Lisbon now has two months to report to the community executive on the adoption of the “rules relating to administrative sanctions and other measures applicable to infringements” of the regulation on these retirement products.
According to information from Brussels, the pan-European personal pension product is a voluntary personal pension scheme that offers consumers a pan-European retirement savings option.
This type of product was designed to give savers greater choice and offer them more competitive products, whilst benefiting from strong consumer protection, and can be offered by a wide range of financial service providers, such as insurance companies, managers assets, banks, certain investment companies and certain professional pension funds.
Portugal has two months to respond, otherwise, the matter will be taken to the EU Court of Justice.