The European Insurance and Occupational Pensions Authority (EIOPA) has published a call for evidence to inform the development of its defined contribution (DC) toolkit, which it hopes will boost supplementary pension saving in Europe.

The call for evidence follows mounting pressure to address a lack of pension coverage beyond the first pillar in Europe, although last week, European Commission (EC) head of insurance and pensions, Tilman Lueder, said sections of the industry are split over how urgent this need is.

EIOPA said the toolkit will be aimed at policymakers, social partners, regulators and supervisors, and aims to provide support as an increasing number of pension systems transition from defined benefit to defined contribution schemes.

It will offer “practical guidance and principles” that policymakers can then tailor to address their specific national needs.

The toolkit will also provide considerations on how to maintain flexibility in DC pension systems amid evolving labour market conditions, guidance on the design of accumulation and decumulation phases, and principles to ensure that DC pension plans deliver value for money to savers.

“EU member states face the challenge of developing multi-pillar pension systems to provide their citizens with adequate and sustainable retirement income,” EIOPA stated.

“The issues they encounter are diverse, depending on the nature of the pension gaps and the maturity of existing supplementary pension provision in each country. Some member states will be looking to introduce new DC pension arrangements, while others will work towards improving existing ones.”

Supplementary pension coverage includes occupational pensions (second pillar) and personal pensions (third pillar).

Topics covered in the call for evidence include coverage, contributions and participation, as well as scale, portability and design, and value for money and regulation.

EIOPA has requested evidence in the form of case studies, data, statistics, research, and lessons learned from international experiences to inform the development of the toolkit.

The call for evidence is open for responses until 28 November and can be found here.

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