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The EFR summarised the report which called for the creation of Pan-European Pension Plans (EPP), a model for stainable pension solutions that secure a life-long retirement income for current and future generations.
EFR regards the IOPR directive as a catalyst for change and sees the introduction of European Pension Plan products as a third pillar alternative to it. Issues that had to be further clarified mainly refer to taxation issues and consumer protection. As to the EFR the holder of the new product should be taxed according to the EET-model, whereby a code of conduct could require the industry to provide an EU-wide standard summary of the key features and terms of the EPP.
Responding on the new concept the EFRP regarded the creation of an EPP an interesting 3re pillar product, but also warned about the danger to create jet another call for a new directive.
According to the EFRP the IOPR Directive should be allowed to work as it provides “sufficient” flexibility, particularly with regard to the debated portability directive.