The European Insurance and Occupational Pensions Authority (EIOPA) launched today two consultations on the development of pension tracking services and pension dashboards. The two consultations are a response to the European Commission’s request for technical advice and are part of the implementation of the Capital Markets Union action plan. The proposals are an important step in helping citizens in their retirement planning and supporting the Member States in identifying emerging gaps in their pension systems.
In this consultation paper EIOPA presents the development of best practices for the setting up a national pension tracking tool, an online application that will provide citizens with an overview of their future retirement income, based on their entitlements from all pension schemes in which they participate. In particular, EIOPA provides recommendations on:
- The role and scope of the pension tracking system such as providing an aggregated overview of accrued entitlements and projected retirement income from all possible pension sources in a simple and understandable manner
- The information to be provided in a pension tracking system and how it should be presented to citizens, bearing in mind people’s cognitive and behavioural traits, e.g. layered presentation of information
- The technical requirements for creating the pension tracking system such as live access and digital ID, uniformity of projections methodology and data transmission standards etc.
- The governance and implementation strategy of a pension tracking system, e.g. legislative requirements and progressive implementation
EIOPA has also identified a set of principles, good practices and examples that national competent authorities can use to facilitate citizens’ access to personal pension information. The consultation paper drew on the experience provided by a Practitioners Network on current existing pension tracking systems within the European Economic Area as well as on responses from the national competent authorities.
EIOPA invites stakeholders to provide feedback to this consultation paper by responding to the questions via the online survey by 08 September.
The consultation paper on pensions dashboards sets out proposals for the development of pension dashboards, which will support the EU and the Member States in monitoring the adequacy and sustainability of pension systems.
EIOPA recommends to develop a live pension dashboard, an online visual tool that enables users to view and interact with different indicators through the same platform. The dashboard provides a comparable, transparent and up-to-date view of the adequacy and sustainability of national pension systems. EIOPA’s technical advice proposes that the existing adequacy and sustainability indicators proposed by the European Commission such as demographic and macroeconomic assumptions are complemented also with indicators that relate to private pension providers, including insurance undertakings and institutions for occupational retirement provision.
EIOPA invites stakeholders to provide feedback to this consultation paper by responding to the questions via the online survey by 8 September.
The final advice to the European Commission will be submitted in December 2021 together with impact assessments as well as feedback statements on the consultation responses of stakeholders.