site.btaNational Assembly Adopts Amendments to Social Insurance Code Related to Pan-European Personal Pension Product

The National Assembly adopted amendments to the Social Insurance Code related to a pan-European personal pension product with 120 votes in favour and 36 against at first reading.

The aim, according to the Council of Ministers, is to introduce measures concerning a pan-European personal pension product (PEPP) into national legislation. They establish uniform rules for its registration, creation, distribution, portability and supervision.

The PEPP is a voluntary product and is intended to complement existing statutory and occupational pension schemes and products in Member States and is not intended to replace or harmonize existing national products or schemes, nor to affect existing national statutory and occupational pension schemes and products.