18 Amendments of Philippe DE BACKER related to 2014/0091(COD)
Amendment 274 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
Amendment 275 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In view of changing work patterns and increasing worker mobility, new individualised pensions solutions are being developed within collective systems. The rules should facilitate the development of new, innovative pension products, so as to guarantee adequate retirement provisions for all, regardless of career patterns or place of work.
Amendment 301 #
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) In order to improve the functioning of the internal market in the field of occupational retirement provision, it is important that the procedures enabling institutions to carry out cross-border activity be clarified and that unnecessary obstacles, which hamper such cross- border activity, be removed. Facilitating cross-border activity could have a positive impact on affiliated undertakings and their employees, in whichever Member State they work, through the centralisation of the management of the occupational retirement provision business and the protection of an adequate European prudential framework.
Amendment 357 #
Proposal for a directive
Recital 25
Recital 25
(25) A prudent calculation of technical provisions is an essential condition to ensure that obligations to pay retirement benefits can be met both in the short and in the long-term. Technical provisions should be calculated on the basis of recognised actuarial methods and certified by qualified persons. The maximum interest rates should be chosen prudently according to any relevant national rules. The minimum amount of technical provisions should both be sufficient for benefits already in payment to beneficiaries to continue to be paid and reflect the commitments that arise out of members' accrued pension rights.
Amendment 361 #
Proposal for a directive
Recital 27
Recital 27
(27) Sufficient and appropriate assets to cover the technical provisions protect the interests of members and beneficiaries of the pension scheme if the sponsoring undertaking becomes insolvent. In particular in casesthe context of a cross-border activity, the mutual recognittransfer, the technical provisions of supervisory principles applied in Member States requires that the technical provisions be fully funded at all tithe new additional scheme should be fully funded at the moment when the institution starts operating this new or additional schemes.
Amendment 366 #
Proposal for a directive
Recital 27 a (new)
Recital 27 a (new)
(27a) Member States should exchange best practices on cross-border institutions for occupational retirement provisions and encourage bi-lateral supervisory cooperation between competent authorities to address national barriers and to stimulate cross-border pensions.
Amendment 374 #
Proposal for a directive
Recital 32
Recital 32
(32) Supervisory methods and practices vary among Member States. Therefore, Member States should be given some discretion on the precise investment rules that they wish to impose on the institutions located in their territories. However, these rulesThese rules should allow also for the development of individual pension products within a collective system and should not restrict the free movement of capital, unless justified on prudential grounds.
Amendment 398 #
Proposal for a directive
Recital 40
Recital 40
(40) Furthermore, with the exception of the internal audit function, in smaller and less complex institutions it should be possible for a single person or organisational unit to carry out more than one key function. HoweverIn addition, taking into account the size, nature, scale and complexity of the activities of the institutions, the person or unit performing a key function should be different fromin the institution could also be the onsame performing a similar key function infor the sponsoring undertaking; although the competent authority should be authorised to grant an exemption taking into account the size, nature, scope and complexity of the activities of institutions, if the institution has put in place adequate measures in order to prevent and manage any conflicts of interests with the sponsoring undertaking.
Amendment 450 #
Proposal for a directive
Article 6 – paragraph 1 – point i
Article 6 – paragraph 1 – point i
(i) ‘home Member State’ means the Member State in which the institution has been authorised or registered and in which its main administration is located. The place of main administration refers to a place where the main strategic decisions of the institution’s decision making body are maderegistered or authorised in accordance with Article 9;
Amendment 452 #
Proposal for a directive
Article 6 – paragraph 1 – point q
Article 6 – paragraph 1 – point q
(q) ‘key function’, within a system of governance, means an internal capacity to undertake practical tasks; a system of governance includes the risk management function, the internal audit function, and where the institution enters into financial commitments or establishes technical provisions, also the actuarial function.
Amendment 515 #
Proposal for a directive
Article 15 – paragraph 3
Article 15 – paragraph 3
3. In the event of cross-border activity as referred to in Article 12, the technical provisions shall at all times be fully funded in respect of the total range of pensrelated to a new or additional schemes operated. If these conditions are not met, shall be fully funded at the cmompetent authorities of the home Member State shall intervene in accordance with Article 62. To comply with this requirement the home Member State may require ring- fencing of the assets and liabilitiesthe institution starts operating this new or additional scheme.
Amendment 538 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 2 a (new)
Article 20 – paragraph 1 – subparagraph 2 a (new)
Investment rules shall allow for development of individual pension products within a collective scheme.
Amendment 549 #
Proposal for a directive
Article 22 – paragraph 6
Article 22 – paragraph 6
6. Member States shall require institutions to have at least two persons who are effectively run the institution. in charge of the operations of the institution. Member States may allow that only one person effectively runs the institution, on the basis of a reasoned assessment conducted by the competent authorities. The assessment shall take into account the role of social partners in the overall management of the institutions, as well as size, nature, scale and complexity of the activities of the institutions.
Amendment 575 #
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
3. Without prejudice to the role of social partners in the overall management of institutions, theif persons or organisational units carrying out thesimilar key function shall be different from the one carrying out a similar key funcs for the institution inand the sponsoring undertaking. On the basis of a reasoned request from the institution, the competent authority may grant an exemption from this restric, the competent authority may restrict them on the basis of a reasoned assessment and demand separation taking into account the size, nature, scope and complexity of the activities of the institution.
Amendment 595 #
Proposal for a directive
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
Amendment 640 #
Proposal for a directive
Article 40 a (new)
Article 40 a (new)
Article 40a Pension Benefit Statement 1. Within the framework of this Directive, key relevant information for members shall include: (a) personal details of the member, including a clear indication of the date of the statutory retirement or the date when retirement benefits are due; (b) identification of the institution and identification of the pension scheme of the member; (c) where applicable, any information on full or partial guarantees under the pension scheme. Where no guarantee is provided, this should be indicated. Where a guarantee is provided, the pension benefit statement shall briefly explain the nature of the guarantee and provide information on the current level of financing of the member’s accrued individual entitlements; 2. Where the pension scheme does not provide for a given level of benefits the key relevant information for members shall include additionally: (a) information on pension projections, taking into consideration the specific nature and organisation of the pension scheme; (b) information on the accumulated entitlements, contributions and costs of the pension scheme, taking into consideration the specific nature and organisation of the pension scheme; (c) information on the investment profile, taking into consideration the specific nature of the pension scheme; (d) information on the past performance of the pension scheme, taking into account the specific nature of the pension scheme.
Amendment 710 #
Proposal for a directive
Article 57 – paragraph 1
Article 57 – paragraph 1
1. IMember States shall require institutions shto periodically provide beneficiaries with information about major material changes about the benefits due and the corresponding payment options.
Amendment 713 #
Proposal for a directive
Article 57 – paragraph 2
Article 57 – paragraph 2
2. When a significant level of investment risk is borne by beneficiaries in the pay-out phase, Member States shall ensure that beneficiaries receive appropriate information regularly.