The EESC is in favour of creating a Pan-European personal pension product – PEPP but is unclear as to whether the investment arising from this initiative will remain within the EU and on the impact on labour mobility across the EU. Every effort, by way of tax relief, should be provided to encourage as many workers as possible to take up personal pension products. The EESC emphasises the need for consumer protection and risk mitigation for savers during the course of their working lives and on retirement. The EESC also underlines the importance of the role of the European Insurance and Occupational Pensions Authority (EIOPA) in monitoring the market and national supervisory regimes with a view to achieving convergence and consistency across the EU especially regarding the governance structure for PEPPs within any provider.
Download — Mnenje EESO: pan-European personal pension product
The EESC stresses that occupational pension schemes, created as a result of decisions by the social partners, can play a very important role in ensuring that employees have additional pension provision. The EESC disagrees with the approach to IORPs purely as financial market institutions, which fails to acknowledge their important social function. A one-size-fits-all approach is not the right way of achieving the Commission's objectives given the numerous differences between pension schemes in Member States.
Download — EESC opinion: Review of Institutions for Occupational Retirement Pensions Directive
