Application Process for the Pan-European Pension Product
The purpose of this section is to provide information to firms considering applying for registration of a PEPP.
Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (the “PEPP Regulation”) establishes an EU regulatory framework for a pan-European Personal Pension Product (PEPP).
The PEPP Regulation defines a PEPP as meaning:
- A long-term savings personal pension product, which is provided by a financial undertaking eligible according to Article 6(1) under a PEPP contract, and subscribed to by a PEPP saver, or by an independent PEPP savers association on behalf of its members, in view of retirement, and which has no or strictly limited possibility for early redemption and is registered in accordance with this Regulation.
The application process for registration of a PEPP is dependent on the regulatory domicile of the PEPP provider. Each applicant seeking registration from the Central Bank must meet the standards set out in the PEPP Regulation. Should the applicant wish to proceed to make an application for registration of a PEPP, the applicant will be provided with an application form which will need to be submitted fully completed.
The Central Bank seeks to process each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function. It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines.
For firms prudentially regulated by the Central Bank:
Should your firm wish to register a PEPP, contact your Central Bank supervisor. Your supervisor will be able to provide you with details on the registration process.
For firms prudentially regulated by other EU competent authorities:
Should your firm wish to register a PEPP for the Irish market, contact your home State supervisor. Your supervisor will be able to provide you with details on the registration process.
Notes
The PEPP Regulation was published on 25 July 2019, with entry into force on 14 August 2019.
The following links to the Revenue Commissioners website contains details as to the taxation treatment for PEPPs and other pension products.
https://www.revenue.ie/en/employing-people/what-constitutes-pay/employees-pension-payments/pan-european-personal-pension-products.aspx
https://www.revenue.ie/en/tax-professionals/tdm/pensions/chapter-31.pdf