Analysis of the Standardized Pan European Personal Pension (PEPP) Product and Its Impact in Four European Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Analysis of the Standardized Pan European Personal Pension (PEPP) Product and Its Impact in Four European Countries write by Theo Nijman. This book was released on 2016. Analysis of the Standardized Pan European Personal Pension (PEPP) Product and Its Impact in Four European Countries available in PDF, EPUB and Kindle. EIOPA has recently proposed to introduce standardized pan European personal pension products (PEPPs) that would be available in the accumulation phase, jointly with national personal pension plans. This paper analyzes the PEPPs from the perspective of the academic literature and proposes to use the PPR concept of Bovenberg and Nijman (2015) to categorize product characteristics, both in the accumulation phase as in the decumulation phase. The PPR concept can also be used to incorporate design features of the decumulation phase in the PEPP itself. A first important lesson to be learned from the academic literature is that the aim of stable income provision requires a framework where future asset returns are hedged rather than the asset only approach underlying the PEPPs. Whereas EIOPA proposes to allow switching between PEPPs only infrequently, the literature suggests that liquidity concerns are not a very convincing reason to restrict switching. Switching costs could be linked to the degree of liquidity of the portfolio. A better motivation for restriction on switching seems to be that investors might well put too much focus on recent investment performance as a predictor of future performance. As far as information disclosure is concerned more attention is recommended to the impact of biometric risks. More attention is also recommended for tax issues, because current tax provisions for national PPPs seem to be rooted in characteristics of the decumulation phase that can be avoided in the second regime. The paper concludes with a discussion of the potential impact of the PEPP proposal on PPP provision in four European countries.
Pan-European Pension Product
Pan-European Pension Product - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Pan-European Pension Product write by Risto Nieminen. This book was released on 2018. Pan-European Pension Product available in PDF, EPUB and Kindle. In June 2017, the European Commission proposed a framework for a pan-European pension product (PEPP) designed to give EU citizens a new option for good value and safe voluntary supplementary pension saving. This could support pension adequacy and at the same time provide another source of long-term investment funds and so help to meet the objectives of the capital markets union (CMU). Together with a proposal for a regulation for a pan-European personal pension product, the Commission also presented a recommendation to encourage Member States to grant the same tax treatment to PEPPs as they grant to similar existing national personal pension products. On 11 January 2018, the Conference of Presidents of the European Parliament authorised its Committee on Economic and Monetary Affairs (ECON) to draft a legislative own-initiative report on the 'Tax treatment of pension products, including the pan-European personal pension product 2018/2002(INL)', to be prepared by the rapporteur Sophia in 't Veld (ALDE, the Netherlands) – see the proposal for a motion for a resolution in Annex 1. All legislative own-initiative reports are automatically accompanied by a European added value assessment (EAVA). The purpose of an EAVA is to support a European Parliament legislative initiative by providing an assessment of the potential added value of taking action at EU level. Two European Parliament draft reports have been prepared as part of the process leading to a decision regarding the European Commission PEPP proposal and PEPP recommendation. The first draft report covers the PEPP proposal and the second the PEPP recommendation. This EAVA analyses both the PEPP proposal and the recommendation and provides information in support of the committee’s draft report on the Commission's PEPP recommendation. There exists clear evidence for the European added value to be achieved through the PEPP. As the PEPP facilitates cross-border mobility by providing a simpler pension product for people who have worked or who plan to work in several Member States, it would contribute to the free movement of people. An economic dimension derives from the fact that supranational operations deliver greater benefits to Members States (increased voluntary pension savings), savers (better and cheaper products, larger variety of products) and service providers (larger customer base, simplified legislation, fewer cross-border transaction costs).
The Future of Ageing in Europe
The Future of Ageing in Europe - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Future of Ageing in Europe write by Alan Walker. This book was released on 2018-11-23. The Future of Ageing in Europe available in PDF, EPUB and Kindle. This book provides the most comprehensive analysis available of the challenges created by Europe’s ageing population. Grounded in state-of-the-art scientific assessments by leading European researchers, the book is strongly policy focused. Indeed this book contains a detailed account of the policies required across a broad field, from economic sustainability and extending working lives, to healthy ageing, technological innovation, long term care and political citizenship, for the successful adaptation to the challenges of ageing in Europe and globally. It is a policy manifesto to ensure that the future of ageing in Europe is transformed into a highly beneficial one for both citizens and societies.
The Pan-European Pension Product Regulation
The Pan-European Pension Product Regulation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Pan-European Pension Product Regulation write by Sebastiaan Niels Hooghiemstra. This book was released on 2019. The Pan-European Pension Product Regulation available in PDF, EPUB and Kindle. Currently, there is a dynamic and ongoing improvement in life expectancies that is not accounted for in pension systems designed to provide financial security in retirement.All over Europe, there are currently employment-based (2nd pillar) pension funds and first pillar pay-as-you-go (PAYG) state pensions systems that are facing huge funding deficits as a result of that. Recently both the EU parliament and the EU Council took their stance on the introduction of an European legal framework for Pan-European Personal Pensions (“PEPP”) an “European 401(k) account” that may prospectively be provided by, amongst others, banks, fund managers, and insurance companies. The introduction of the PEPP could potentially be a solution to mitigate the growing challenge of this so-called “pension gap”, i.e. the gap in savings most people have to ensure they have a good standard of living in retirement.Over the next months the EU parliament and EU Council will be exchanging on how to combine their perspectives in view of a final vote for the introduction of a Pan-European Pension Product Regulation (“PEPPR”).In anticipating a final vote, this contribution discusses the huge opportunity that the introduction of a PEPPR offers to the Luxembourg fund industry. For that purpose, this contribution first provides an overview of the PEPP as a “wrapper (Fund) product”.This article then discusses the PEPP (product) passport and the PEPPR governance provisions (intermediary, product and sales regulation) applicable to PEPP providers, distributors and depositaries. It continues by discussing the opportunities for the Luxembourg fund industry and then concludes.
Tax Treatment of the PEPP : the New Pan-European Personal Pension Product
Tax Treatment of the PEPP : the New Pan-European Personal Pension Product - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Tax Treatment of the PEPP : the New Pan-European Personal Pension Product write by B. Dieleman. This book was released on 2020. Tax Treatment of the PEPP : the New Pan-European Personal Pension Product available in PDF, EPUB and Kindle. Regulation 2019/1238 concerning a pan-European personal pension product has entered into force on 14 August 2019. As a result, it becomes much easier for EU citizens to contribute to a personal pension product on a voluntary basis. It is expected that as from 2021, financial institutions are able to offer a pan-European personal pension product (PEPP) to EU citizens. The tax treatment of the PEPP is not included in the Regulation. However, ECJ case law on tax treatment of private pension products is applicable. In this article, the tax treatment of the PEPP is analysed. The focus of this article is on tax related aspects in case of contributions to a PEPP in one Member State, while receiving PEPP retirement benefits in another Member State. The article among other discusses granting tax incentives to the PEPP by Member States, taxation of PEPP retirement benefits in case a tax treaty is applicable and taxation in case the accumulated capital of a PEPP or the saver moves to another Member State.
