On 25th July 2014, the European Insurance and Occupational Pensions Authority (EIOPA) has published a call for advice sent by the European Commission on the development of a single market for personal pensions.
In its communication the European Commission has requested EIOPA to give advice on personal pension products that meet the main characteristics identified by EIOPA in its preliminary report of March 2014 and to consider a large scope (including personal pension products in the form of life insurance products, group pensions/contracts and Pillar 1bis schemes, as well as other types of personal pension products such as annuity products and in particular reverse mortgages.
EIOPA will work in consultation with ESMA and EBA in preparing the advice and final submissions are accepted by 1st February 2014. The European Commission will consider advice in examining whether a legislative initiative is required for personal pension products.
For further information, you can access the report by clicking here.