Code of Good Practice

Following the White Paper on Pensions which came out in February 2012, the EC set up a Working Group on a code of good practice for occupational pension schemes. The purpose of such a code would be to improve the access to high quality occupational pension schemes and to raise their attractiveness. The Commission states that the added value of such a code would be to provide guidance and exchange of experiences from different countries. According to them the code could increase the transparency for beneficiaries and facilitate mutual recognition of schemes between countries.

The European Commission drafted a first list of elements for a code of good practice. The main elements are:

  • Consistency
  • Adequacy
  • Safety
  • Cost-Effectiveness
  • Flexibility
  • Transparency
  • Governance

Those elements are currently being discussed with the aim of drafting a code. PensionsEurope is cooperating with the Commission, together with other stakeholders, to come up with a good result.