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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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