July 07, 2019

EIOPA established the 21-member expert practitioner panel on the Pan-European Personal Pension Product (PEPP). The objectives of the expert practitioner panel on PEPP are to inform the policy work of EIOPA, to test policy proposals, and to act as a sounding board supporting EIOPA to deliver on its mandate. With the insights of the expert practitioner panel, EIOPA will develop superior solutions and smart policy advice that incentivizes financial innovation for the benefit of the European consumers.

The support from the panel is important to deliver on the forthcoming PEPP Regulation's policy perspective to design a PEPP that exhibits high-quality product features around information provision, risk-mitigating techniques, and a cost cap for the basic PEPP. PEPP is designed to become a truly European, safe, transparent, and cost-effective long-term retirement savings product that will offer pensions savers an entirely new personal pensions framework for saving for adequate future retirement income. In 2016, EIOPA had provided its advice to EC, wherein it recommended the creation of a PEPP in the form of a complimentary regime, alongside the national regimes. EC had proposed a regulation on PEPP in June 2017. According to the proposal, EIOPA would take on the responsibility for ensuring fully consistent quality criteria for the authorization, licensing, and therewith passporting of PEPP.

 

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Keywords: Europe, EU, Insurance, Pensions, Personal Pensions, PEPP, EIOPA

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