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Framework for a pan-European personal pension product (PEPP)

21-11-2018

Europe’s population is ageing, due to people living longer and having fewer children, putting pressure on pension systems and leading to reforms to make public pensions more sustainable – and often less generous – in future. To support retirement incomes, the European Commission’s 2012 pensions white paper called for more opportunities for citizens to save in safe and good-value complementary pensions. The proposed framework for a pan-European personal pension product (PEPP) aims to encourage the ...

Europe’s population is ageing, due to people living longer and having fewer children, putting pressure on pension systems and leading to reforms to make public pensions more sustainable – and often less generous – in future. To support retirement incomes, the European Commission’s 2012 pensions white paper called for more opportunities for citizens to save in safe and good-value complementary pensions. The proposed framework for a pan-European personal pension product (PEPP) aims to encourage the development of personal pensions (that is, voluntary, individually funded pensions) in Europe, to support retirement saving and strengthen the single market for capital by making more funds available for investment. Generally the proposal is considered a welcome extra option to support retirement savings and investment. However differing national pension systems and tax treatments are noted as challenges, although the Commission has also issued a tax recommendation. Council agreed a general approach on 19 June 2018 and the ECON committee voted its report and negotiating mandate on 3 September, hence trilogues have started. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Pan-European pension product

21-03-2018

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying ...

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying the potential European added value that could be achieved by means of the PEPP proposal.

Pan-European Personal Pension Product

27-10-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 29 June 2017 and referred to Parliament’s Committee on Economic and Monetary Affairs (ECON). Pension systems across the EU vary considerably. While state-based public pensions constitute the most important part of retirement income, they may be complemented by occupational pensions and/or (national) personal pensions (private ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 29 June 2017 and referred to Parliament’s Committee on Economic and Monetary Affairs (ECON). Pension systems across the EU vary considerably. While state-based public pensions constitute the most important part of retirement income, they may be complemented by occupational pensions and/or (national) personal pensions (private pension savings by households) (IA, pp. 4-5). The IA observes that although demographic change and limited public budgets increase the pressure on public pension systems and their adequacy, currently only 27 % of the EU population between 25 and 59 years old, representing 13 % of the total EU population, invest in personal pensions (IA, p. 11, Annex 6, pp. 97-98). Moreover, the 2015 Action Plan on a Capital Markets Union found the single market for personal pension products to be highly fragmented, due to divergent national and European rules. It concluded that this fragmentation prevented providers from developing innovative and competitive products and savers from receiving good quality, flexible and easily portable personal pensions (IA, p. 4, 9). The availability of personal pension products varies widely from Member State to Member State, and the existing offers differ considerably as regards both their accumulation (saving) and decumulation (pay-out) phases; this makes their portability difficult and leads to a generally low take-up. Against this backdrop, as announced in its mid-term review of the Capital Markets Union Action Plan, the Commission came forward in June 2017 with a legislative proposal to create a voluntary pan-European personal pension product (PEPP). The aim is to complement the existing national personal pensions and to encourage private capital investments in retirement savings on an EU scale. Given the relevance of tax incentives for personal pension products, the proposal is accompanied by a recommendation on tax treatment of such products by Member States, which is also covered by the IA under examination.

Externý autor

Kramer, Esther

Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II)

23-01-2017

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity. Stakeholders generally welcomed ...

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity. Stakeholders generally welcomed the focus of the proposal and the lack of new prudential rules, but felt the revision was overly detailed and prescriptive and did not respect national competences, nor reflect the variety of IORPs and their position as social (not just financial) entities. Following trilogue discussions, the compromise text was adopted at first reading in the European Parliament’s plenary on 24 November, an then adopted by the Council on 8 December. It came into effect on 12 January 2017 and Member States have two years from then to transpose it into national law. This briefing updates an earlier edition, from September 2016: PE 589.800.

Recast occupational pensions directive (IORP II)

15-11-2016

The Institutions for Occupational Retirement Provision (IORP) Directive, from 2003, covers certain occupational pension savings. IORPs hold assets worth €2.5 trillion on behalf of around 75 million Europeans and are found mainly in the United Kingdom (55.9 % of IORP assets) and the Netherlands (30.7 %). Around a further 10 % of IORP assets are in Germany (4.5 %), Italy (2.8 %) and Ireland (2.4 %). The proposed revision (known as IORP II), to be debated during the Parliament's November plenary session ...

The Institutions for Occupational Retirement Provision (IORP) Directive, from 2003, covers certain occupational pension savings. IORPs hold assets worth €2.5 trillion on behalf of around 75 million Europeans and are found mainly in the United Kingdom (55.9 % of IORP assets) and the Netherlands (30.7 %). Around a further 10 % of IORP assets are in Germany (4.5 %), Italy (2.8 %) and Ireland (2.4 %). The proposed revision (known as IORP II), to be debated during the Parliament's November plenary session, aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity.

Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II)

17-03-2016

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market ...

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market. The proposal did not include new prudential rules (i.e. capital requirements) for IORPs following a long and controversial debate. Stakeholders have in general welcomed the focus of the proposal and the lack of new prudential rules, but feel the revision is overly detailed and prescriptive and does not respect national competences, nor reflect the variety of IORPs and their position as social (not just financial) entities. Following the vote on a mandate in Parliament's ECON Committee trilogue discussion are now under way with the Council. This briefing updates an earlier version, from December 2015: PE 573.885. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

European Union pension systems: Adequate and sustainable?

11-11-2015

One in four European Union (EU) citizens currently depend on their pension income. Younger citizens will one day benefit from pensions too. And they also have an immediate interest, as the taxes and social security contributions working age people pay help support current pensioners. However, pensions are one of the biggest public expenditure items in the EU and as the EU population ages due to lower birth rates and increasing longevity, pension systems have come under increasing pressure. Since ...

One in four European Union (EU) citizens currently depend on their pension income. Younger citizens will one day benefit from pensions too. And they also have an immediate interest, as the taxes and social security contributions working age people pay help support current pensioners. However, pensions are one of the biggest public expenditure items in the EU and as the EU population ages due to lower birth rates and increasing longevity, pension systems have come under increasing pressure. Since its inception in 2011, the European Semester process has resulted in a pension related Country Specific Recommendation (CSR) for a majority of Member States every year. And the 2015 Ageing Report shows there has been good progress in making pension systems more sustainable. Overall EU spending on public pensions as a percentage of GDP is now expected to be similar in 2060 to today’s level, despite demographic ageing. But pensions also need to be adequate and the recently published 2015 Pension Adequacy Report (PAR) gives a comprehensive picture of this both now and in the future. Whilst acceptable levels of adequacy have largely been maintained for current pensioners, this is not the case everywhere or for all groups (e.g. women are at greater risk of inadequate retirement income). And as the impact of pension reforms feeds through, there are some challenges to be faced if the growing numbers of future EU pensioners are to avoid poverty or large falls in their income on retirement.

The European Union's Role in International Economic Fora - Paper 9: The IOPS

01-10-2015

This paper forms part of a series of nine studies on the role of the European Union (EU) in International bodies and examines the International Organisation of Pension Supervisors (IOPS), where the European Commission, the ESAs and the ECB, as well as Member States' supervisors have been active. The increased role of such standard setting entities is perceived as impacting the shaping of policy and the legal framework. This report provides factual background information about IOPS, the EU’s role ...

This paper forms part of a series of nine studies on the role of the European Union (EU) in International bodies and examines the International Organisation of Pension Supervisors (IOPS), where the European Commission, the ESAs and the ECB, as well as Member States' supervisors have been active. The increased role of such standard setting entities is perceived as impacting the shaping of policy and the legal framework. This report provides factual background information about IOPS, the EU’s role and representation therein, its accountability as well as the coordination and impact and an evaluation of IOPS against Rules and Practices for Accountability of International Organisations recommended by ILA. A key conclusion is that the role of the EU in IOPS is limited. A reconsideration of the EU’s involvement would be necessary should IOPS increase its external footprint. This study was prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externý autor

Lieve Lowet

Prospects for occupational pensions in the European Union

17-09-2015

Given ageing demographics, Member States have taken action to reform their public pension systems to put them on a more sustainable footing for the future. The 2015 Ageing Report projects that, over the long term, there will be a reduction in public pension spending as a share of GDP in the majority of Member States, largely as a result of implemented pension reforms. The same report, however, notes that pension adequacy will also decline, on average. Against this backdrop, there have been calls ...

Given ageing demographics, Member States have taken action to reform their public pension systems to put them on a more sustainable footing for the future. The 2015 Ageing Report projects that, over the long term, there will be a reduction in public pension spending as a share of GDP in the majority of Member States, largely as a result of implemented pension reforms. The same report, however, notes that pension adequacy will also decline, on average. Against this backdrop, there have been calls in recent years for citizens to have greater opportunities to build up safe supplementary pensions. Some see occupational pensions, with their social partner involvement and possibilities they offer to share risks and reduce costs, as a good option. The European Parliament has called on the Commission to encourage Member States to facilitate participation in occupational pensions and to make proposals for promoting such pensions where they do not yet exist. The social partners have also called for the promotion of occupational pensions. But currently only a few Member States have mature and significant occupational pension sectors and, as with public pension systems, they have been under pressure in recent years. Adjustments and reforms are helping to maintain these strong occupational sectors, but expansion, both within countries with existing provision and in particular in those that do not yet have significant occupational pension sectors, looks muted for now.

Activities and supervision of institutions for occupational retirement provision

23-10-2014

This note seeks to provide an initial analysis of the strengths and weaknesses of the Commission's Impact Assessment (IA) accompanying the proposal for the recast of the Directive on institutions for occupational retirement provision (IORP). IORPs are the so-called second pillar of the EU pension system, next to state pension and voluntary private pension schemes. IORPs manage assets for 75 million Europeans (20 per cent of the EU's working age population). This note, prepared by the Ex-Ante Impact ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the Commission's Impact Assessment (IA) accompanying the proposal for the recast of the Directive on institutions for occupational retirement provision (IORP). IORPs are the so-called second pillar of the EU pension system, next to state pension and voluntary private pension schemes. IORPs manage assets for 75 million Europeans (20 per cent of the EU's working age population). This note, prepared by the Ex-Ante Impact Assessment Unit for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, analyses whether the principal criteria laid down in the Commission’s own Impact Assessment Guidelines, as well as additional factors identified by the Parliament in its Impact Assessment Handbook, appear to be met by the IA. It does not attempt to deal with the substance of the proposal. It is drafted for informational and background purposes to assist the relevant parliamentary committee(s) and Members more widely in their work.

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