Following the adoption by the European Parliament and the Council, today the new rules on the pan-European personal pension product (PEPP) were published in the Official Journal of the European Union. PEPP will give EU citizens more choice when saving up money for their retirement. It is a voluntary personal pension scheme that will complement existing public and occupational pension systems, as well as national private pension schemes. Valdis Dombrovskis, Vice-President for Financial Stability, Financial Services and Capital Markets Union, said: “The pan-European personal pension product will contribute to addressing the pension gap, by providing savers across the EU with more quality choice when putting money aside for retirement. I am confident that the new PEPP legislation will also foster long-term investments in capital markets, which will ultimately promote growth and the creation of new jobs in the EU.” By helping to channel more savings to long-term investments in the EU, this PEPP Regulationrepresents a key achievement of the Capital Markets Union. The creation of PEPP will contribute to more competition between pension products and stronger consumer protection. More practically, the new rules lay down the foundations for a pan-European personal pension market, by ensuring standardisation of the core product features, such as transparency requirements, investment rules, switching right and type of investment options. PEPP providers will be able to sell the product anywhere in the EU with one single registration. The publication in the Official Journal means providers of pension products can now start to prepare. The new Regulation will become applicable in two years, when the first PEPPs are expected to come on the market.
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