Offering Europeans a new pension product will help spark retirement savings the European Commission (EU) hopes, writes Of the EU’s 243 million citizens aged 25-59, it’s estimated only 28 per cent of them are now saving into a pension plan. The proposal to launch a Pan-European Pension Plan (PEPP) is designed to change that, writes “To this end, on 29 June, the European Commission proposed Regulations setting out a framework for a bold new pan-European personal pension product (PEPP). This emerges as part of the EU’s 2015 Action Plan on Building a Capital Markets Union (CMU) and is expected to grow the personal pension market to €2.1 trillion by 2030. The Regulations will now be considered by the European Parliament and the European Council with PEPPs expected to start appearing in the market some two years after the Regulations come into effect,” writes A key question going forward revolves around the UK’s plans to exit the EU, causing “uncertainty about the impact that PEPPs will have on the UK pensions market and on capital flows,” he adds.
More: Regulatory framework for PEPP progressing.

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