October 2020

23Oct

Number of people working beyond retirement age on the rise in Germany

According to new statistics, around 1,3 million people in Germany who have reached the standard retirement age were still employed in 2019. Living to work The number of pensioners who are still working continues to rise in Germany. At the request of the AfD, the Federal Employment Agency has revealed that around 1,29 million people who had reached the standard retirement age were still gainfully employed in 2019. This amounts to around 400.000 more people compared to 2010, a...

October 23, 2020
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12Oct

E.U. Strengthening minimum income protection in the COVID-19 pandemic and beyond: Council adopts conclusions

The Council adopted conclusions on strengthening minimum income protection in the EU with the aim to combat poverty and social exclusion during and after the COVID-19 pandemic. Read also Portuguese schemes now required to report ESG investment The Council recognises that minimum income schemes contribute to the social protection of the most disadvantaged groups in society, including people hardest-hit by the COVID-19 crisis. They also have a stabilising effect for the economy as a whole. The Council also acknowledges that...

October 12, 2020
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09Oct

The Pan-European Pension Product Regulation – Europe’s Solution to the ‘Pensions Gap’

By Sebastiaan Niels Hooghiemstra In July 2012, the European Commission asked the European Insurance and Occupational Pensions Authority (‘EIOPA’), in the broader context of efforts to develop private funded pensions, to advise on a legal framework for a Single Market for PPPs. Following a Discussion Paper, a Preliminary Report, a draft advice and a Final Report published by EIOPA, Regulation (EU) 2019/1238 (‘PEPPR’) was adopted on 20 June 2019. The PEPPR establishes a 2nd regime (also known as the...

October 9, 2020
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08Oct

EU seeks to boost eurozone with green bond program

The European Union wants to lift the GDP of the eurozone economy by 3% by 2027 through borrowing under a new green and social bond program agreed to in September, attendees heard Tuesday during a webinar. Read also Latin America’s new poor The recovery program, which will launch with a €100 billion ($117.2 billion) SURE bond program, is a "game changer" for investors from United States and Asia because it will help to establish a euro-denominated green and social...

October 8, 2020
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July 2020

29Jul

UK. FCA Decides Not to Implement EIOPA Guidelines in United Kingdom

The UK Financial Conduct Authority (FCA) announced on July 8 that the guidelines issued by the European Insurance and Occupational Pension Authority (EIOPA) on outsourcing to cloud service providers are not applicable to regulated activities (in this instance, insurance and reinsurance undertakings) within the UK jurisdiction. In its statement, the FCA noted that this is due to the fact that the EIOPA guidelines will enter into force on January 1, 2021, which is after the end of the EU...

July 29, 2020
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10Jul

EIOPA announces the new composition of its two stakeholder groups

The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) has appointed new members to the Insurance and Reinsurance Stakeholder Group (IRSG) and Occupational Pensions Stakeholder Group (OPSG). The two groups consist of a broad range of stakeholders, representing the industry, consumers, beneficiaries, academics, small and medium-sized companies, employees as well as professional associations. EIOPA received considered 158 applications from 26 European countries, submitted following an open call. In its selection, EIOPA aimed to achieve geographical...

July 10, 2020
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January 2020

07Jan

ESG future-proofing can help to defy market risks

The European Insurance and Occupational Pensions Authority (Eiopa) found in its most recent stress tests of European pension funds that sustainable investments would help them to withstand an adverse scenario. The 2019 occupational pensions stress test assessed the resilience of the European pension sector to identify areas of weakness and discuss possible preventive measures. Eiopa is part of the European System of Financial Supervision and supports the stability of the financial system, the transparency of markets and financial products...

January 7, 2020
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December 2019

20Dec

EU pensions judgement sees calls for further solutions

The European Court yesterday provided its ruling on the level of compensation to be provided to individuals who do not receive all of their occupational pension due to the sponsoring employer of their scheme going insolvent. The European Court ruled that the current EU legal requirement that individuals should be entitled to at least 50% of their benefits can continue - provided the person is not left at risk of an EU poverty measure equivalent to about £11,142 per...

December 20, 2019
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18Dec

Pension Schemes in EU Show Big Shortfalls in Stress Test

A stress test of pension schemes across the European Union wiped out 270 billion euros ($298 billion) or almost a quarter of investments at funds that took part, the EU's insurance and pensions watchdog said on Tuesday. Many of the schemes were also not considering the impact of environmental, climate and social risks on their investment decisions, the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement. Investments by the tested schemes in shares also showed a...

December 18, 2019
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November 2019

29Nov

The Future of Pension Plans in the EU Internal Market: Coping with Trade-Offs Between Social Rights and Capital Markets

By Nazaré da Costa Cabral, Nuno Cunha Rodrigues This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level...

November 29, 2019
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