A pan-European Pension System

More competition, more choice and a pension system that is portable across EU borders. The EU wants to help you get fit for retirement.

How did we get here?

It's the demographic change, stupid. Europe faces an enormous challenge, as fewer workers and more elderly people put a lot of pressure on state pension systems. Only 27% of Europeans between 25 and 59 years old have enrolled themselves in a pension product - meaning they put money aside while working to benefit from it later when they are retired. Also, the European market for these personal - meaning "private" - pensions is fragmented and uneven. The offers are concentrated in a few Member States, while in some others they are nearly non-existent. This variation in supply is linked to a patchwork of rules at EU and national levels, which hinder the development of a large and competitive EU-level market for personal pensions.


Why is this important for me?

Because you will get more choice when putting money aside for your later days. At the same time this new initiative is supposed to foster competition in the EU for voluntary personal pensions because providers can offer this product outside their national markets. So it's a bit like roaming - just for pensions.


What's the content?

Commissioners Valdis Dombrovskis and Jyrki Katainen presented their proposal for a regulation on a Pan-European Personal Pension Product (PEPP) in June 2017. The key points are:


What's happening with this legislation in the future?

The proposal is currently discussed in the Parliament's Committee for Economic and Monetary Affairs as well as by national finance ministers. We keep you posted!


Related Bills:

Better protection for your money

Too big to fail: Structural Reform of EU Banking Sector

Access to a Basic Bank Account for Everyone


Pic: By KasparsGrinvalds/shutterstock.com

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