The EU Pan-European Pension Plan and UK Finance

In June 2018 Diane James MEP spoke to the campaign site FACTS4EU about plans for a Pan-European Pension Plan, usually shortened to PEPP. The headline put the sums involved at £2.1 trillion.

Her position

She told the interviewer that, from her point of view, the scheme represented a financial power grab by the European Union. She expected a large impact on the UK. Her reasoning was that Edinburgh sits at the centre of the British pensions market, with many of the leading firms based there. She called the plan a threat to an important part of the UK finance sector and described Edinburgh as a point of entry into it.

Context

A PEPP is a type of retirement savings product designed to be offered across the EU. Supporters see a way to widen choice for savers, while critics, including the MEP quoted here, worry about regulation and market control. The original page directed readers to the full interview on the FACTS4EU website, where her contribution appears about a quarter of the way down.

The text above is a summary of her opinion and is not financial advice.