An EU Single Market for Personal Pensions
De rol van de EU in het pensioenbeleid is ontstaan en geëvolueerd dankzij de
interactie van een aantal factoren. De vergrijzing van de Europese bevolking die druk
legt op de overheidsbegrotingen, een gemeenschappelijke munt die de lidstaten
verplicht om de houdbaarheid van de overheidsfinanciën te verzekeren en het
concurrentievermogen van de EU-economie in een geglobaliseerde wereld hebben
allemaal bijgedragen tot het opnemen van het pensioenbeleid in de kern van de EU agenda.
Reeds in 1971 werd een EU-richtlijn betreffende de coördinatie van de
socialezekerheidsstelsels aangenomen en sindsdien heeft de Europese Commissie
haar wetgevende actie voortgezet in de uitoefening van het Verdrag inzake mobiliteit
van de burgers en de interne markt. Academici en een aantal vertegenwoordigers van
de financiële sector zijn echter erg kritisch geweest over de huidige stand van de
pensioenmarkt. Gebrek aan schaalvoordelen en belastingsbelemmeringen enerzijds,
en de toegenomen rol van bedrijfs- en particuliere pensioenen in de toekomstige
pensioenvoorziening anderzijds, hebben de lancering van innovatieve voorstellen
geïnspireerd waarin wordt opgeroepen tot de integratie van de markt voor
pensioenen in de EU.
Deze studie komt op de achterkant van het recente initiatief van de Europese
Commissie gericht op het creëren van een Europese interne markt voor persoonlijke
pensioenen. Door de versnippering van de particuliere pensioenen in de EU te
erkennen, is deze studie bedoeld om een stap verder te gaan door het beantwoorden
van volgende drie vragen: (i) wat zijn de barrières voor de grensoverschrijdende activiteit van individuele pensioenuitvoerders binnen de EU, (ii) wat zijn de gevolgen
van deze belemmeringen voor de persoonlijke pensioenuitvoerders die, persoonlijke
pensioenproducten binnen de EU (willen) verkopen, en (iii) wat zijn de mogelijke
acties die op EU-niveau kunnen worden ondernomen om de grensoverschrijdende activiteit van individuele pensioenen voor aanbieders te vergemakkelijken.
Dit onderzoek heeft door middel van een enquête de opvattingen van 29 individuele
pensioenuitvoerders die actief zijn in de EU verzameld. Respondenten schreven
bijzonder belang toe aan de barrières die verwijzen naar verschillen tussen de
lidstaten in de belastingstelsels, productdesign regels en eisen in de kennisgevings- en
goedkeuringprocedures. Aanbieders onthulden dat deze fragmentatie invloed heeft
op de efficiëntie van hun bedrijf, in het bijzonder door het ontstaan van
schaalvoordelen te belemmeren en van hun beheer, administratie en
distributiekosten te vergroten. Tot slot zijn de meeste respondenten van mening dat
de beste oplossing die op EU-niveau kan worden genomen om de integratie van de
particuliere pensioenen te bevorderen zou de oprichting zijn van een EU persoonlijk
pensioenproduct dat, zodra deze in een lidstaat is goedgekeurd, in de hele EU
zou kunnen worden verkocht, concurrerend met nationale persoonlijke
pensioenproducten.
De bevindingen van het onderzoek benadrukken, vanuit het perspectief van de
persoonlijke pensioenuitvoerders, het belang van het initiatief van de Europese
Commissie in de totstandbrenging van een interne markt voor persoonlijke
pensioenen. De resultaten laten met name zien dat de huidige, gefragmenteerde
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