In July 2012 the European Commission requested the European Insurance and Occupational Pensions Authority (EIOPA) to provide technical advice on the prudential regulations and consumer protection measures needed to create a single market for personal pensions.
In order to deliver this technical advice EIOPA, as a first step, has today published its Discussion paper on a possible EU-single market for personal pension products.
The goal of the Discussion paper is to engage stakeholders at an early stage in the project by gathering their views on a wide range of issues relating to personal pensions.
The Discussion Paper focuses on three key aspects of personal pensions: A possible definition of a personal pension; Potential cross-border frameworks (passporting and the so-called second (or 28th) regime which would create a uniform European system as an alternative to the different national regimes); andConsumer protection, including information disclosure and selling practices.
To access EIOPA’s Discussion paper click here (Link: https://eiopa.europa.eu/consultations/consultation-papers/index.html ). If you wish to respond to the questions posed in the Discussion paper, please use this comments template (Link: https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/single_personal_pension_products/EIOPA_Template-for-Comments-on-DPTFPP.doc ).
The period for providing comments will end on 16 August 2013. Once stakeholders’ comments have been analysed, EIOPA will prepare a report, containing issues and options which will be made available to the European Commission in early 2014. The Commission is then expected to issue a detailed Call for Advice to EIOPA, with a response deadline set for 2015.
