Insurance Europe publishes response to EC consultation on supplementary pensions

Insurance Europe has published its response to the European Commission's consultation on supplementary pensions, emphasising that EU frameworks should be practical and flexible, while taking into account the diversity of national pension systems.

The response highlights that pension tracking systems, dashboards, and auto-enrolment can play an important role in helping Europeans plan for their retirement. EU guidance can provide useful support for countries developing these tools, while, in markets where such approaches are already in place, improvements should be made locally to avoid disrupting frameworks that are already working well.

On the Pan-European Personal Pension Product (PEPP), Insurance Europe notes that the low uptake reflects structural challenges rather than a lack of interest in personal pension savings solutions. The industry welcomes exploring solutions to make the PEPP framework more workable, including the possibility of a voluntary EU-wide label.

Finally, the response points out that the IORP II framework is both solid and flexible, supporting diversification and long-term investment, and therefore does not require dramatic changes.