1. Transferability of acquired pension rights - update on EIOPA‘s work - Alexandra de Jong OPSG 15 October 2014 Frankfurt

2. 2 Outline I.Background II.On-going work by EIOPA III.Issues identified so far IV.Discussion

3. 3 I. Background EIOPA own initiative (WP 2014) COM Call for Advice (June 2014)

4. 4 I. COM Call for Advice - contents EIOPA asked to provide the COM with: overview of the existing arrangements for transfers of acquired supplementary pension rights (domestic and cross-border) “good” practices related to transfers obstacles/difficulties affecting (or preventing) transfers quantitative data on transfers of pension assets

5. 5 II. On-going work by EIOPA - content EIOPA plans to Provide assessment of factual information Report on “Good Practices” facilitating transfers EIOPA has no ambition to: Judge/comment on whether transferability of pension rights is desirable Aim for harmonisation of national Social and Labour Law

6. 6 II. On-going work by EIOPA - timeline Work initiated in early 2014 Draft Report will be subject to public consultation (anticipated in Q1 2015) Respond to COM by end July 2015

7. 7 III. Issues identified so far Potential obstacles to transferability: Requirements for receiving/ceding schemes Advice and information Costs and charges Process Taxation

8. 8 IV. Discussion In your view, are there any other obstacles to transferability?

9. Thank you for your attention! Questions? Alexandra de Jong Expert Consumer Protection and Financial Innovation Alexandra.dejong@eiopa.europa.eu

10. 10 References: Call for Advice from COM to EIOPA (2 June 2014): https://eiopa.europa.eu/fileadmin/tx_dam/files/pu blications/otherdocuments/140520_DG_Letter_to _EIOPA_on__call_for_advice_portability.doc.pdf https://eiopa.europa.eu/fileadmin/tx_dam/files/pu blications/otherdocuments/140520_DG_Letter_to _EIOPA_on__call_for_advice_portability.doc.pdf