(2)Old age pensions constitute an essential part of a retiree’s income and for many people, adequate pension provision makes the difference between a comfortable old age and poverty. They are a precondition for exercising fundamental rights laid down in the Charter of Fundamental Rights of the European Union, including in Article 25 on the rights of the elderly which states: ‘The Union recognises and respects the rights of the elderly to lead a life of dignity and independence and to participate in social and cultural life’.