The European Insurance and Occupational Pensions Authority (EIOPA) Occupational Pensions Stakeholder Group (OPSG) is in discussions about the possibility of a regulation for a pan-European occupational pension (PEOP).

Speaking at the European Pensions Annual Conference 2023, EIOPA OPSG vice-chairperson, Falco Valkenburg, noted that, in his capacity as a speaker at the event, he was expressing his personal views and the group had no formal position on cross-border pensions.

Valkenburg said that the stakeholder group had been discussing cross-border pensions “quite often” and felt that, following the consultation on the review of the IORP II Directive, cross-border pensions were not working and lots of obstacles had been created.

“One of the things that we are discussing within the stakeholder group is whether it would be possible to come up with a regulation for a pan-European occupational pension (PEOP), as a kind of alternative to what is possible through the IORP II Directive,” he continued.

“We are discussing, from the stakeholder’s perspective, not to come up with a position paper, we don’t want to make a position paper, but a discussion paper to at least bring the discussion of a PEOP back to the table.”

Valkenburg said he believed the potential regulation needed a catchy name, as this was one of the most important things to attract the attention of the European Parliament or the European Commission.

“I think there is a lot of support from both the commission and parliament, but I’m not so sure about the council,” he stated.

“The member state governments: Are they willing to give up what they have? Are they really wanting to come up with European solutions going forward?

“When you look at the demographic changes, the first pillar pensions in many countries do not deliver enough pension, so the adequacy goes down. And second pillar pensions are not always well developed, at least not in all member states.

“So, that could be an additional reason to come up with something like a PEOP. It would also fit with the European plan for social rights.”

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