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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. 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 -

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  1. Transferability of acquired pension rights- update on EIOPA‘s work - Alexandra de Jong OPSG 15 October 2014 Frankfurt

  2. Outline • Background • On-going work by EIOPA • Issues identified so far • Discussion

  3. I. Background • EIOPA own initiative (WP 2014) • COM Call for Advice (June 2014)

  4. 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

  5. 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

  6. 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

  7. III. Issues identified so far Potential obstacles to transferability: • Requirements for receiving/ceding schemes • Advice and information • Costs and charges • Process • Taxation

  8. IV. Discussion • In your view, are there any other obstacles to transferability?

  9. Thank you for your attention!Questions? Alexandra de Jong Expert Consumer Protection and Financial Innovation Alexandra.dejong@eiopa.europa.eu

  10. 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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