EU Gov'ts Back Plan For Pan-European Pension Scheme

Law360, London (February 13, 2019, 5:21 PM GMT) -- The European Union edged closer to creating a blocwide pension regime on Wednesday after member state governments endorsed reforms aimed at narrowing the bloc's annual savings gap of €2 trillion ($2.3 trillion).

The Council of the EU announced that a political agreement had been reached in Brussels for a new class of pan-European personal pension products, or PEPPs, to be created. It is hoped that the draft regulation will promote competition between providers and give people a greater choice of where to put their money aside.

"Pan-European pension products will create a new opportunity to put aside long-term savings using capital...

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