The Commission held a public hearing on simpler withholding tax procedures for Europe today to present the Code of conduct on withholding tax (WHT) to stakeholders and have a lively exchange of views. In today’s hearing, Mr Matti Leppälä, Secretary General/CEO of PensionsEurope, participated in the first panel discussion on the current state of play, why the WHT procedures are costly and lengthy, and to what extent implementing the code would improve the situation. Please find some of his remarks in our press release.
PensionsEurope today published a position paper on the proposal of the European Commission to introduce a EU legislative framework on a Pan-European Personal Pension Product (PEPP).
PensionsEurope believes that a European framework for voluntary personal pensions is particularly needed and useful for those who don’t have access to workplace pensions, such as self-employed and workers in new forms of employment, or where personal pensions offered at the national level are not reliable or attractive. The PEPP could be especially useful for young European citizens who have more and more often a career in multiple Member States.
However, PensionsEurope considers that some amendments are needed to the proposal if the initiative is to be successful. In particular, it will be important to ensure that the proposal will not negatively affect already existing and well-functioning pension systems.
You can read the PensionsEurope press release here.
You can read the PensionsEurope position paper on the PEPP here.
PensionsEurope has responded to the European Commission consultation on investor duties relating to integrating sustainability factors in investment decision-making. In our submission, we argue that there are many best practices and approaches of how pension funds consider sustainability factors. While pension funds increasingly will need to address societal expectations on responsible investment, we believe that a prescriptive, mandatory approach would not be able to take account of this diversity of existing approaches. You can read our response here.