MENU PREVIOUS PAGE SHARE PRINT EU AND PERSONAL PENSIONS One of the key pensions-related actions in the European Commission’s flagship Capital Markets Union programme is the creation of an EU-wide framework for personal pensions. EIOPA has been working for some while on the concept of an optional EU-level regulatory regime for EU-wide personal pension plans – the ‘Pan-European Personal Pension’ or ‘PEPP’. The European Commission recently consulted on a wider range of options, including some less ambitious approaches such as sharing best practice between Member States. The points made by the association in the current debate (and in response to previous rounds of consultation) have included the following: Introduction of the PEPP must not compromise or complicate the already relatively complex arrangements for regulating GPPs, with oversight shared between the Pensions Regulator and the Financial Conduct Authority. The creation of a further tier of regulation, through the development of a ‘28th’ or ‘2nd’ regime at EU level, could exacerbate the current difficulties. It is not clear that there is demand for the PEPP, nor is there a compelling case that it would work in practice. Tax barriers, in particular, pose a major barrier to the development of single cross-border pension schemes, and this remains a national competence and outside the scope of EU policy-making. It is not clear how EIOPA’s proposed approach to taxation of PEPPs – allowing them to receive the same beneficial tax treatment as national PPPs - would work in practice, given the different tax regimes across Member States. LINKS European Commission consultation on personal pensions (July 2016) EIOPA consultation on creation of a standardised Pan-European Personal Pension Product (July 2015) EIOPA discussion paper - single market for personal pension (May 2013) RELATED DOCUMENTS EIOPA DP ON SINGLE MARKET IN PERSONAL - NAPF RESPONSE 01 August 2013 Download Document READ MORE CONSUMER PROTECTION IN THIRD PILLAR RETIREMENT PRODUCTS - NAPF RESPONSE JULY 2013 01 July 2013 READ MORE COVID-19 RESOURCES RESPONSIBLE INVESTMENT DEFINED BENEFIT DEFINED CONTRIBUTION LIFETIME SAVINGS INVESTMENT RESEARCH STEWARDSHIP LOCAL AUTHORITIES EUROPE & INTERNATIONAL Brexit IORP Directive Local Government Pension Schemes and MIFID II EU solvency plans for pension schemes and the ‘Holistic Balance Sheet’ Capital Markets Union EU and personal pensions EU rules on derivatives Financial Transaction Tax Archive DOCUMENT LIBRARY THOUGHT LEADERSHIP LIBRARY Add your voice and help everyone achieve a better income in retirement. JOIN TODAY CALENDAR OF EVENTS RETIREMENT LIVING STANDARDS PENSION QUALITY MARK LOCAL GROUPS HOW TO FIND US CONTACT US ACCESSIBILITY TERMS OF USE COOKIES YOUR PRIVACY © 2021 PENSIONS AND LIFETIME SAVINGS ASSOCIATION. ALL RIGHTS RESERVED.