EFAMA published in September 2013 a report presenting a blueprint for a “European brand” of
personal pension products, referred to as “Officially Certified European Retirement Plan” (OCERP). In
response to numerous comments received on the name chosen for this product (OCERP), EFAMA has
decided to rename it “European Personal Pension” (EPP) to facilitate the public’s understanding of the
concept.

The goal of this report is to examine certain aspects of the EFAMA’s proposal which have not been
addressed in detail in the report published in 2013. More specifically, EFAMA tries to provide answers
to the following questions:

•  How will asset managers and other personal pension providers adapt their business models to the creation of an EPP?
• What are the main options for the design of a default investment option? What are the relative merits of life-cycle strategies compared to balanced funds?
• What information should be presented to EU citizens before they start saving in an EPP, as well as during the accumulation and payout phases?
• What distribution and advice rules should be applied to protect EPP holders? Should EPPs be necessarily sold on the basis of independent professional advice?