We fully support the position of the GCAE, emphasizing the necessity of correct, understandable and non misleading information about pensions. “Communication with the members should also explain in simple and clear terms the principal risks implicit in the financial arrangements, how they are managed and the potential consequences of failure. Better communication regarding the purchasing power of the benefits is essential and should, in our opinion, be an important factor in disclosure.” Moreover, transparency in communication with all stakeholders should be encouraged, leading to better understanding of the complexities and risks in pension schemes.
We agree with EIOPA that a new KIID-like document should be introduced and extended with information on contribution arrangements, practical information and cross references to other document.
Date: 2nd January 2012
Author: Guillaume Prache, EuroFinuse
Type: Consultations
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