Abstract
How do changes to public schemes and ongoing economic difficulties impact private earnings-related pension schemes (PERPS) governed by social partners? The decreasing generosity of public schemes does put strong pressure onto social partners to improve their PERPS; however, PERPS face challenges of their own related to their integration within the pension system and their financing mechanisms. Based on a comparative analysis of Finland, France, the Netherlands and Sweden, this contribution demonstrates that PERPS have all enacted measures to reduce the generosity of their scheme. Yet, the emerging policy measures responding to these challenges are quite different and depend on the previous public/private mix and the financial structure behind their PERPS.