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EIOPA Investigating Single Market For Pensions

by Mike Godfrey, Lowtax.net, Washington
18 April, 2014

The European Insurance and Occupational Pensions Authority (EIOPA) and the National Bank of Slovakia held an international conference this week to discuss the prospect of creating a single EU market for private pensions.

EIOPA, the EU's body responsible for regulatory and cross-border oversight in the areas of insurance and pensions, was established by the European Commission with the aim of restoring trust in the financial system following the 2007/2008 financial crisis. Part of its mandate is to protect consumers and propose greater harmonization between the regulations of member states' financial systems.

Explaining the purpose of the conference, Gabriel Bernardino, Chairman of EIOPA, said: "The creation of a single market for personal pensions in the EU can play an important role in filling the current "pension gap" and, thus, [raise] the overall adequacy of pensions for all EU citizens. Furthermore, it has the potential to mobilize more sustainable long term investment into the EU economy."

Of interest to the UK will be the future interplay between the proposed new single European pensions market and HMRC rules in connection with the transfer of UK pensions abroad to approved schemes, such as Qualified Recognised Overseas Pensions Schemes (QROPSs).

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