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01 February 2016

EIOPA consults on the development of an EU Single Market for personal pension products


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This public consultation will give input, in the broader context of the Call for Advice from the Commission, how PPPs and a possible European Union-wide framework can be further developed.


The consultation paper contains EIOPA's final advice on the attractiveness and feasibility of a 2nd regime Pan-European Personal Pension Product (PEPP). This advice takes account of the stakeholders' feedback received through the public consultation conducted in summer 2015.

EIOPA confirms its position on the potential and the design of a PEPP, setting out standardised features the product should have, such as information disclosures taking PRIIPs as a base line, or limits on the number of investment choices faced by the customer; and flexible features, such as on the decumulation options available at retirement and guarantees to be offered.

EIOPA also invites stakeholders and interested parties to provide feedback particularly on the following proposed areas:

  • Governance standards for providers of PPPs
  • Harmonised basis for product governance rules for PPPs
  • Harmonised basis for distribution rules for PPPs
  • Harmonised disclosure rules for PPPs
  • Possible specific additional capital requirement for PPPs
  • Further powers for national supervisors that are tailored to PPPs

The main objective of EIOPA's advice is to further build on a regulatory environment for PPPs to contribute to the provision of adequate future retirement income. This is also considered to be one of the priority measures for the Capital Markets Union Action Plan, as recently confirmed by the European Commission.

The consultation period will end on 26 April 2016.

Full consultation paper



© EIOPA


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