Free movement of workers and the RESAVER scheme for researchers

Abstract

This paper aims to introduce the key features of the Retirement Savings Vehicle for European Research Institutions (RESAVER) that went live in September 2016. The pension fund was established for European researchers to allow them to accumulate their retirement provisions in one place, while changing jobs and moving between countries. The research used a qualitative methodology, analysing documents and legislation concerning social security in Europe. It describes how the measures taken by Member States to deal with the challenges facing the financial sustainability of pension systems are creating obstacles to workers’ mobility. The analysis of the feasibility study for the creation of a pan-European pension vehicle shows that it is possible to achieve a minimum harmonisation in pension rights. The successful implementation of this Retirement Savings Vehicle is likely lead to two main results. First, it could dissolve existing barriers to workers’ mobility and, secondly, it could ensure the financial adequacy for future pensions. In addition, it is highly likely that such cross-border pension product would foster the creation of a true European labour market.