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This Advice completes the European Commission's Call for Advice on how the European Union-wide framework for personal pensions can be further developed.
EIOPA confirms its views that in a highly heterogeneous market for personal pension products and complementary pension savings in Europe, harmonising Directives and rules across the different relevant sectors may not be the most efficient tool for creating a European Union Single Market for personal pension products.
Therefore, in line with its Advice of 1 February 2016, EIOPA remains of the view that a standardised Pan-European Personal Pension Product (PEPP) regulated by a 2nd regime for personal pensions has the best potential to promote the Single Market and to strengthen the regulatory framework for the benefit of protection of consumers.
The PEPP, a safe, transparent and cost-effective long-term retirement savings product, enables the much needed, at least in some Member States, additional pensions' savings. Furthermore, it is an important tool for the successful completion of the Capital Markets Union.