Transferability of acquired pension rights update on eiopa s work
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Transferability of acquired pension rights - update on EIOPA‘s work -. Alexandra de Jong OPSG 15 October 2014 Frankfurt. Outline. Background On-going work by EIOPA Issues identified so far Discussion. I. Background. EIOPA own initiative (WP 2014) COM Call for Advice (June 2014).

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Transferability of acquired pension rights update on eiopa s work

Transferability of acquired pension rights- update on EIOPA‘s work -

Alexandra de Jong

OPSG

15 October 2014

Frankfurt


Outline

Outline

  • Background

  • On-going work by EIOPA

  • Issues identified so far

  • Discussion


I background

I. Background

  • EIOPA own initiative (WP 2014)

  • COM Call for Advice (June 2014)


I com call for advice contents

I. COM Call for Advice - contents

EIOPA asked to provide the COM with:

  • overview of the existing arrangements for transfers of acquired supplementary pension rights (domestic and cross-border)

  • “good” practices related to transfers

  • obstacles/difficulties affecting (or preventing) transfers

  • quantitative data on transfers of pension assets


Ii on going work by eiopa content

II. On-going work by EIOPA - content

EIOPA plans to

  • Provide assessment of factual information

  • Report on “Good Practices” facilitating transfers

    EIOPA has no ambition to:

  • Judge/comment on whether transferability of pension rights is desirable

  • Aim for harmonisation of national Social and Labour Law


Ii on going work by eiopa t imeline

II. On-going work by EIOPA - timeline

  • Work initiated in early 2014

  • Draft Report will be subject to public consultation (anticipated in Q1 2015)

  • Respond to COM by end July 2015


Iii issues identified so far

III. Issues identified so far

Potential obstacles to transferability:

  • Requirements for receiving/ceding schemes

  • Advice and information

  • Costs and charges

  • Process

  • Taxation


Iv discussion

IV. Discussion

  • In your view, are there any other obstacles to transferability?


Thank you for your attention questions

Thank you for your attention!Questions?

Alexandra de Jong

Expert

Consumer Protection and Financial Innovation

[email protected]


References

References:

  • Call for Advice from COM to EIOPA (2 June 2014): https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/otherdocuments/140520_DG_Letter_to_EIOPA_on__call_for_advice_portability.doc.pdf


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