Dáil Éireann Debate, Wednesday - 29 September 2021
88. Deputy Ged Nash asked the Minister for Finance the status of the forthcoming Pan-European Personal Pension Regulation; the supports that are being given to companies seeking to develop PEPPs from Ireland (details supplied); the discussions that have taken place on appointing the national competent authority; and if he will make a statement on the matter. [46973/21]
View answerThe European Commission proposal for a Pan-European Personal Pension Product (PEPP) was adopted by Council in 2019. Separately, the Level II Regulatory Technical Standards were approved by Council and published in March 2021. Accordingly, the Regulation will enter into application in Quarter 1 2022.
My Department had domestic responsibility for negotiating this file and has engaged with key domestic stakeholders such as the Department of Social Protection, the Pensions Authority, the Central Bank of Ireland and the Office of the Revenue Commissioners as part of the negotiation process.
Work is ongoing within my Department on the necessary transposition work with a view to completing the work within the time-frame. The first PEPP products may be expected to come to the market in 2022. Providers and distributors will follow the normal approval process through the relevant national authorities to ensure they and their products comply with the necessary requirements.
The objective of the PEPP is to lay the foundations for a safer, more cost-efficient and transparent market in affordable and voluntary personal pension savings that can be managed on a pan-European scale. It is envisaged that the PEPP framework will constitute a complementary voluntary scheme alongside national regimes.
It is far too early to say what the impact of the PEPP will have on the pensions market but the PEPP may introduce greater competition in the pension market if European providers offer the PEPP to Irish savers on a cross-border basis. This in turn should help lead to better retirement outcomes for pension savers.
