|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 198|
Regulation of the European Parliament and of the Council of 20 June 2019 laying down uniform rules on the authorisation, manufacturing, distribution and supervision of pan-European personal pension (PEPP) products distributed in the European Union.
This initiative sets up 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 intention is to enable a broad range of them to offer PEPP products 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 by the Commission on 29 June 2017, the Council of the European Union adopted its general approach in 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 this 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]|