Targeted consultation on supplementary pensions

This consultation forms part of an outreach strategy that will also comprise workshops with relevant stakeholders, including social partners, civil society, consumers and their organisations, businesses, including SMEs, financial intermediaries, including IORPs, other occupational and personal pension providers and their representative organisations, and the institutions and authorities of the Member States. The consultation specifically aims to identify best practices and useful ideas in this area.

In its communication of 19 March on the savings and investments union (SIU strategy), the Commission envisages several actions to increase the take‑up of supplementary pensions across Europe, improve their return and facilitate pension funds’ long‑term investments into the economy, including in innovation. Since national competence and the design of the overall pension system do not allow for one‑size‑fits‑all policy proposals in several areas, Commission’s recommendations to Member States appear to be the most suitable tool to provide guidance on auto‑enrolment, pension tracking systems, pension dashboards, and the implementation of the prudent person principle by pension funds. Such policy recommendations would benefit from being as targeted as possible and highlight best practices that Member States can apply. Other policy goals might require targeted changes to the EU regulatory framework for supplementary pension provision, namely the Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision (the IORP II Directive) and Regulation (EU) 2019/1238 on a pan‑European Personal Pension Product (the PEPP Regulation). The aim of any changes would be to ensure availability of solid occupational and personal pension products, possibly suitable for auto‑enrolment.

The present consultation will complement the technical advice provided by EIOPA, along with other work on the main topics covered. It will inform Commission’s policy measures aimed at achieving the objectives set out in the SIU strategy and at addressing the findings of the European Court of Auditors contained in the recently published special report on developing supplementary pensions in the EU.

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.