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:
1. A possible definition of a personal pension;
2. 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); and
3. Consumer protection, including information disclosure and selling practices.
To access EIOPA’s Discussion paper click here.
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.
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