EIOPA published a fact finding report on pensions decumulation (pay-out) phase practices

The European Insurance and Occupational Pensions Authority (EIOPA)
published a fact finding report on the current practices of pension scheme
arrangements in the EEA regarding the decumulation (pay-out) phase.

The report outlines current rules, practices, approaches and options in EEA
countries available to members of institutions for occupational retirement
provision (IORPs) when entering or during the decumulation (pay-out)
phase. In addition, the report touches upon practices of non-IORP types of
pension arrangements.

Key findings:
(1) Lump sum payments are very popular
The fact finding exercise found that annuities and lump sum payments are
the most prevalent pay-out option for pensions.
Half of the jurisdictions covered by this exercise allow IORPs to let
members choose a pension product or provider when entering the
decumulation phase. However, very few IORPs offer professional advice on,
for example, annuities.

(2) Information, costs and charges
The type and level of mandatory and conditional information to be provided
to members of IORPs when entering the decumulation phase varies widely and
is mostly determined by the specificities of the particular workplace
pension regime.
Similarly, the types of costs and charges on pension payments, as well as
the regulation on cost and charges, like for example cost caps, differ
significantly among countries.

(3) Aged between 60 and 65, heading towards 67
Currently most jurisdictions envisage starting paying out pensions when
aged between 60 and 65, but a growing number of countries are changing
regulation towards a pension age of 67 or more.

Click here (Link:
https://eiopa.europa.eu/publications/reports/index.html )to read the
EIOPA's Fact Finding Report on Decumulation Phase Practices


This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

---

Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.