A pan-European Pension System

More competition, more choice and a pension system that is portable across EU borders. The EU wants to help you get fit for retirement.

How did we get here?

It's the demographic change, stupid. Europe faces an enormous challenge, as fewer workers and more elderly people put a lot of pressure on state pension systems. Only 27% of Europeans between 25 and 59 years old have enrolled themselves in a pension product - meaning they put money aside while working to benefit from it later when they are retired. Also, the European market for these personal - meaning "private" - pensions is fragmented and uneven. The offers are concentrated in a few Member States, while in some others they are nearly non-existent. This variation in supply is linked to a patchwork of rules at EU and national levels, which hinder the development of a large and competitive EU-level market for personal pensions.

 

Why is this important for me?

Because you will get more choice when putting money aside for your later days. At the same time this new initiative is supposed to foster competition in the EU for voluntary personal pensions because providers can offer this product outside their national markets. So it's a bit like roaming - just for pensions.

 

What's the content?

Commissioners Valdis Dombrovskis and Jyrki Katainen presented their proposal for a regulation on a Pan-European Personal Pension Product (PEPP) in June 2017. The key points are:

 

What's happening with this legislation in the future?

The proposal is currently discussed in the Parliament's Committee for Economic and Monetary Affairs as well as by national finance ministers. We keep you posted!

 

Related Bills:

Better protection for your money

Too big to fail: Structural Reform of EU Banking Sector

Access to a Basic Bank Account for Everyone

 

Pic: By KasparsGrinvalds/shutterstock.com

politixNew visa rules for EU travellersReduced share of biofuels in energy mixFruit, vegetables and milk for European StudentsBan on all kind of driftnet fisheriesToo big to fail: Structural Reform of EU Banking SectorA European Platform to fight undeclared workFighting the trafficking of firearmsA New Waste Management System in the EUFinancial Transaction Tax: Making banks pay for the crisisLess Plastic Bags for EuropeEliminating roaming, securing net neutralityRight2Water: Water and sanitation as human rightEnforceable Flight Rights for Air PassengersPublic list of company owners to fight money launderingMore Possibilities for the Restriction of GMOsEuropean Solidarity CorpsTightened rules for safer and cleaner carsSafer Ship TravelsProtecting fish and marine ecosystemsUpdated European data protection laws Resettlement of Migrants in the EUSafety standards for new kinds of CablewaysCheaper cross-border Parcel DeliveryCross-border enforcement for speeding & traffic offencesEU-wide Minimum Standards for FrackingEuropean statistics relating to persons and householdsUpdated Rules for Audiovisual MediaNew Food Labeling RulesAccess to a Basic Bank Account for EveryoneA New Copyright Regime for EuropePollen as specific 'Ingredient' or Natural Honey Component?Circular Economy: Reducing waste in EuropeRules for cross-border divorcesBetter Management of Asylum FlowsAn Entry-Exit System for External European BordersResolution on Sexual and Reproductive HealthStronger Rules against Terrorism Financing and Money LaunderingCloning of animals New Rules for Tobacco Products and PackagingOrganic production and labelling of organic productsSimpler Rules for VAT in EcommerceLess Greenhouse Gas Emissions for the EUUpdated rules on 'novel foods'Free Wi-Fi for EverybodyEnsure safe and secure air travelBetter Checks of EU Citizens at External BordersUse of Flight Passenger Data Posting of workersBetter Connectivity and super-fast InternetReduced Flush Volume for ToiletsNew rules on privacy in electronic communicationMinimum standards for children accused in courtMore Security in EU Partner CountriesBetter Cooperation among Consumer Protection AuthoritiesEuropass - Better online tools for your job huntStricter Rules for the Export of potentially Dangerous GoodsBetter Protection from Cancer at WorkStrategy Against Discrimination of LGBTI Persons Better protection for children of international couplesCreation of a European Union Agency for AsylumNew consumer rules when (online) shoppingProviding Services more easily across bordersA new electoral law for the European ParliamentBetter access to books for the blindBetter EU access for highly skilled workersCross-border portability: Access to streaming services from abroadMaking products & services more accessible for disabled peopleReducing pollutant emissions from carsConsumer rights for downloads and streaming services Improving the exchange of information on criminalsGeoblocking: Less consumer discrimination onlineBetter energy labels on electronic productsUpdated energy efficiency rulesA European ESTABetter protection for your moneyEuropean Year of Cultural Heritage 2018Creating a European Border and Coast GuardWork-Life Balance for allMore renewable energyEmpowering electricity consumersReducing administrative burden for EU citizens