EU Court of Auditors, Commission failed to promote supplementary pensions

Brussels – According to a new report by the European Court of Auditors, the EU, within the scope of its powers, has failed to promote the development of supplementary pensions, which supplement state pensions and help ensure an adequate retirement income for citizens.

A note of the Court explains that in a context of an ageing population, the European Commission and the European Insurance and Occupational Pensions Authority (EIOPA) “have failed to strengthen the role of occupational and employer-sponsored pensions in the EU countries, or even to get the pan-European individual pension product (PEPP) off the ground”.

This report is published at a time when the Commission, as part of its plans for the European Savings and Investment Union, intends to revise the legal framework for occupational pension funds and the pan-European product in order to increase their effectiveness and attractiveness.