AEIP responds to EIOPA consultation on Pension Tracking Systems
AEIP provided input to EIOPA’s consultation on Pension Tracking Systems (PTS). In it AEIP stressed that the PTS should strive to maximize its use as a source of personal pension information for all citizens and pensions savers in Member States. The PTS should be a valuable source of information for all citizens that want to know about their personal pension situation, as it is an essential factor of confidence in the national pension system and is directly related to the social protection policy of each Member State. PTS and pension providers should look for ways of helping each other to carry out the task of helping individuals make sensible decisions on pensions in a way that makes the customer journey for citizens simple and understandable. The minimum requirements set in the consultation paper can help achieving this goal, however we would like to point out that it is not up to the statutory pension providers to incentivize the take up of supplementary pensions in general. Comprehensive and available pension information does not automatically lead to personal savings decisions, which depend on a variety of personality traits and societal conditions. For that reason, PTS should not be seen as a service that provides pension-related advice but as a tool that gives a comprehensive overview of retirement savings. In addition, PTS should not generate additional data requirements; that would imply significant additional efforts and costs, and confusion. It should thus display not more than the level of data as provided by the IORPs. Please see here the full input of AEIP to EIOPA’s consultation.