAN> <NOBR>34</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19950px; LEFT: 557px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>on the=20
implementation of the</NOBR></SPAN> <NOBR>sull'attuazione =
del</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 19970px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>provision=20
concerning supplementary occupational pensions contained in the=20
Insolvency</NOBR></SPAN> <NOBR>disposizione relativa delle pensioni =
integrative=20
contenute nel insolvenza</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19991px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Directive.</NOBR></SPAN>=20
<NOBR>Direttiva.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>As a follow-up to this document, the =
Commission has=20
launched a study in 2009</NOBR></SPAN> <NOBR>Come follow-up a questo =
documento,=20
la Commissione ha avviato uno studio nel 2009</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 19987px; LEFT: 775px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>35</NOBR></SPAN> <NOBR>35</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20012px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>covering DB=20
and book reserve schemes and is currently gathering information on=20
the</NOBR></SPAN> <NOBR>copertura DB e sistemi di riserva libro e sta=20
attualmente raccogliendo informazioni sulla</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20032px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>protection=20
of unpaid contributions to DC schemes in case of employer=20
insolvency.</NOBR></SPAN> <NOBR>protezione dei contributi non versati a =
regimi=20
di DC nel caso di insolvenza del datore di lavoro.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20073px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(11) Should=20
the protection provided by EU legislation in the case of the insolvency=20
of</I></SPAN> <I>(11) Qualora la tutela prevista dalla legislazione UE =
in caso=20
di insolvenza del</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20094px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>pension=20
sponsoring employers be enhanced and if so how?</I></SPAN> <I>pensione=20
sponsorizzazione dei datori di lavoro di migliorare e se s=C3=AC, =
come?</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20175px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>32</NOBR></SPAN> <NOBR>32</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20179px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Security=20
mechanisms used today rely on a realistic valuation of technical =
provisions, own=20
funds,</NOBR></SPAN> <NOBR>meccanismi di sicurezza utilizzati oggi =
contare su=20
una valutazione realistica delle riserve tecniche, fondi =
propri,</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20196px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>sponsor=20
covenants, pension protection funds or a combination of those elements =
(CEIOPS=20
SSC report).</NOBR></SPAN> <NOBR>Alleanze sponsor, i fondi pensione di=20
protezione o una combinazione di tali elementi (CEIOPS relazione=20
SSC).</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20210px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>33</NOBR></SPAN> <NOBR>33</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20213px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>2008/94/EC</NOBR></SPAN>=20
<NOBR>2008/94/CE</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20227px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>34</NOBR></SPAN> <NOBR>34</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20230px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>SEC(2008)=20
475, 11.4.2008.</NOBR></SPAN> <NOBR>SEC (2008) 475, =
2008/11/04.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20244px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>35</NOBR></SPAN> <NOBR>35</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20248px; LEFT: 160px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>OJ 2009/ S=20
230-329482.</NOBR></SPAN> <NOBR>GU 2009 / S 230-329482.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20383px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D17><B><FONT =
face=3Darial,sans-serif>Page=20
      17</FONT></B></A></SPAN> <A name=3D17><B><FONT =
face=3Darial,sans-serif>Pagina=20
      17</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 21559px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21573px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>16</NOBR></SPAN> <NOBR>16</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21559px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20479px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>3.4.4.</I></SPAN> <I>3.4.4.</I></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>Facilitating=20
informed decisions</I></SPAN> <I>Facilitare decisioni =
informate</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20518px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The trend=20
towards DC schemes underlines the need for transparent and clear=20
communication.</NOBR></SPAN> <NOBR>La tendenza verso un sistema DC =
sottolinea la=20
necessit=C3=A0 di una comunicazione chiara e trasparente.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20539px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The IORP=20
and the Life Directives contain information disclosure=20
requirements.</NOBR></SPAN> <NOBR>L'EPAP e le direttive Life contengono =
i=20
requisiti di pubblicit=C3=A0 delle informazioni.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>But=20
these</NOBR></SPAN> <NOBR>Ma questi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20559px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>provisions=20
are based on minimum harmonisation and national approaches differ=20
markedly.</NOBR></SPAN> <NOBR>disposizioni si basano su =
un'armonizzazione minima=20
e gli approcci nazionali differiscono notevolmente.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20580px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover=20
they were designed for DB schemes and may therefore need to be=20
adjusted.</NOBR></SPAN> <NOBR>Inoltre esse sono state progettate per =
sistemi di=20
DB e possono quindi essere necessario modificare.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>In</NOBR></SPAN> <NOBR>In</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20601px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>going=20
forward, it would seem important to review the key information =
specifically for=20
pension</NOBR></SPAN> <NOBR>andando avanti, sembrerebbe importante =
rivedere le=20
informazioni chiave specificamente per la pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20621px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>schemes and=20
products (eg risk, nature of promise, cost/fees, payout method,=20
etc.).</NOBR></SPAN> <NOBR>sistemi e prodotti (ad esempio il rischio, la =
natura=20
della promessa, costi / diritti, metodo di pagamento, =
ecc.)</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>This</NOBR></SPAN> =
<NOBR>Questo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20642px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>should take=20
into account what is being developed for other financial products, =
seeking=20
to</NOBR></SPAN> <NOBR>dovrebbe tener conto di ci=C3=B2 che =C3=A8 stato =
sviluppato per=20
altri prodotti finanziari, cercando di</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20663px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>ensure=20
comparable information.</NOBR></SPAN> <NOBR>garantire informazioni=20
comparabili.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Consumer testing combined with economic =
research=20
could be</NOBR></SPAN> <NOBR>test di consumo combinati con la ricerca =
economica=20
potrebbe essere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20683px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>used to=20
improve the quality of information in terms of clarity and=20
comparability.</NOBR></SPAN> <NOBR>utilizzati per migliorare la =
qualit=C3=A0 delle=20
informazioni in termini di chiarezza e comparabilit=C3=A0.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20722px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Shifting=20
choice and responsibility to the individual requires that people =
understand=20
the</NOBR></SPAN> <NOBR>Shifting scelta e la responsabilit=C3=A0 per =
l'individuo=20
richiede che le persone a comprendere il</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20743px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>information=20
in order to make informed choices, especially as pensions have become=20
more</NOBR></SPAN> <NOBR>informazioni al fine di fare scelte =
consapevoli, tanto=20
pi=C3=B9 che le pensioni sono diventate pi=C3=B9</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20764px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>complex.</NOBR></SPAN>=20
<NOBR>complessi.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Financial education can help as =
demonstrated by the=20
work of the OECD and the EU</NOBR></SPAN> <NOBR>L'educazione finanziaria =
pu=C3=B2=20
aiutare, come dimostra il lavoro dell'OCSE e dell'UE</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 20784px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>already=20
works with Member States on this.</NOBR></SPAN> <NOBR>collabora gi=C3=A0 =
con gli=20
Stati membri su questo.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Financial education complements regulation =
of=20
the</NOBR></SPAN> <NOBR>Educazione finanziaria completa del regolamento=20
del</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20805px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>industry,=20
both prudential (eg the IORP Directive) and market conduct rules, and=20
product</NOBR></SPAN> <NOBR>industria, sia prudenziale (ad esempio la =
direttiva=20
sui fondi pensionistici) e norme di comportamento di mercato e di=20
prodotto</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20826px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>disclosure=20
rules.</NOBR></SPAN> <NOBR>divulgazione regole.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>It is=20
important that individuals are properly equipped with economic=20
literacy</NOBR></SPAN> <NOBR>E 'importante che gli individui siano =
adeguatamente=20
dotati di alfabetizzazione economica</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20846px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
planning skills to adequately assess their need for financial and social =

protection and to</NOBR></SPAN> <NOBR>capacit=C3=A0 di pianificazione e =
di valutare=20
adeguatamente il loro bisogno di protezione sociale e finanziaria e=20
per</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20867px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>avoid=20
behavioural biases.</NOBR></SPAN> <NOBR>evitare distorsioni=20
comportamentali.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>For example, with the growing importance =
of DC=20
schemes people</NOBR></SPAN> <NOBR>Per esempio, con la crescente =
importanza dei=20
regimi DC persone</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20888px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>need to=20
make informed decisions about investments.</NOBR></SPAN> =
<NOBR>necessit=C3=A0 di=20
prendere decisioni consapevoli sugli investimenti.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>It is also=20
important that people have a</NOBR></SPAN> <NOBR>E 'anche importante che =
le=20
persone hanno un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20908px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>competent=20
body to turn to that can answer their questions relating to pensions, =
especially=20
in a</NOBR></SPAN> <NOBR>organismo competente a cui rivolgersi in grado =
di=20
rispondere alle loro domande in materia di pensioni, soprattutto in=20
un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20929px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>cross-border mobility =
context.</NOBR></SPAN>=20
<NOBR>confine mobilit=C3=A0 contesto cross-.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20968px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>At the same=20
time, national experiences suggest that the engagement rate that can be=20
obtained</NOBR></SPAN> <NOBR>Allo stesso tempo, le esperienze nazionali =
indicano=20
che il tasso di impegno che si pu=C3=B2 ottenere</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 20988px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>through=20
disclosure and financial education has an upper limit.</NOBR></SPAN>=20
<NOBR>attraverso la divulgazione e l'educazione finanziaria =C3=A8 un =
limite=20
superiore.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>It is therefore important to</NOBR></SPAN> =
<NOBR>E=20
'quindi importante</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21009px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>envisage an=20
in-depth examination of the merits of auto-enrolment with opt-out=20
clauses.</NOBR></SPAN> <NOBR>prevedere un approfondito esame del merito =
della=20
registrazione automatica di clausole di opt-out.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21048px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Informed=20
decisions go hand in hand with adequate pension provision.</NOBR></SPAN> =

<NOBR>decisioni informate andare di pari passo con prestazioni =
pensionistiche=20
adeguate.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>When making saving</NOBR></SPAN> =
<NOBR>Quando si=20
effettua il salvataggio</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21069px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>decisions=20
it is important that individuals be offered appropriate =
options.</NOBR></SPAN>=20
<NOBR>decisioni, =C3=A8 importante che le persone da offrire opzioni=20
appropriate.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>There could therefore</NOBR></SPAN> =
<NOBR>Ci=20
potrebbe quindi</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21089px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>be a case=20
for defining what exactly the desirable features of pensions are: if =
they lack=20
certain</NOBR></SPAN> <NOBR>essere un caso per definire che cosa =
esattamente le=20
caratteristiche auspicabili delle pensioni sono le seguenti: se mancano=20
alcuni</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21110px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>key=20
characteristics, not only could this lead to confusion, but it could =
also lead=20
to under</NOBR></SPAN> <NOBR>caratteristiche chiave, non solo questo =
potrebbe=20
portare a confusione, ma potrebbe anche portare a norma</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21131px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>provision=20
in retirement, for example if early withdrawals lead to a depletion of =
savings=20
or if</NOBR></SPAN> <NOBR>disposizione in pensione, per esempio se =
ritiri early=20
portare ad un impoverimento del risparmio o se</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21151px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>no steady=20
income is generated from the accumulated assets.</NOBR></SPAN> =
<NOBR>nessun=20
reddito costante =C3=A8 generato dal patrimonio =
accumulato.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Member=20
States may consider</NOBR></SPAN> <NOBR>Gli Stati membri possono=20
considerare</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21172px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>putting in=20
place a reliable pensions advice service to facilitate consumer=20
choices.</NOBR></SPAN> <NOBR>mettendo a punto un servizio di consulenza=20
affidabile pensioni per facilitare le scelte dei =
consumatori.</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21213px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(12) Is there=20
a case for modernising the current minimum information =
disclosure</I></SPAN>=20
<I>(12) C'=C3=A8 un caso per la modernizzazione della divulgazione di =
informazioni=20
minime correnti</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21234px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>requirements=20
for pension products (eg in terms of comparability, standardisation=20
and</I></SPAN> <I>requisiti per i prodotti pensionistici (ad esempio in =
termini=20
di comparabilit=C3=A0, standardizzazione e</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21255px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>clarity)?</I></SPAN> =
<I>chiarezza)?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21293px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(13) Should=20
the EU develop a common approach for default options about=20
participation</I></SPAN> <I>(13) L'Unione europea dovrebbe sviluppare un =

approccio comune per le opzioni di default sulla =
partecipazione</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21314px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>and investment=20
choice?</I></SPAN> <I>e gli investimenti scelta?</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21373px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>4.</B></SPAN>=20
<B>4.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21373px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>IMPROVING EU=20
STATISTICS ON PENSIONS</B></SPAN> <B>Il miglioramento delle statistiche=20
dell'Unione europea in materia di pensioni</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21411px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Data about=20
pension systems available from the different national and EU-level =
sources=20
could</NOBR></SPAN> <NOBR>I dati sui sistemi pensionistici a =
disposizione dal=20
livello nazionale e comunitario a livello di fonti diverse=20
potrebbe</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21432px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>be=20
streamlined to increase their comparability and make substantial cost=20
savings.</NOBR></SPAN> <NOBR>essere semplificate per aumentare la loro=20
comparabilit=C3=A0 e fare risparmi sostanziali.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Building=20
on</NOBR></SPAN> <NOBR>Basandosi su</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21453px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>existing=20
international work (eg the OECD) and various EU initiatives, the =
development of=20
an</NOBR></SPAN> <NOBR>lavoro esistente internazionali (ad esempio =
l'OCSE) e=20
varie iniziative dell'UE, lo sviluppo di un</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21474px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>EU=20
methodology for pension statistics could facilitate the assessment of =
the common=20
policy</NOBR></SPAN> <NOBR>metodologia comunitaria per la statistica =
pensione=20
potrebbe facilitare la valutazione della politica comune</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21494px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
regulatory challenges.</NOBR></SPAN> <NOBR>e le sfide=20
regolamentari.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Pension funds are important institutional =
investors=20
and their</NOBR></SPAN> <NOBR>I fondi pensione sono importanti =
investitori=20
istituzionali e la loro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21646px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D18><B><FONT =
face=3Darial,sans-serif>Page=20
      18</FONT></B></A></SPAN> <A name=3D18><B><FONT =
face=3Darial,sans-serif>Pagina=20
      18</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 22822px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22836px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>17</NOBR></SPAN> <NOBR>17</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22822px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21742px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>investment=20
behaviour can affect financial stability.</NOBR></SPAN> =
<NOBR>comportamento di=20
investimento possono influenzare la stabilit=C3=A0 =
finanziaria.</NOBR></SPAN> <SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Citizens=20
would benefit from the collection</NOBR></SPAN> <NOBR>I cittadini =
trarrebbero=20
vantaggio dalla raccolta</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21763px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>of accurate=20
statistics about their retirement income from the different=20
sources.</NOBR></SPAN> <NOBR>di statistiche precise sul proprio reddito=20
pensionistico da diverse fonti.</NOBR></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Pensioners are</NOBR></SPAN> <NOBR>I =
pensionati=20
sono</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21784px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>set to grow=20
as a group of consumers and firms would benefit from reliable and=20
timely</NOBR></SPAN> <NOBR>destinata a crescere come un gruppo di =
consumatori e=20
le imprese trarrebbero vantaggio da attendibili e =
tempestive</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21804px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>information=20
about total disposable income.</NOBR></SPAN> <NOBR>informazioni sul =
totale del=20
reddito disponibile.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21843px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Furthermore, the monitoring of implicit =
liabilities=20
could be strengthened to allow for a better</NOBR></SPAN> <NOBR>Inoltre, =
il=20
monitoraggio delle passivit=C3=A0 implicite potrebbe essere rafforzato =
per consentire=20
una migliore</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21864px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>assessment=20
of the impact on the sustainability of public finances of pension =
schemes run=20
by</NOBR></SPAN> <NOBR>valutazione dell'impatto sulla sostenibilit=C3=A0 =
delle=20
finanze pubbliche dei regimi pensionistici gestiti da</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 21884px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>both public=20
and private entities.</NOBR></SPAN> <NOBR>enti pubblici e privati di=20
entrambi.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21941px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>5.</B></SPAN>=20
<B>5.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21941px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>ENHANCING=20
GOVERNANCE OF PENSION POLICY AT EU LEVEL</B></SPAN> <B>Rafforzare il =
governo=20
delle politiche pensionistiche A LIVELLO UE</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 21980px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Europe must=20
help address citizens' concerns about future pensions and revisit how a=20
strategy</NOBR></SPAN> <NOBR>L'Europa deve aiutare 'preoccupazioni dei =
cittadini=20
indirizzo sulle pensioni future e di come rivedere una =
strategia</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22000px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>can be=20
defined to deliver adequate, sustainable and safe pensions, including =
through=20
better use</NOBR></SPAN> <NOBR>possono essere definiti per fornire =
adeguati,=20
sostenibili e pensioni sicure, anche attraverso un migliore=20
utilizzo</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22021px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>of EU=20
instruments.</NOBR></SPAN> <NOBR>degli strumenti dell'UE.</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22060px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Whilst=20
Member States generally are responsible for the design and organisation =
of=20
their</NOBR></SPAN> <NOBR>Mentre gli Stati membri sono generalmente =
responsabili=20
della progettazione e dell'organizzazione dei loro</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22081px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>pension=20
systems, some specific areas relating to pensions fall directly within =
the=20
EU's</NOBR></SPAN> <NOBR>sistemi pensionistici, in alcune aree =
specifiche in=20
materia di pensioni di cadere direttamente all'interno =
dell'UE</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22101px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>competencies.</NOBR></SPAN>=20
<NOBR>competenze.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Member States have also recognised that =
acting=20
together can be more effective</NOBR></SPAN> <NOBR>Gli Stati membri =
hanno=20
inoltre riconosciuto che agiscono insieme possono essere pi=C3=B9=20
efficaci</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22122px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and=20
efficient and that the EU level can add value, not least since the =
challenges=20
are similar</NOBR></SPAN> <NOBR>ed efficiente e che il livello UE =
pu=C3=B2 apportare=20
un valore aggiunto, tanto pi=C3=B9 che le sfide sono =
simili</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22143px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>across the=20
EU and reform polices need to be consistent with existing frameworks =
such as=20
the</NOBR></SPAN> <NOBR>in tutta l'UE e per le politiche di riforma =
devono=20
essere coerenti con i framework esistenti, come il</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22163px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Stability=20
and Growth Pact and Europe 2020.</NOBR></SPAN> <NOBR>Patto di =
stabilit=C3=A0 e=20
crescita e l'Europa 2020.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22202px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>As part of=20
this strategy, the EU contributes with measures such as surveillance,=20
coordination</NOBR></SPAN> <NOBR>Come parte di questa strategia, l'UE=20
contribuisce con misure come la sorveglianza, il =
coordinamento</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22223px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>and mutual=20
learning.</NOBR></SPAN> <NOBR>e l'apprendimento reciproco.</NOBR></SPAN> =
<SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Examples=20
include best practice sharing, peer reviews, agreeing</NOBR></SPAN> =
<NOBR>Gli=20
esempi includono la condivisione delle migliori pratiche, valutazioni =
inter=20
pares, concordando</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22243px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>objectives=20
and indicators, and gathering comparable statistics.</NOBR></SPAN>=20
<NOBR>obiettivi e degli indicatori, e la raccolta di statistiche=20
comparabili.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>EU regulation covers social</NOBR></SPAN>=20
<NOBR>regolamento comunitario copre sociale</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22264px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>security=20
coordination of public pensions, rules for occupational pension funds,=20
portability and</NOBR></SPAN> <NOBR>coordinamento della sicurezza delle =
pensioni=20
pubbliche, le regole per i fondi pensionistici professionali, la =
portabilit=C3=A0 e=20
la</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22285px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>the=20
protection of supplementary pension rights in the event of the =
insolvency of the=20
employer,</NOBR></SPAN> <NOBR>la tutela dei diritti a pensione =
complementare in=20
caso di insolvenza del datore di lavoro,</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22305px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>as well as=20
rules for life assurance undertakings.</NOBR></SPAN> <NOBR>nonch=C3=A9 =
le norme per=20
le imprese di assicurazione sulla vita.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22344px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>If the EU=20
is to offer appropriate support to national reform efforts, the =
framework of=20
policy</NOBR></SPAN> <NOBR>Se l'UE =C3=A8 quello di offrire un adeguato =
sostegno agli=20
sforzi nazionali di riforma, il quadro della politica</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22365px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>coordination must take an integrated =
approach to=20
reflect the increasing complexity of pension</NOBR></SPAN> =
<NOBR>coordinamento=20
deve adottare un approccio integrato per riflettere la crescente =
complessit=C3=A0=20
della pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22386px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>systems.</NOBR></SPAN> =
<NOBR>sistemi.</NOBR></SPAN>=20
<SPAN onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Moreover,=20
given increasing economic and financial integration, the =
EU-level</NOBR></SPAN>=20
<NOBR>Inoltre, dato in aumento e l'integrazione economica finanziaria, =
il=20
livello di UE</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22406px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>regulatory=20
framework, as well as good coordination across the EU level policies and =

Member</NOBR></SPAN> <NOBR>quadro normativo, cos=C3=AC come un buon =
coordinamento tra=20
le politiche a livello dell'UE e degli Stati membri la</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22427px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>States'=20
policies, is becoming ever more important.</NOBR></SPAN> <NOBR>Stati =
'politiche,=20
sta diventando sempre pi=C3=B9 importante.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22466px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Pension=20
policy is a common concern for public authorities, social partners, =
industry and=20
civil</NOBR></SPAN> <NOBR>La politica pensionistica =C3=A8 una =
preoccupazione comune=20
per le autorit=C3=A0 pubbliche, parti sociali, industriali e =
civili</NOBR></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22486px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>society at=20
national and at EU level.</NOBR></SPAN> <NOBR>societ=C3=A0 a livello =
nazionale che a=20
livello dell'UE.</NOBR></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>A common platform for monitoring all =
aspects of=20
pension</NOBR></SPAN> <NOBR>Una piattaforma comune per il monitoraggio =
di tutti=20
gli aspetti della pensione</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22507px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>policy and=20
regulation in an integrated manner and bringing together all =
stakeholders=20
could</NOBR></SPAN> <NOBR>politiche e normative in modo integrato e =
riunisce=20
tutte le parti potrebbe</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22528px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>contribute=20
to achieving and maintaining adequate, sustainable and safe=20
pensions.</NOBR></SPAN> <NOBR>contribuire al raggiungimento e =
mantenimento di=20
adeguati e sicuri sostenibilit=C3=A0 delle pensioni.</NOBR></SPAN> <SPAN =

onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>The</NOBR></SPAN> <NOBR>Il</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22548px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Commission=20
is therefore keen to explore how this can best be achieved in support of =
the=20
EU's</NOBR></SPAN> <NOBR>Commissione =C3=A8 quindi desiderosa di =
esplorare come=20
questo possono essere meglio realizzati a sostegno della =
UE</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22569px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>wider=20
economic and social objectives.</NOBR></SPAN> <NOBR>pi=C3=B9 ampia e =
sociale=20
obiettivi economici.</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22610px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>(14) Should=20
the policy coordination framework at EU level be =
strengthened?</I></SPAN>=20
<I>(14) Qualora il quadro di coordinamento delle politiche a livello =
dell'Unione=20
europea dovrebbe essere rafforzata?</I></SPAN> <SPAN =
onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>If so, which</I></SPAN> <I>Se s=C3=AC, =
quali</I></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22631px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>elements need=20
strengthening in order to improve the design and implementation =
of</I></SPAN>=20
<I>elementi devono essere potenziate al fine di migliorare la =
progettazione e=20
l'attuazione di</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22652px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>pension policy=20
through an integrated approach?</I></SPAN> <I>politica delle pensioni =
attraverso=20
un approccio integrato?</I></SPAN> <SPAN onmouseover=3D_tipon(this)=20
onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>Would the creation of a platform =
for</I></SPAN>=20
<I>Sarebbe la creazione di una piattaforma per</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22672px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><I>monitoring all=20
aspects of pension policy in an integrated manner be part of the =
way</I></SPAN>=20
<I>il controllo di tutti gli aspetti della politica pensionistica in =
modo=20
integrato essere parte del modo</I></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 22693px; LEFT: 159px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><I>forward?</I></SPAN> <I>in avanti?</I></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 22909px; LEFT: 0px">
<HR>

<TABLE border=3D0 width=3D"100%">
  <TBODY>
  <TR>
    <TD bgColor=3D#eeeeee align=3Dright><SPAN onmouseover=3D_tipon(this) =

      onmouseout=3D_tipoff()><SPAN style=3D"TEXT-ALIGN: left; DIRECTION: =
ltr"=20
      class=3Dgoogle-src-text><A name=3D19><B><FONT =
face=3Darial,sans-serif>Page=20
      19</FONT></B></A></SPAN> <A name=3D19><B><FONT =
face=3Darial,sans-serif>Pagina=20
      19</FONT></B></A></SPAN> </TD></TR></TBODY></TABLE></DIV>
<DIV style=3D"POSITION: absolute; TOP: 24085px; LEFT: 43px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 24099px; LEFT: 437px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>18</NOBR></SPAN> <NOBR>18</NOBR></SPAN> =
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 24085px; LEFT: 800px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>EN</B></SPAN>=20
<B>IT</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23032px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>6.</B></SPAN>=20
<B>6.</B></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23032px; LEFT: 170px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><B>HOW TO RESPOND=20
TO THE CONSULTATION</B></SPAN> <B>Come rispondere alla =
consultazione</B></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 23071px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>The=20
Commission invites all interested parties to respond to the questions =
set out in=20
this Green</NOBR></SPAN> <NOBR>La Commissione invita tutte le parti =
interessate=20
a rispondere alle domande di cui al presente Green</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23092px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>Paper,=20
together with any additional comments, by 15 November 2010 by means of =
the=20
online</NOBR></SPAN> <NOBR>Carta, insieme ad altri commenti, entro il 15 =

novembre 2010 attraverso la linea</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23112px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>questionnaire available at:</NOBR></SPAN>=20
<NOBR>questionario disponibile all'indirizzo:</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23133px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" class=3Dgoogle-src-text><A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/yourvoice/ipm/forms/dispatch=
%3Fform%3Dpensions&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhjayavD3=
0R3hNS9o4T944VVMfatww">http://ec.europa.eu/yourvoice/ipm/forms/dispatch?f=
orm=3Dpensions=20
<FONT color=3D#000000 face=3DTimes>.</FONT></A></SPAN> <FONT =
color=3D#000000=20
face=3DTimes><A=20
href=3D"http://translate.googleusercontent.com/translate_c?hl=3Dit&amp;la=
ngpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/yourvoice/ipm/forms/dispatch=
%3Fform%3Dpensions&amp;rurl=3Dtranslate.google.it&amp;usg=3DALkJrhjayavD3=
0R3hNS9o4T944VVMfatww">http://translate.googleusercontent.com/translate_c=
?hl=3Dit&amp;langpair=3Den%7Cit&amp;u=3Dhttp://ec.europa.eu/yourvoice/ipm=
/forms/dispatch%3Fform%3Dpensions&amp;rurl=3Dtranslate.google.it&amp;usg=3D=
ALkJrhjayavD30R3hNS9o4T944VVMfatww</A></FONT></SPAN>=20
</DIV>
<DIV style=3D"POSITION: absolute; TOP: 23172px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-src-text><NOBR>Alternatively, for those without web =
access,=20
responses can be sent by post to:</NOBR></SPAN> <NOBR>In alternativa, =
per coloro=20
che non hanno accesso web, le risposte possono essere inviate per posta=20
a:</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23210px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr" =
class=3Dgoogle-src-text><NOBR>European=20
Commission</NOBR></SPAN> <NOBR>Commissione europea</NOBR></SPAN> </DIV>
<DIV style=3D"POSITION: absolute; TOP: 23249px; LEFT: 106px"><SPAN=20
onmouseover=3D_tipon(this) onmouseout=3D_tipoff()><SPAN=20
style=3D"TEXT-ALIGN: left; DIRECTION: ltr"=20
class=3Dgoogle-sr