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PEPP – pan-European Personal Pension Product


​by Maciej Wilczkiewicz

5 October 2023

The Act on a pan-European Personal Pension Product (PEPP) became law on 26 September 2023.

PEPP is a European pension product designed to provide additional income on top of the state pension and the state pension pillars. 

Who is it for?

Any individual residing in the EU can benefit from PEPP. PEPP will not be linked to employment. People who are unemployed, on maternity leave or students can also use it to build up savings. It will be voluntary – anyone can join and contribute funds up to an annual limit. This limit has been set as 3 times the average monthly salary in the national economy in a year.
PEPP is portable Union-wide. Individuals who change their place of residence within the EU can continue to contribute to the PEPP account they have opened in their former country of residence. At the same time, such persons retain all advantages connected with continuous investment in the same product. 
Only one saver can accumulate savings in a PEPP account. This means that it is not possible to open a joint PEPP sub-account, e.g. for spouses. 

PEPP providers

PEPP will be provided in all EU countries by a financial undertaking authorised to manufacture a PEPP and distribute that PEPP. Providers may include, for example: credit institutions, insurance undertakings, pension companies or investment firms. 
Providers who intend to offer a PEPP must register it. Once registered, the product can be provided and distributed throughout the EU.

Tax incentives

PEPP savers will be exempt from personal income tax, provided that they meet certain conditions. PIT exemption will be available to those who:
  • do not withdraw the accumulated savings until they reach the age of 60,
  • or become eligible for retirement and turn 55 and also have been PEPP savers for at least any five years, 
  • or have made more than half the value of their PEPP contributions no later than five years before the date of their withdrawal request. 
If you have questions about the new pan-European Personal Pension Product – you are welcome to contact us. We will be happy to answer all your questions and provide you with comprehensive support. 


Contact Person Picture

Maciej Wilczkiewicz

Tax adviser (Poland)

Associate Partner

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