European demographic structure and age composition are currently in a state of flux—life expectancy has increased, fertility rates have dropped, and baby-boomers have reached retirement age. The implications of these changes, coupled with the fragmented market for personal pension products throughout the EU are vast and call for close scrutiny of the relationship between financial and pension markets.This article examines the current regulatory efforts aimed at creating a Pan-European Personal Pension Product (PEPP). In doing so, it pursues two primary objectives: firstly, it seeks to explain the relevance of a European harmonized pension product to the overall concept of the single market; and secondly, it aims to explore the looming regulatory challenges stemming from the portability of social and pension rights. This is done by elaborating upon established law and economics scholarship on capital markets, including the Legal Theory of Finance developed by Katharina Pistor. By assessing the costs faced by prospective pensioners against the benefits of legislative harmonization (and other policy-related alternatives), from both a normative perspective as well as a positive one, this article attempts to make a case for an effective and sustainable governance response.The article ultimately seeks to provide a well-balanced, albeit modern outlook to the regulatory endeavours that have more recently been made applicable to the EU personal pension market in virtue of the creation of the PEPP and the wide-ranging effects of such reforms on law, finance, and society.

中文翻译：

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欧盟对欧洲统一养老金产品（PEPP）的监管承诺：养老金权利相对于资本自由流动的可移植性

欧洲的人口结构和年龄组成目前处于变动状态-预期寿命增加，生育率下降，婴儿潮一代已达到退休年龄。这些变化的影响，加上整个欧盟范围内个人养老金产品市场的分散，要求对金融和养老金市场之间的关系进行仔细审查。本文考察了当前旨在创建泛欧洲个人养老金的监管措施。产品（PEPP）。为此，它追求两个主要目标：首先，它试图解释欧洲统一养老金产品与单一市场整体概念的相关性；其次，它旨在探讨社会和养老金权利的可移植性带来的迫在眉睫的监管挑战。这是通过详细阐述关于资本市场的既有法律和经济学奖学金来完成的，包括由Katharina Pistor提出的金融法律理论。通过从规范的角度和积极的角度评估准养老金领取者相对于立法统一（以及其他与政策相关的选择）的收益所面临的成本，本文试图为有效和可持续的治理对策提供依据。这篇文章最终旨在通过PEPE的建立以及此类改革对法律的广泛影响，为近来已适用于欧盟个人养老金市场的监管努力提供一种均衡，现代的观点。 ，金融和社会。包括Katharina Pistor开发的金融法律理论。通过从规范的角度和积极的角度评估准养老金领取者相对于立法统一（以及其他与政策相关的选择）的收益所面临的成本，本文试图为有效和可持续的治理对策提供依据。这篇文章的最终目的是通过PEPE的创立以及此类改革对法律的广泛影响，为近来适用于欧盟个人养老金市场的监管努力提供一种均衡的，现代的观点。 ，金融和社会。包括Katharina Pistor开发的金融法律理论。通过从规范的角度和积极的角度评估准养老金领取者相对于立法统一（以及其他与政策相关的选择）的收益所面临的成本，本文试图为有效和可持续的治理对策提供依据。这篇文章最终旨在通过PEPE的建立以及此类改革对法律的广泛影响，为近来已适用于欧盟个人养老金市场的监管努力提供一种均衡，现代的观点。 ，金融和社会。