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After repeated consultations, the European Commission is pushing plans for a Pan-European Personal Pension Product (PEPP). The German Association of The Insured (BdV) has delivered its statement and is willing to support the project. BdV-spokesman of the board Axel Kleinlein said: “We need simple, efficient and pan-European concepts for pension schemes.”

But with regards to the role of life-insurance companies, he remains very skeptical. On the occasion of a conference on the capital markets union (CMU) with high-ranking representatives in Brussels, Kleinlein warned: “The insurance companies are not reliable and trustworthy partners. This pan-European project must be protected from ‘Legal Fraud’ by the life insurers.”

Already in 2013, the European Commission launched the debate on a fully-funded pan-European personal pension scheme. The latest consultation has provided further impetus for this project. The BdV contributed to this consultation and has emphasized its positive stand vis-a-vis PEPP. The Capital Markets Union Action Plan provided a new momentum, as it would allow for more cost-effective investment opportunities. Thus, the CMU could establish the groundwork for a new type of personal pension schemes.

As a result, the interaction between PEPP and the CMU was one of the main subjects at this year’s annual conference of Better Finance, a top-level organization of European consumer and investment advisors, in Brussels a few weeks ago. Amongst others, Valdis Dombrovskis (Vice-President of the European Commission) and the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, addressed issues related to the Capital Markets Union and private European pension schemes. Better Finance Vice-President Axel Kleinlein warned against the dangers posed by the insurance industry: “The Pan-European Personal Pension Product must be protected from the ‘Legal Fraud’ of the life insurers.”

Here you can find the BdV-response to the consultation.