16 Amendments of Terry REINTKE related to 2014/0091(COD)
Amendment 85 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Member States and the EU should ensure that pensions by statutory social security schemes protect from old-age poverty and that supplementary pension schemes linked to employment contracts are promoted as additional coverage.
Amendment 87 #
Proposal for a directive
Recital 2
Recital 2
(2) TIn the internal market should allow institutionsinstitutions should have the possibility to operate in other Member States and ensureon condition that that a high level of protection for members and beneficiaries of occupational retirement schemes is ensured.
Amendment 95 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such as occupational pensionsensure that statutory social security schemes protect from old age poverty while occupational pension schemes can provide for a valuable addition. This is important since social-security systems are coming under increasing pressure, which means that citizens willin the absence of urgent reforms to secure their viability citizens would have to increasingly rely on occupational retirement pensions as a complement in the future. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 102 #
Proposal for a directive
Recital 6
Recital 6
(6) Despite the entry into force of Directive 2003/41/EC important prudential barriers remain which make it more expensive for institutions to operate pension schemes across borders. Moreover, tThe current minimum level of protection for members and beneficiaries needs to be increased. This is all the more important as the number of Europeans relying on schemes that shift longevity and market risks from the institution or the undertaking offering the occupational scheme (‘"sponsoring undertaking’") to the individual has increased significantly. In addition, the current minimum level of information provision to members and beneficiaries needs to be increased. Those developments warrant an amendment of the Directive.
Amendment 106 #
Proposal for a directive
Recital 20
Recital 20
(20) Institutions for occupational retirement provision are financial service providerspension institutions that serve - first and foremost - a social purpose and which bear a heavy responsibility for the provision of occupational retirement benefits and therefore should meet certain minimum prudential standards with respect to their activities and conditions of operation. Their social function and the triangular relationship between the employee, the employer and the institutions for occupational retirement provision (IORPs) should be fully recognized and supported as a guiding principle of this Directive.
Amendment 109 #
Proposal for a directive
Recital 28
Recital 28
(28) If the institution does not work on a cross-border basis, Member States should be able to permit underfunding provided that a proper plan is established to restore full funding, protection of the employees and without prejudice to the requirements of Council Directive 80/987/EEC of 20 October 1980 on the approximation of the laws of the Member States relating to the protection of employees in the event of the insolvency of their employer.28 __________________ 28 OJ L 283, 28.10.1980, p. 23. OJ L 283, 28.10.1980, p. 23.
Amendment 113 #
Proposal for a directive
Recital 37
Recital 37
(37) Remuneration policies which encourage excessive risk-taking behaviour can undermine sound and effective risk management of institutions. Principles and disclosure requirements for remuneration policies applicable to other types of financial institutions in the Union should be made fully applicable also to institutions, bearing in mind, however, a balance between the need for transparency and the particular governance structure of institutions in comparison to other types of financial institutions and the need to take account of the size, nature, scope and complexity of the activities of institutions.
Amendment 114 #
Proposal for a directive
Recital 41
Recital 41
(41) It is essential that institutions improve their risk management so that potential vulnerabilities in relation to the sustainability of the pension scheme can be properly understood and discussed with the competent authorities. Institutions should, as part of their risk management system, produce a risk evaluation for their activities relating to pensions. That risk evaluation should be made public and also be made available to the competent authorities. In that evaluation institutions should provide among others a qualitative description of key elements determining their funding position in accordance with national law, the effectiveness of their risk-management system and the ability to comply with the requirements regarding technical provisions. This risk evaluation should include new or emerging risks, such as risks related to climate change, fossil fuels, resource use or the environment.
Amendment 116 #
Proposal for a directive
Recital 46
Recital 46
(46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post-retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks and guarantees, and costs should be given. Where members bear an investment risk, additional information on the investment profile, any available options and past performance are also crucial. However, clear and adequate information should not aim at the maximum of information only but also ensure that the information is adequate to the needs of the user and in line with the UN Convention on the Rights of Persons with Disabilities especially as regards accessibility (Article 3) and access to information (Article 21).
Amendment 126 #
Proposal for a directive
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5a. The Commission shall propose any necessary measures to prevent possible distortions caused by different levels of interest rates and to protect the interest of beneficiaries and members of any scheme.
Amendment 129 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 2 a (new)
Article 20 – paragraph 1 – subparagraph 2 a (new)
Member States may decide to permit criteria for investment which could go for lower returns but greater social benefit, if the stakeholders agree.
Amendment 131 #
Proposal for a directive
Article 20 – paragraph 8
Article 20 – paragraph 8
Amendment 134 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. Directive 2010/73/EC of the European Parliament and of the Council1 a as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies shall also apply to those persons who effectively run IORP institutions so as to ensure a sound remuneration policy. __________________ 1a Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L 327, 11.12.2010, p. 1).
Amendment 138 #
Proposal for a directive
Article 29 – paragraph 2 – point h
Article 29 – paragraph 2 – point h
(h) a qualitative assessment of new or emerging risks relating to climate change, fossil fuels, use of resources and the environment.
Amendment 139 #
Proposal for a directive
Article 29 – paragraph 4
Article 29 – paragraph 4
4. The risk evaluation for pensions shall be an integral part of the operational strategy and shall be taken into account in the strategic decisions of the institutionperformed regularly and without delay following any significant change in the risk profile of the institution or of the pension scheme. It shall be made available to the Members of the scheme and be published.
Amendment 145 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b
Article 38 – paragraph 2 – subparagraph 1 – point b
(b) it shall be written in a clear manner, using clear, succinct, simple and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead and be in full compliance with the UN Convention on the Rights of Persons with Disabilities, especially as regards accessibility (Article 3) and access to information (Article 21);