PEPP – Towards a Harmonized European Legislative Framework for Personal Pensions

Abstract

In the last couple of years questions arose how the PEPP should ideally be regulated and the European Commission and various interest groups, till now, have not found a solution for all possible problems in developing a common regulatory framework yet.

For that purpose, this Report focused on how the PEPP could ideally be regulated. It discussed the PEPP and the PPP, how PEPPs as a ‘wrapper product’ should be defined and how a PEPP (product) passport under a future PEPP Regulation could be established. Furthermore, this Report focused on the possible regulation for PEPP providers/distributors, depositaries/custodians, the position of consumers, the standardization of PEPP/PPP product regulation and sales regulation. It concluded by reviewing possible tax barriers related to the PEPP and migrating PEPP holders and the lessons that can be learned from the existing (personal) pension framework in Sweden, the UK and the US.