27 April 2016

EIOPA: Final Report on the public consultation on a Pan-European Personal Pension product

The Final Report (feedback statement) on PEPP contains the resolution of all comments received from stakeholders, including those from EIOPA's Occupational Pensions Stakeholder and Insurance and Reinsurance Stakeholder Groups, excluding those that did not consent to publish their comments, on EIOPA's July 2015 Consultation paper 15/006 on the creation of a standardised Pan-European Personal Pension product.

The analysis of this feedback confirmed EIOPA's views that a standardised PEPP with a defined set of regulated, standardised elements, including some flexible ones, would be best placed to support sustainable pensions via personal pension savings. The PEPP, to be introduced through a 2nd regime Regulation, should be safe, cost-effective, transparent and sufficiently flexible to accommodate the current economic and labour market environment in Europe. The PEPP is complementary to the 1st and 2nd pillar pensions systems in Member States. It therefore has the potential to promote a Single Market for personal pensions, while at the same time facilitating the CMU. EIOPA supports strengthening all 3 pension pillars that support Europeans in providing for an adequate retirement income.

Next steps

The conclusions drawn by EIOPA after the 2015 Public Consultation have been integrated into EIOPA's final advice on the creation of a standardised PEPP2 which was published and made available to COM on 1 February 2016.

The February 2016 consultation paper contained, besides EIOPA's final advice on the PEPP, consultation questions with regard to the development of an EU Single Market for personal pension products (PPP). After the Public Consultation with regard to these questions has ended on 26 April 2016, EIOPA will publish a final advice on the development of a Single Market for PPPs.

EIOPA Final Report

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