Pan-European Personal Pension Product (PEPP)

It affects EU residents saving for retirement, especially people using personal or workplace pension arrangements. It also affects pension providers, employers making pension contributions, and national pension markets.

• Removes mandatory two-country sub-accounts and the 1% fee cap for PEPP products.
• Requires PEPPs to receive tax treatment at least as favourable as national personal pensions.
• Adds value-for-money oversight, expanded cost and performance disclosures, and EIOPA register comparisons.
• Allows employer contributions and possible workplace auto-enrolment, subject to national social and labour law.

Takes effect

It enters into force twentieth day after Official Journal publication and applies one year after entry into force.

Transitional law

Competent authorities, PEPP providers, and distributors have one year before the amended rules start applying.

• Regulation (EU) 2019/1238 (32019R1238)
  • art. 2(1): adds definitions for independent advice and life-cycle investment strategy
  • art. 3: adds tax-treatment requirement for PEPPs
  • art. 4(2): replaces point (a) on Basic PEPP description
  • art. 6: inserts registration documentation requirement and amends application timing and EIOPA communication
  • art. 8(4): adds saver information duties after deregistration
  • art. 13(1): replaces register content requirements
  • art. 18: replaces paragraph 2 and deletes paragraph 3 on sub-accounts
  • art. 23: adds paragraph 3 on employers not acting as distributors
  • art. 25: replaces Article 25 on product oversight, governance and value-for-money requirements
  • art. 28(3): amends KID content on PEPP type, auto-enrolment, options, register and costs
  • art. 33: inserts paragraph 2a on workplace auto-enrolment information
  • art. 34: amends advice requirements and register information duties
  • art. 36(1): amends PEPP Benefit Statement scenarios, costs breakdown and register reference
  • art. 38: replaces Article 38 on pre-retirement and decumulation-phase information
  • art. 39a: inserts Article 39a on information where employers contribute
  • art. 41(1): amends investment rules to prudent person principle, ESG and trading venue provisions
  • art. 42: replaces paragraphs 1 to 3 on investment options
  • art. 43: amends wording on receiving information and advice
  • art. 45: replaces Article 45 on the Basic PEPP
  • art. 46: amends risk-mitigation techniques and life-cycle investment strategy standards
  • art. 47: adds paragraphs 3 to 5 on employer contributions and workplace auto-enrolment
  • art. 51a: inserts Article 51a on pension tracking systems
  • art. Chapter VII heading: replaces Chapter VII heading
  • art. 56a: inserts Article 56a on switching and transfer rights after deregistration
  • art. 56b: inserts Article 56b on transfers from other personal pension products
  • art. 57: adds paragraph 3 on default decumulation pathways in workplace auto-enrolment PEPPs
  • art. 60(1): amends introductory wording on personal retirement planning
  • art. 63(1): replaces point (a) on grounds for competent authority intervention
  • art. 64(1): replaces first sentence on EIOPA facilitation and collaboration platforms
  • art. 65(3): adds value-for-money failure to EIOPA intervention grounds
  • art. 65a: inserts Article 65a on collaboration platforms
  • art. 73(1): replaces evaluation timing provision
• Commission Delegated Regulation (EU) 2021/473 (32021R0473)
  • art. 13: repeals Article 13
  • art. 14(2): repeals Article 14(2)
  • art. 14(3): repeals Article 14(3)
  • art. 15: repeals Article 15