11 April 2017

Investment & Pensions Europe: EC offering grant for pilot stage of pension tracking service

Launched last month, the call for proposals delivers on a commitment made by the Commission last year to offer initial support to stakeholders looking to set up a European Tracking Service (ETS).

Applications can be submitted until the end of May.

In June last year a consortium of European pension providers presented a business plan for a cross-border ETS, called Track and Trace Your Pension in Europe (TTYPE). The providers said such a service would take six years to break even and so would initially be reliant on grants from the commission.

A spokeswoman for the European Commission said that it took on board the outcome of the TTYPE project’s work in deciding to pursue the cross-border ETS.

Although the commission is offering initial support to those wishing to set up an ETS, it is not taking responsibility for its implementation or running, according to the spokeswoman.

The funding is to help stakeholders with implementing the pilot stage of the ETS only. The call for proposals is therefore aimed at stakeholders “who would take full ownership of the ETS and have a long-term strategy for its full roll-out”.

Only one proposal will receive a financial grant from the EU. This is not allowed to exceed 80% of the total “eligible costs of the action”, with applicants needing to guarantee financing the remainder from other sources.

The total budget earmarked for the EU’s contribution is estimated at €2.5m. 

Funding can be for activities such as “actions aiming at the creation and improving of networks”, digital infrastructure development, conferences and seminars, and/or analytical studies, according to the commission’s document.

The TTYPE consortium had calculated that, after deducting membership fees of €3m, around €17m would be needed in the first five years to cover the costs of developing, connecting, and running the ETS.

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