1. Update on Call for Advice on personal pensions
Cees Karregat
OPSG
Frankfurt, 15 October 2014

2. Brief recapitulation
18/7/2012 – EC request for technical advice to develop an EU single market for personal pension schemes
May 2013 – EIOPA discussion paper on a possible EU single market for personal pensions products.
Feb 2014 – EIOPA preliminary report to EC: Towards an EU single market for personal pensions
23/7/ EC Call for advice on the development of an EU single market for personal pensions
15 October 2014

3. Content Call for Advice (CfA)
CfA chapters provisionally grouped into three clusters
Work stream 1 - ‘Horizontal’ issues
a. Scope of PPPs (ch. 1 CfA)
- annuity products (reverse mortgages) / 1st pillar bis fact finding
b. Product standardisation (ch. 5, part 1)
c. Cross-border activity and transfers (ch. 6)
d. 2nd regime (ch. 8)
2. Work stream 2 - Institution focussed issues
a. Governance financial institution (ch. 2)
b. Product governance (ch. 5, part 2)
c. Quantitative requirements (ch. 7)
3. Work stream 3 - Conduct of business issues
a. Pre- and postcontractual information to PPP holders (ch. 3)
b. Distribution (ch. 4)
15 October 2014

4. Data requests Number of PPPs (contracts) in EU per industry category
Assets managed (broken down by DB/hybrid schemes and DC schemes)
Distributors of PPPs
PPPs offered through freedom of establishment (FOE) or freedom to provide services (FTPS)
PPPs offered by financial institutions that do not benefit from ‘passport’
PPP schemes transferred across Member States
Detailed data on 1st pillar bis schemes
Investigate possible discriminatory issues in field of taxation
15 October 2014

5. Current line of thinking
Way forward
Current line of thinking
Should new (legal) initiatives be contemplated if existing EU legislation (Solvency, IORP, CRD, UCITs, Mifid, PRIIPs, IMD2) is sufficiently suitable for PPPs?
Thorough analysis cross-sectorial legislation needed
E.g. governance financial institutions, quantitative requirements, distribution
2. Issues that will require new initiatives
E.g. pre- and postcontractual information to PPP holders, scope of PPPs (EC requested to include analysis on bringing annuity products (e.g. reverse mortgages) under PPP definition, product standardisation as it is linked to 2nd regime and product
governance
15 October 2014

6. OPSG involvement
The aim is to seek OPSG input before public consultation
(July – September 2015) on specifically relevant CfA topics
OPSG members are invited to also participate in the public consultation
15 October 2014

7. Provisional timeline
Finalising draft reports 3 work streams – by 2nd week February 2015
Finalising overall draft report – by 1 June 2015
Public consultation – 1 July until 30 September 2015
Seeking BoS approval of final draft advice – January 2016
Final advice to EC – 1 February 2016
15 October 2014

8. EIOPA www.eiopa.europa.eu
Thank you
EIOPA