European Commission conducts personal pension product hearings
The European Commission in October 2016 conducted hearings with pension funds, asset managers, insurance undertakings, individuals, consumer associations, and public authorities to debate the need for a pan-European pension product. The panel debates allowed stakeholders to determine if EU action fostering the emergence of European personal pension products is appropriate as well as proportionate.
At stake are simple, affordable, and transparent pension plans that provide better returns. More investment into personal pensions could contribute to a stronger single market for capital through an increase in the funds available to finance the economy, as highlighted in the Commission communique, “Capital markets Union, accelerating reform,” which was adopted on 14 September 2016.
The groups focused on such key topics as:
- The need for promoting personal pensions in the EU
- How current demographic challenges can be addressed
- What a European personal pension should look like
- The challenges of a European personal pensions framework
Valdis Dombrovskis and Jyrki Katainen, vice-presidents of the EC, as well as commissioner Marianne Thyssen, delivered keynote speeches. Panel debates included prominent representatives of industry, consumer associations and academia, but all participants were invited to join the debates.
These hearings will contribute to a larger public consultation that is due by 31 October 2016.