Following the European Parliament and the Council’s approval of rules on the pan-European personal pension product (PEPP), the European Insurance and Occupational Pensions Authority (EIOPA) has launched a survey to understand the potential take-up by eligible PEPP providers.
These providers include asset managers, insurance undertakings, banks and institutions for occupational retirement provision, EIOPA said.
The survey will look to find:
- whether potential providers will consider offering a PEPP;
- what would prevent potential suppliers from entering the PEPP market;
- what are the main considerations or issues that need to be overcome or require clarification for potential providers to decide to offer a PEPP.
“The information gathered shall bring important insights to the European supervisory community and help to prepare for an effective implementation in 2022,” EIOPA said.
“It will be interesting to analyse the results of this survey and the conclusions and possible follow-up actions that EIOPA will take from that,” said Bernard Delbecque, chair of EIOPA’s occupational pensions stakeholder group in a LinkedIn post.
The European Commission’s (EC) Delegated Regulation on PEPP – which is a product designed to enable consumers to save for retirement throughout their European careers – was published on Monday 22 March in the Official Journal of the European Union (OJEU), and hence, becomes applicable in one year from now – from 22 March 2022.
Last December, Efama, the European fund and asset manager association, reacted to the EC’s delegated act on the PEPP to express its dissatisfaction with the decision on the cost of advice.