EIOPA’s fact finding report on decumulation phase practices

03 December 2014

The survey explored all different types of occupational pension schemes provided by IORPs and the decumulation phase options that they can offer to members.

Some Member States have provided, on a voluntary basis, information on practices in non-IORPs.  NCAs have also been asked to provide information on a voluntary basis on other pension products/schemes/providers listed in EIOPA’s Database of Pension Plans and Products in EEA.

The starting point for the project has been EIOPA’s Database of Pension Plans and Products in EEA. The work has been carried out by a dedicated OPC sub-group, which prepared a survey about decumulation arrangements and different rules, approaches and practices in Member States, with the following main topics:

• Start of the decumulation phase (circumstances of retirement)
• Information disclosure rules at decumulation
• Cost and charges levied on pension benefit payments and their disclosure
• Options available to members at retirement including tax treatment
• Types of annuities offered to members

On 6 February 2014 the questionnaire was sent to 31 EIOPA members and observers. Replies were received from 30 countries.

Full report

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