The European Insurance and Occupational Pensions Authority (EIOPA) has published a preliminary report relating to an EU single market for personal pensions along with a covering letter and a summary of comments. The documents highlight such issues as tax, social law and harmonisation of contract law to be most significant hurdles to developing a single market for personal pensions. However, in a covering letter to the report, EIOPA explains that going forward it supports both:
- a Directive to introduce common EU consumer protection rules for all existing and future personal pensions; and
- a Regulation addressing tax and possibly other differences between Member States. The proposed Regulation should enable transferability of accumulated capital and highly standardised product rules ensuring a high level of protection for person pension holders.
View Towards an EU-single market for personal pensions – an EIOPA preliminary report to COM, 19 February 2014
View EIOPA preliminary report – towards an EU Single market for personal pensions, 19 February 2014