EIOPA finalises vision on pan-European personal pensions

first_imgFlexible ElementsGuarantees The paper is the latest step in a European Commission (EC)-led investigation into the potential development of a EU market for personal pension schemes, envisaged as a third-pillar retail product.It takes into account feedback received as part of a consultation carried out last summer on the creation of a standardised PEPP, which in turn built on a preliminary report on PPPs by EIOPA in 2014. Last summer’s consultation and the latest consultation will allow EIOPA to respond to a call for advice by the EC in July 2014.Among responses to EIOPA’s PEPP consultation last summer were a warning of the risk of “regulatory arbitrage” from Brussels-based industry association PensionsEurope. The Dutch government rejected the standardised PEPP idea, while the Dutch Pensions Federation questioned the added value of a PEPP.However, Hans van Meerten, a professor of international pensions law at Utrecht University, flagged new opportunities arising from PEPPs for Dutch pension providers, pension funds and insurers.More recently, investment fund association ICI Global made the development of a pan-European PPP one of its key recommendations in its response to the EC’s call for evidence on the regulatory framework for financial services.It said it was “fully supportive” of the Commission’s work to develop such a product, highlighting the benefits of pooling assets on a cross-border basis for “EU savers and the EU’s capital markets”.EIOPA addressed concerns about regulatory arbitrage in its new consultation paper, noting that avoiding it is one of the reasons why it settled on a standardised PEPP regulated by a complementary second regime rather than harmonising existing Directives.“To achieve a true Single Market for pensions,” it said, “and to overcome barriers to use the efficiency gains of the Single Market and ensuring a high level of consumer protection, it is therefore EIOPA’s view that only a second regime PEPP will be capable of realistically tackling the currently under-developed EU market for cross-border pensions.”Proposed PEPP characteristicsThe supervisory body said research it had conducted, including last summer’s consultation, confirmed its view that a standardised PEPP with a defined set of regulated, flexible elements would be the best way forward. Default “core” investment option It also developed its views on the product, however.It is now proposing PEPP features such as standardised information provision based on the proposals of a key information document (KID) within the PRIIPs (Packaged Retail and Insurance-based Investment Products) framework, and standardised limited investment choices and a single default “core” investment option. The investment elements would be to take into account the link between accumulation and decumulation, according to the consultation document.Industry group Insurance Europe said it welcomed EIOPA’s acknowledgement that a PEPP should be “a true pension product” but questioned the proposed treatment of minimum investment periods and the decumulation phase – “the main characteristics of a pension product”.It said the product envisaged by EIOPA needs to feature minimum investment periods, and the decumulation phase given “appropriate consideration” in the product design.“Otherwise, the PEPP could end up being more like a short-term investment, rather than a long-term pension product,” it said. “Of concern is the link that EIOPA’s advice makes between packaged retail and insurance-based investment products and the proposed PEPP, given that the two are not easily compatible.”Consultation: From PEPP to PPPsEIOPA is now seeking views on whether and how its PEPP recommendations could be applied to personal pension products (PPPs) in general.The aim, it said, was to identify how PPPs – and possible EU-wide frameworks for these – could be developed “so they can contribute to meeting the challenges of an ageing economy, the sustainability of public finances and the provision of adequate retirement incomes and foster increased long-term investment”.EIOPA is asking for feedback particularly in relation to:Governance standards for providersHarmonised basis for product governance rulesHarmonised basis for distribution rulesHarmonised disclosure rulesPossible specific additional capital requirementFurther powers for national supervisorsEIOPA noted that PPPs were one of the priority measures for the European Commission’s Capital Markets Union action plan.,WebsitesWe are not responsible for the content of external sitesLink to “Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products (PPP)” Pan-European Personal Pension Product (PEPP) Standardised ElementsInformation provisioncenter_img Limited investment choices Switching Cap on cost and charges The European Insurance and Occupational Pensions Authority (EIOPA) has published its final advice on the development of a so-called 2nd regime for pan-European personal pension products (PEPPs) and launched a fresh consultation on the back of the recommendations.The new consultation is on how a standardised PEPP could serve as the basis for an EU market for personal pensions products in general.The advice and related questions for stakeholders are set out in a ‘Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products’, released yesterday.It marks the first time EIOPA has consulted on its advice, according to a spokesperson.last_img read more

Dutch soccer players boycott TV show over Black Pete remarks

first_imgRelatedPosts Bergwijn scores winner as Netherlands edge Poland Ebonyi holds LG poll amidst opposition boycott Fani-Kayode: Cross River NUJ boycotts government activities The Dutch men’s and women’s national football team players said on Friday they would no longer grant interviews to a popular TV show due to remarks made by a commentator mocking an anti-racism protester.In a statement first published on Twitter by men’s team captain Virgil van Dijk, the players said they would no longer speak with the Veronica Inside programme. This was after the host compared a prominent Dutch black activist to “Black Pete”.Black Pete is a fictional character in Dutch winter holiday celebrations usually portrayed by white people wearing black face paint – a tradition criticised this week by US civil rights leader Jesse Jackson as offensive.“This is not on the edge, this has nothing to do with humour, this is not the language of football,” said Liverpool defender Van Dijk.The national football association KNVB told national broadcaster NOS that it stood behind the players.Veronica Inside host Johan Derksen said earlier on Friday that he did not regret his comments. “I didn’t think the joke was really that bad, for me,” he told newspaper Algemeen Dagblad.“This is a storm in a teacup that will blow over,” Derksen said.Several show sponsors, including supermarket retail giant Ahold, said on Friday they would stop advertising during the show, which is aired by Talpa, a company owned by billionaire Dutch media mogul John de Mol.“We are in discussions with the channel and have indicated that we do not wish to advertise during this programme,” Ahold said in a statement.“There is no room for discrimination at Albert Heijn,” it said, referring to the largest Dutch supermarket chain. Procter & Gamble said it would no longer advertise its Gillette razor blades during the programme, broadcaster NOS reported.P&G could not immediately be reached for comment.Reuters/NAN.Tags: Black Pete RemarksBoycottNetherlandsSoccer Playerslast_img read more

Seamer Chahar takes hat-trick in India’s T20 series win

first_imgMUMBAI, (Reuters) – India seamer Deepak Chahar took a hat-trick and posted the best bowling figures in Twenty20 internationals to guide the hosts to a series clinching 30-run win against Bangladesh in the third and final match at Nagpur on Sunday.Shreyas Iyer and KL Rahul struck brisk half centuries to help India post 174-5 in their 20 overs after Bangladesh captain Mahmudullah won the toss and chose to bowl. Iyer smashed 62 off just 33 balls while Rahul made 52 from 35.In reply, Bangladesh lost Liton Das and Soumya Sarkar in successive deliveries to Chahar early to get off to a false start in their chase and were finally all out for 144 to go down 2-1 in the series.Opener Mohammad Naim, who made his international debut during the series, kept Bangladesh in the hunt with 81 off 48 balls but his dismissal in the 16th over snuffed out the touring side’s chances.Naim added 98 for the third wicket with Mohammad Mithun, who made 27, before the latter became Chahar’s third wicket of the evening.Chahar then dismissed Shafiul Islam on the last delivery of his third over and returned in his final one to send back Mustafizur Rahman and Aminul Islam to complete his hat-trick and finish with figures of six wickets for seven runs off 3.2 overs.His figures broke Sri Lanka spinner Ajantha Mendis’ mark of 6-8 against Zimbabwe in 2012 as the best bowling figures in the shortest format of the game.India all-rounder Shivam Dube picked up 3-40, including the prized scalps of Naim and experienced Mushfiqur Rahim.India’s stand-in skipper Rohit Sharma, leading the side in the absence of rested Virat Kohli, fell for just two while his opening partner Shikhar Dhawan also did not last long and was out for 19.Bangladesh medium paceman Shafiul accounted for both the experienced openers and could have also dismissed Iyer for nought if Aminul had managed to hold on to a simple catch.India have struggled to identify their number four batsman in limited-overs cricket in the last 12 months but Iyer showed he could be the solution to their middle order woes.He hit five sixes and three fours and stitched together a 59-run stand with Rahul.Iyer’s stroke-filled knock ended when he holed out to Sarkar, who had minutes earlier dismissed out-of-form Rishabh Pant for six in the same over.The two sides will next play a two-Test series, with the first starting at Indore from Thursday.last_img read more