Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP)

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Publication Date 25/07/2019
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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.

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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.

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Commentary and Analysis
PensionsEurope: Press Release, 29/06/2017: PensionsEurope welcomes EC proposal on pan-European pension product (PEPP)
EPRS: Briefing, October 2017: Framework for a pan-European personal pension product (PEPP) [Initial Appraisal of a European Commission Impact Assessment]
University of Birmingham: Briefing Papers, January 2018: A pan-European personal pension (PEPP)
LSEG: March 2018: Position Paper on the pan-European personal pension
CEPS: Commentary, 29/09/2018: The PEPP could become the new UCITS
EPRS: Briefing, November 2018: Framework for a pan-European personal pension product (PEPP) [EU Legislation in Progress]
EPRS: At a Glance, April 2019: Pan-European personal pension product (PEPP)

EurActiv, 29/06/2017: Dombrovskis: ‘There is appetite for a pan-European pensions product’
The Guardian, 29/06/2017: 'EU pension' planned for people who move between countries
The Irish Times, 29/06/2017: Pan-European pension scheme to have ‘limited impact in Ireland’
EUObserver, 21/06/2018: How a US firm pushed for EU €2.1trn pension fund

EUR-Lex: COM(2017)343: Proposal for a Regulation on a pan-European personal pension product (PEPP)
EUR-Lex: SWD(2017)243: Impact assessment
EUR-Lex: SWD(2017)244: Executive summary of the impact assessment
European Parliament: Legislative Observatory: Procedure file for Proposal on pan-European personal pension product (PEPP)
European Parliament: Legislative Train: Framework for an EU personal pension product (pan-European personal pension - PEPP)
European Commission: Press Release, 29/06/2017: Commission launches a new pan-European personal pension label to help consumers save for retirement
European Commission: Fact Sheet, 29/06/2017: Pan-European personal pension product (PEPP) – Frequently asked questions
European Commission: Speech, 29/06/2017: Opening remarks by Vice-President Dombrovskis on the Commission's proposal to create a pan-European personal pension product
Council of the European Union: Press Release, 19/06/2018: Council agrees its stance on pan-European pension product
European Commission: Press Release, 13/02/2019: Capital Markets Union: Commission welcomes political agreement on new rules to help consumers save for retirement
Council of the European Union: Press Release, 13/02/2019: Pensions: Council confirms agreement on pan-European pension product
European Commission: Fact Sheet, 04/04/2019: Capital Markets Union: Pan-European personal pension product (PEPP)
EIOPA: News, 04/04/2019: EIOPA welcomes the adoption of the Regulation introducing a pan-European personal pension product
Council of the European Union: Press Release, 14/06/2019: Capital markets union: Council adopts new rules facilitating access to pension products and investment funds

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