The European Insurance and Occupational Pensions Authority (EIOPA) published today a Consultation Paper on the creation of a standardised pan-European Personal Pension Product (PEPP).
EIOPA invites stakeholders and interested parties to provide their feedback on the proposals for the creation of the PEPP, which is envisaged to be a long-term retirement savings product.
The overall objective of the proposal is to encourage EU citizens to save for an adequate retirement income by creating a simple, transparent, cost-effective and trustworthy product.
To achieve this objective, EIOPA suggests the creation of a harmonised legal framework for an internal European PEPP market. This framework would ensure a level playing field between all providers; remove existing barriers to cross-border business and, thus, facilitate cross-border offering of PEPPs to consumers; as well as facilitate a multi-pillar approach to pension saving.
During the consultation period, on 7 September 2015, EIOPA will host a public event, which will give stakeholders an opportunity to actively contribute and share ideas on the creation of the PEPP. More information on the event can be found here.
The consultation period will end on 5 October 2015. Please note that comments submitted after the deadline or not submitted on the provided template cannot be processed.
The consultation paper and the template for comments can be viewed here.
In July 2012, the European Commission (EC) asked EIOPA to develop technical advice on an EU Internal Market for personal pension schemes or products (PPPs). Responding to that request EIOPA published a Discussion Paper in May 2013 and a Preliminary Report in February 2014.
Based on the conclusions of the Preliminary Report, the EC sent to EIOPA a further Call for Advice on personal pensions in July 2014
EIOPA intends to submit its final advice to the European Commission in the beginning of 2016.