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DRAFT REPORT (COM(2025)0840 – C100307/2025 – 2025/0363(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP)

ECON-PR-790827

Committee on Economic and Monetary Affairs · Rapporteur: Stéphanie YonCourtin

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This is the rapporteur's draft report on the Commission proposal to amend Regulation (EU) 2019/1238 on the pan-European Personal Pension Product (PEPP). It proposes amendments to the regulation, including on tax treatment, the Basic PEPP, advice, the work PEPP, transfers and EIOPA's register. It would require Member States not to discriminate against cross-border PEPPs in tax treatment, and let the Commission, Parliament or a Member State demand justification for discriminatory tax provisions. It would label the Basic PEPP the 'EuroPension Product', remove the 1% fee cap and the prior-advice requirement, and make digital advice the default with a right to request in-person advice. It would allow employers to contribute voluntarily to a PEPP and to use auto-enrolment where no second-pillar scheme exists, and would require Member States to allow transfers between PEPPs and between PEPPs and other personal pension products. It would make EIOPA's central public register a consumer-facing platform with set information categories, and give EIOPA market intervention powers for the 'EuroPension Product'.

Committee position. The rapporteur considers the Commission proposal a good basis but proposes amendments: rewriting the tax article, labelling the Basic PEPP 'EuroPension Product', removing the fee cap and prior-advice requirement, making digital advice the default, supporting work PEPPs, facilitating transfers and making EIOPA's register consumer-facing.

Key points

  1. Member States would have to ensure cross-border PEPPs receive tax treatment that is not discriminatory in relation to comparable national personal pension products.
  2. The Commission, Parliament or any Member State could require a Member State to justify tax measures that make a PEPP less attractive; if unsatisfactory, Parliament could ask the Commission to act under Article 258 TFEU.
  3. The Basic PEPP would be labelled 'EuroPension Product' for PEPP savers, and only that designation would be displayed to consumers in the PEPP KID.
  4. The 1% cap on costs and fees for the Basic PEPP would be removed, and the requirement to provide advice before concluding a Basic PEPP contract would be deleted.
  5. Advice to Basic PEPP prospective savers would be provided by default via digital means, with the saver able to request in-person advice from a financial adviser.
  6. The Basic PEPP's assets would be invested following the 'prudent person principle', allowing investments in European long-term investment funds (ELTIFs), European venture capital funds and European social entrepreneurship funds.
  7. Member States would not prevent employers from voluntarily contributing to a PEPP for employees who agree, and could allow PEPPs in workplace arrangements using auto-enrolment where no second-pillar scheme exists.
  8. A PEPP contributed to by both employer and employee would remain a third-pillar pension product.
  9. Member States would have to allow transfers between PEPPs, whatever their type, including work PEPPs, and between PEPPs and other personal pension products.
  10. EIOPA would keep an online central public register as a consumer-facing platform listing set categories such as countries of distribution, product name, features, risk indicators, fees, past performance, tax advantages and provider contact details.
  11. Consumers would be able to use the register in a simple, digitally-friendly and interactive manner, filter PEPPs by country, and EIOPA would update it after consumer testing, considering graphs and images.
  12. EIOPA's market intervention powers would be used to protect PEPP savers where significant concerns arise and competent authorities have not acted, especially for a Basic PEPP labelled 'EuroPension Product'.

Who is affected

  • PEPP providers and distributors: face rules on advice, marketing communications, the PEPP KID and benefit statements.
  • PEPP savers: gain the 'EuroPension Product' label, digital advice by default and transfer rights.
  • Employers: may contribute voluntarily to a PEPP and use auto-enrolment where no second-pillar scheme exists.
  • Member States: must ensure non-discriminatory tax treatment and allow transfers between PEPPs and other personal pension products.
  • EIOPA: must maintain a consumer-facing central public register and may use market intervention powers.

Figures and deadlines

  • 1%: the cap on costs and fees for the Basic PEPP that would be removed.
  • 54%: share of Union consumers more likely to buy a pension product with an official Union label, per EIOPA's 2025 Eurobarometer survey.
  • 65%: share among consumers under the age of 24 more likely to buy such a product.
  • 2 providers: number offering PEPP across the European Union.
  • 76%: share of Europeans who have never heard of PEPP, per EIOPA's Consumer Trends Report 2024.
  • 38%: expected share of a worker's average past earnings that state pensions represent by 2070, per EIOPA.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.