The European Commission has today launched an initiative to boost personal responsibility for pensions in Europe by creating a pan-European personal pension product. The coverage of biometric risks remains with insurance companies; modular savings components can also be provided by banks and the investment fund industry.
“UNIQA expressly welcomes this EU initiative. This clear and transparent information for customers will promote the willingness to save for a private pension,” said UNIQA’s Board Member Peter Eichler, in charge of personal insurance in Austria and CEE, of this development. “As a result, we predict stronger growth potential in the medium term not just in Austria, but also on our second domestic market of Central and Eastern Europe. Accompanying tax incentives could also lead to a shift in pension provision to account for the fact that people are living longer and longer.”