EIOPA has published a new report on occupational pension schemes and how it can protect members. It identifies four areas for action: Governance of schemes; European convergence; Information to pension scheme members; and Financial literacy of members.
This Report focuses on EIOPA’s role in the protection of occupational pension scheme members. Against this background, EIOPA’s objective related to the protection of occupational pension scheme members should be that market practices enable them to make a more informed decision, which would in the end help them taking a more active stance towards the planning of their retirement income.
Given the current large fragmentation of the EU and national rules and legislation governing the (occupational) pension scheme sector, there is a potential for making a positive impact for pension scheme members.
To achieve this, EIOPA is to address, as a priority,issues which may cause detriment to pension scheme members, namely:
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Governance issues in the management of the occupational pension schemes;
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Lack of European convergence (without the aim of harmonising social and labour law),
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Insufficient/inappropriate disclosure of relevant information to pension scheme members.
Furthermore, EIOPA is also to contribute to fostering of financial literacy in this area.
The objective of the Report is threefold: First, it outlines the EIOPA strategy towards addressing consumer protection issues related to (occupational) pensions. Secondly, it describes the areas and topics in this field identified in 2013/2014 for future work by EIOPA, and finally, it sets the priorities.
Full Report
© EIOPA
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