The EC Vice President Valdis Dombrovskis spoke at the Pensions Europe 2017 Conference on June 06, 2017. He examined the need to connect savers with investors, reviewed the progress achieved toward completion of the Capital Markets Union, and discussed the upcoming EC proposal on Pan-European Personal Pension Products (PEPPs).
He highlighted that the EC received almost 600 contributions to its public consultation on personal pensions. Many respondents said the current supply of personal pension products in the EU was insufficient and it has been found that only 27% of Europeans between 25 and 59 years old have enrolled themselves in a pension product. The EC Vice President examined the need for occupational and personal pension schemes to complement the state-based pensions, as means to overcome the challenge of the increasing pensions gap and the resultant expected increase in the pressure on public finances. By the end of this month, the EC will propose legislation for a PEPP. The PEPP regime would create a framework for pension providers to offer personal pension products on a pan-European scale. PEPP would offer additional incentives for people to save for their pension, alongside the occupational and state-based pensions available today. It will complement pension funds currently on the market, offer a safer and more transparent option for personal pensions, and provide the economies of scale needed to reduce costs for savers and improve the flow of capital to long-term investments around Europe. The PEPP proposal is one of the most important measures for the Capital Markets Union mid-term review, as per Mr. Dombrovskis.
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