EUROPE - Pehr Gyllenhammer, the chairman of the European Financial Services Round Table (EFR) of leading product providers and Aviva, has said pensions is one of the three the“ key areas” on which the European Commission should concentrate to bring about a single market.

Gyllenhammarsaid pensions, prudential supervision and consumer protection should be key points of the financial service programme of the European commission.

“ We need to demonstrate to European citizens the benefits that the EU can bring to their daily lives. We can make a major contribution by building a single retail market that enables European to obtain world class products and value for money.”

He said member states should ensure greater portability and flexibility on pension products to increase competition. “ We strongly believe that wider availability of simple, efficient pension savings products will encourage Europeans to save more for their retirement,“ the chairman of the EFR said.

The EFR was formed in 2001 and consists of 17 members, chairmen of chief executives of European banks and insurance companies.