Last year the European Commission presented the Capital Markets Union Action Plan. This plan commits the European Commission to developing best practices in several areas, pensions are one of them. The action plan will help Member States and citizens facing demographic challenges. One of the concrete actions that will be undertaken as part of this plan is the development of a best-practices system for national pensions tracking services. For this reason, the European Commission (FISMA) sent a call for technical advice to EIOPA to be delivered by the end of this year. In the Call for advice is highlighted that existence of national tracking services is a precondition for scaling up of the ETS. As a result, the ETS project team is working on getting as many NTSs as possible connected and to make sure there is a steady development of NTSs in Europe.
EIOPA will contact Member States and National Tracking Services
EIOPA officials already have started to seek contact with MS and NTS to collect technical information functionality of NTS’s, identification and access to data and cross border perspectives as well as legal aspects like GDPR and insights in holders of data. In the process EIOPA is assisted by a network of pension tracking services. Alignment with the works of the ETS project is considered important and ETS project partners are amongst many other stakeholders represented in the Network. EIOPA staff participated in a regular meeting the ETS project organizes with representatives of existing NTS’s to present the plans for the coming months in more detail. More to come in the next newsletter.