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EFAMA welcomes European Commission Pensions Green Paper

8th July 2010 -- The European Fund and Asset Management Association (EFAMA) has today welcomed the publication by the European Commission of its Green Paper, Towards adequate, sustainable and safe European pension systems, yesterday, 7th July 2010. Jean-Baptiste de Franssu, President of EFAMA, said:

"The European asset management industry welcomes the publication of this key consultation paper. EFAMA looks forward to working co-operatively with the Commission over the consultation period and offering the benefit of its experience, industry perspective and expertise in order that the challenges of this significant task can be met. Securing the financial future of Europe's citizens remains at the heart of EFAMA's strategy for the coming years."

Earlier this year, EFAMA published its report, Revisiting the Landscape of European Long-Term Savings - A call for action from the asset management industry. The report outlined recommendations by an EFAMA think tank to improve regulations for long-term savings, as well as retail product distribution, financial education and business practices. The report was presented at the time of publication to senior figures from the European Commission.

In the report 23 CEOs from some of the largest European asset management firms, pension funds, investment consultancies and investor associations set out their vision of what is required in practical steps to address the long-term savings challenge facing Europe, achieve transparent, efficient pan-European distribution of retail financial products and improve business practices and investor education.

Of the recommendations made for long-term savings, EFAMA believes its recommendation to introduce a personal retirement plan (referred to as an "Officially Certified European Retirement Plan" (OCERP)) that has consistent certification standards across Europe would increase the consumer-friendliness of long-term investments and be appropriate for the Commission's vision for European pension systems. The think tank report also recommended that all product providers should be given equal access to suitable and efficient OCERPs in order to foster competition for the best possible investor solutions.