[29411]
October 7, 2015
TO: ICI GLOBAL CAPITAL MARKETS UNION TASK FORCEICI GLOBAL REGULATED FUNDS COMMITTEE No. 63-15
ICI GLOBAL RETIREMENT SAVINGS COMMITTEE RE: ICI GLOBAL COMMENTS ON PAN-EUROPEAN PERSONAL PENSION PRODUCT CONSULTATION
On 5 October, ICI Global filed a response [1] to the consultation paper published by the European Insurance and Occupational Pensions Authority (EIOPA) On the Creation of a Standardised Pan-European Personal Pension Product (PEPP). [2] ICI Global also issued a press release in connection with the filing. [3]
Our submission responded to a select number of questions, primarily addressing the product design, including what the default investment option could be and pushing against mandatory guarantees and fee caps. [4] We also urged EIOPA to consider how it might foster a tax approach that would allow PEPPs to be competitive across the European Union and facilitate the free movement of capital. We emphasised this to be a critical issue for a successful PEPP.
EIOPA is expected to provide final advice to the European Commission in 2016.
Anna Driggs
Associate Chief Counsel - Retirement Policy
endnotes
[1] Our response is available at https://www.iciglobal.org/pdf/15_icig_eiopa_pepp_consultation_ltr.pdf.
[2] See Memorandum to ICI Global Regulated Funds Committee, ICI Global Retirement Savings Committee, and ICI Global Capital Markets Union Task Force [29227], dated 5 August 2015.
[3] Our press release is available at https://www.iciglobal.org/iciglobal/news/news/ci.15_news_icig_eiopa_pepp.global.
[4] For our draft comment letter, see Memorandum to ICI Global Regulated Funds Committee No. 60-15, ICI Global Retirement Savings Committee, and ICI Global Capital Markets Union Task Force [29380], dated 29 September 2015.