Behavioural study on the pan-European Personal Pension Product (PEPP) information documents

Client: EIOPA

Duration: 2019 – 2020

Consortium: Open Evidence (leader), LSE, BDI

Methodology: Behavioural Study

Tools: Focus Group, Behavioural Experiments

Fieldwork: Croatia, Ireland, Spain

Geographical scope: EU27

The overall purpose of the study is to facilitate and execute graphic design work and consumer testing regarding the pan-European Personal Pension Product (PEPP) Key Information Document (KID) and Benefit Statement (BS) in three Member States. We use mix behavioural methods to understand relevant behavioural biases, and why consumers find certain aspects of information related to pension products difficult to understand, and how to overcome those difficulties. The outcome of the consumer testing help the European Insurance Occupational Pensions Authority (EIOPA) with its policy decision on the comprehensibility of the information to be included in the PEPP KID and PEPP BS and the presentation of this information, which inter alia fits the digital environment.