The New "Age" for Social Security - and how we can get there?

The paper explores the complex demographic, economic, and institutional challenges facing European social security systems, as outlined in the European Commission’s 2024 Ageing and Pension Adequacy Reports. In particular, it provides an actuarial perspective on declining fertility, increasing longevity, migration trends, labor market transformation and shifting societal norms. Emphasizing both adequacy and sustainability, it highlights the relevance of education, intergenerational risk sharing, and environmental accountability in shaping future pension policies. The paper advocates for a more holistic, transparent, and forward-looking role for actuaries in supporting policy development across Europe, offering insights into risk mapping, enterprise risk management, and the diversity of national pension characteristics. "Concerns about the future of a ‘longevity society’" should not, in the paper's view, be interpreted as evidence of crisis, at least not in the sense that there are no better alternatives available".