|Author (Corporate)||European Commission|
|Series Details||COM (2017) 343|
Legislative initiative - adopted by the European Commission in June 2017 - laying down uniform rules on the authorisation, manufacturing, distribution and supervision of personal pension productions that are distributed in the European Union (EU) under the designation 'pan-European Personal Pension product' (PEPP).
The proposal for a PEPP framework comprises a complementary voluntary scheme alongside national regimes, enabling providers to create personal pension products on a pan-European scale. It aims at channeling more household savings away from traditional instruments towards the capital markets, and also at ensuring that consumers are fully aware of the key features of the product. From the point of view of providers, the proposal intends to enable a broad range of them to offer the PEPP and to ensure a level playing field. In parallel, the European Commission also issued a recommendation requesting that Member States grant the same tax treatment to this product as to similar existing national products to ensure that the PEPP is successfully introduced.
The PEPP is one of the measures announced in the Mid-Term Review of the Capital Markets Union. Following the adoption of the initiative on 29 June 2017, the Council of the European Union adopted its general approach on 19 June 2018 and the European Parliament adopted its negotiating position in September. An informal agreement between the co-legislators was reached on 13 February 2019. The Parliament formally endorsed it on 4 April, followed by the Council on 14 June.
|Subject Categories||Business and Industry, Employment and Social Affairs|
|Subject Tags||Capital Markets Union [CMU], Financial Services|
|Keywords||Pensions | Pension Schemes
|International Organisations||European Union [EU]|