Dáil Éireann Debate, Tuesday - 22 February 2022
237. Deputy Ged Nash asked the Minister for Finance the status of the transposition of the pan-European personal pension product regulation; the expected timeline for the transposition of the regulation into Irish law; and if he will make a statement on the matter. [9505/22]
View answerThe objective of the Pan-European Personal Pension Product Regulation 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.
The European Commission proposal for a Pan-European Personal Pension Product was adopted by Council in 2019. Separately, the Level II Regulatory Technical Standards were approved by Council and published in March 2021. Accordingly, the Pan-European Personal Pension Product Regulation is scheduled to enter into application on 22 March 2022 - a year from the publication of the technical standards.
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 well as with market participants, as part of the negotiation process.
Work is ongoing on the necessary transposition with a view to completing the work within the time-frame and my Department will keep the EU authorities updated on progress. The first PEPP products may be expected to come to markets with the EU this year. 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.
