Pan-European Personal Pension Product (Regulation)

cep considers it doubtful whether the PEPP Regulation will facilitate an internal market for pension products. Not only does the Regulation leave the socio-political differences in the individual EU Member States untouched; the EU Commission, by only using a non-binding recommendation, also fails to properly tackle the tax differences, such as whether taxation should take place in the paying-in phase or not until the paying-out phase.