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People in Europe are living and staying healthy for longer, and this is considered to be one of the great developments of the last hundred years. However, in combination with low birth rates and economic uncertainties, this phenomenon puts into question the future financial sustainability of pension systems and several welfare state parameters. Pension systems are a key element of social protection for older people. They are meant to provide older citizens beyond working age with an income in the ...

Europe's population is ageing, due to people living longer and having fewer children, putting pressure on pension systems and leading to reforms to make public pensions more sustainable – and often less generous – in future. To support retirement incomes, the European Commission's 2012 pensions white paper called for more opportunities for citizens to save in safe and good-value complementary pensions. The aim of the proposed framework for a pan-European personal pension product (PEPP) was to encourage ...

Starzenie się społeczeństwa wywiera coraz większą presję na systemy emerytalne, a tradycyjne repartycyjne systemy emerytalne prawdopodobnie będą w przyszłości mniej korzystne. Aby poszerzyć wachlarz możliwości dostępny osobom oszczędzającym na emeryturę i pobudzić konkurencję na rynku, Komisja Europejska zaproponowała nowe unijne ramy w zakresie dobrowolnego indywidualnego produktu emerytalnego (OIPE), który uzupełniłby inne systemy emerytur indywidualnych i systemy krajowe. Negocjacje trójstronne ...

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 29 June 2017 and referred to Parliament’s Committee on Economic and Monetary Affairs (ECON). Pension systems across the EU vary considerably. While state-based public pensions constitute the most important part of retirement income, they may be complemented by occupational pensions and/or (national) personal pensions (private ...

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity. Stakeholders generally welcomed ...

The Institutions for Occupational Retirement Provision (IORP) Directive, from 2003, covers certain occupational pension savings. IORPs hold assets worth €2.5 trillion on behalf of around 75 million Europeans and are found mainly in the United Kingdom (55.9 % of IORP assets) and the Netherlands (30.7 %). Around a further 10 % of IORP assets are in Germany (4.5 %), Italy (2.8 %) and Ireland (2.4 %). The proposed revision (known as IORP II), to be debated during the Parliament's November plenary session ...

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market ...

One in four European Union (EU) citizens currently depend on their pension income. Younger citizens will one day benefit from pensions too. And they also have an immediate interest, as the taxes and social security contributions working age people pay help support current pensioners. However, pensions are one of the biggest public expenditure items in the EU and as the EU population ages due to lower birth rates and increasing longevity, pension systems have come under increasing pressure. Since ...

This paper forms part of a series of nine studies on the role of the European Union (EU) in International bodies and examines the International Organisation of Pension Supervisors (IOPS), where the European Commission, the ESAs and the ECB, as well as Member States' supervisors have been active. The increased role of such standard setting entities is perceived as impacting the shaping of policy and the legal framework. This report provides factual background information about IOPS, the EU’s role ...