EU
MEPs adopt groundbreaking proposals for a #PanEuropeanPersonalPension


The ECON Committee of the European Parliament has adopted its position on the proposal to establish a complementary, voluntary and individual Pan-European Personal Pension Product (PEPP). The compromises of rapporteur and ALDE vice-president Sophie in ‘t Veld were adopted, giving the Parliament’s team a mandate to start negotiations with EU governments.
The Parliament’s report adds higher protections relating to consumer protection, portability, collective redress measures, a specified regime for the provision of information to European savers and the idea of a ‘basic’ PEPP with very safe investment options, available for any EU citizens to invest in. Access to an income upon retirement is of paramount importance, and even codified in the European Chapter of Fundamental Rights. With this new legislation, many will not only have the possibility to obtain a pension product, but also a safe one with a European safety label. However, the first and second pillar should also be reinforced and remain the main source of income after retirement.
Sophie in ‘t Veld MEP said after the vote: “I hope that European consumers will soon benefit from more choice when saving for retirement – This proposal will provide pension providers with the tools to offer a simple and innovative pan-European personal pension product, offering greater choice to consumers. Citizen’s will be able to relocate across borders without the need to change their pension, which will be a big step forward.
“I am delighted with the Parliament’s suggested amendments to the proposal; we have added additional protections for consumers and a specified regime for a basic pension product with very safe investment options. I look forward to fighting for Parliament’s suggestions in the coming negotiations.”
Share this article:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.

-
Anti-semitism4 days ago
Antisemitic incitement: Posters with names and photos of Jewish personalities displayed in Brussels with the accusation: ‘He/She lobbies for genocide.’
-
Africa4 days ago
AfDB: Challenges in a historic context for Sidi Ould Tah
-
Artificial intelligence3 days ago
Generative AI set to transform EU economy but requires further policy action
-
China-EU5 days ago
From father to son: The enduring values guiding Xi Jinping