BETTER FINANCE welcomes the establishment of Pension Tracking Systems (PTS) in each EU Member State as a pivotal step towards achieving pension adequacy. EU citizens, being able to easily monitor the status of their pensions pot, will be more aware and prone to actively engage with their retirement savings plans. As such, it will constitute an important step towards achieving pension adequacy for EU citizens.
A Pension Tracking System (PTS) must be built having in mind solely the perspective and interests of individual, non-professional pension savers as its unique beneficiaries. To stimulate a high take up, the PTS must be a trustworthy, clear, and accurate as a source of information. Thus, its design and governance must be independent of the finance industry, non-profit, and credible as an official source, in addition to being free of charge for its users. In this light, BETTER FINANCE fully agrees and supports the principles put forward by EIOPA governing its functioning and set-up.