Stakeholders and authorities show faith in European Personal Pension (Pepp)

PEPP only called into question by finance industry due to high costs for intermediaries

22 September 2020 – The latest draft of the Pan-European Personal Pension (PEPP) delegated (level 2) regulation was up for discussion last Friday during a broad and well-attended conference on the issue of PEPP and Financial Repression organised by consumer organisations Bund der Versicherten e. V. (BdV) and BETTER FINANCE and, attended by more than 200 participants. Gabriel Bernardino, Chair of the European Authority EIOPA, Dragos Pîslaru, Member of the European Parliament and the rapporteur for PEPP, and many other important experts representing different stakeholders discussed the opportunities and challenges presented by PEPP. Axel Kleinlein, Managing Director of BdV and President of BETTER FINANCE, summarises the discussion: “Nearly all stakeholders are optimistic about the future success of a PEPP. But some lobbyists of the financial industry want more money for their intermediaries for selling the PEPP”. Guillaume Prache, Managing Director of BETTER FINANCE who started the conference with a speech about financial repression adds: “In this very challenging economic situation of financial repression, the PEPP could be the solution for more value for money and a chance to ensure a decent retirement provision”.