[ParlTrack]

Proposal for a regulation
Recital 21

(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply ~~thre~~five years after the entry into force of this Regulation. PEPP providers should be able to enter into compartment partnerships in order to fulfil this requirement. However, upon launching a PEPP, the provider should provide, in the contract, information on which national compartments are immediately available, in order to avoid a possible misleading of consumers.

2018/05/03
Committee: IMCO

Birgit COLLIN-LANGEN

Proposal for a regulation
Recital 29 a (new)

(29a) PEPP providers should draw up contribution plans and prognoses, focusing on the value of the funds, return on investment, estimated inflation and economic growth, addressed to PEPP savers.

2018/05/03
Committee: IMCO

Birgit COLLIN-LANGEN

Proposal for a regulation
Recital 30

(30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options. When doing so, they should also remind PEPP savers about the possibility of switching from one pay-out option to another. The standard option should enable a lump sum payment of up to 30% to be made, with the remainder payable as a lifetime annuity. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.

2018/05/03
Committee: IMCO

Birgit COLLIN-LANGEN

Proposal for a regulation
Article 2 – paragraph 1 – point 24

24. “~~default investment~~standard option"” means a~~n investment strategy applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account;~~ pension product which every provider must offer and which may be based on a range of investment strategies.

2018/05/03
Committee: IMCO

Birgit COLLIN-LANGEN

Proposal for a regulation
Article 23 a (new)

Article 23a Form and content of the key information document 1. The title 'Key Information Document' shall appear prominently at the top of the first page of the key information document. The key information document shall be presented in the sequence laid down in paragraphs 2 and 3. 2. An explanatory statement shall appear directly underneath the title of the key information document. ‘This document provides you with key information about this pension product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. 3. The key information document shall consists of two parts. The first general part shall describe the general PEPP information. The second special part shall describe the information, which varies between Member States. 4. The key information document shall contain the following general information: (a) at the beginning of the document, the name of the PEPP, the identity and contact details of the PEPP manufacturer, information about the competent authority of the PEPP manufacturer and the date of the document; (b) if it is not the standard investment product, a warning with the following wording: ‘You are about to purchase a product that is not simple and may be difficult to understand.’; (c) under a section titled ‘What is this product?’, the nature and main features of the PEPP, including: i) a description of the retirement benefits and the extent to which they are guaranteed; (ii) Information about existing tax incentives or other benefits; (iii) where applicable, whether there is a cooling off period or cancellation period for the PEPP; (iv) any minimum or maximum period for belonging to the PEPP scheme; (v) the retirement age; (vi) general information on the portability service, including information on the compartments; (vii) general information on the switching service, and a reference to the specific information about the switching service available under Article 50; viii) available information related to the performance of the investment policy in terms of environmental, social and governance factors; (ix) the law applicable to the PEPP contract where the parties do not have a free choice of law or, where the parties are free to choose the applicable law, the law that the PEPP provider proposes to choose. (x) Under the title ‘What are the costs?’, the costs associated with an investment in the PEPP, comprising both direct and indirect costs, including one- off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. (xi) a clear indication that advisors, distributors or any other person advising on, or selling, the PEPP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the PEPP saver to understand the cumulative effect that these aggregate costs have on the return of the investment; (xii) Details of the forms of payment and the payout phase; (xiii) an indication that a change in the form of payment may have an impact on tax incentives or benefits; (xiv) under a section titled ‘How can I complain?’, information about how and to whom a PEPP saver can make a complaint about the product or the conduct of the PEPP provider or a person advising on, or selling, the product; xv) under a section titled ‘Other relevant information’, a brief indication of any additional information documents to be provided to the PEPP saver at the pre- contractual and/or the post-contractual stage, excluding any marketing material. 5. In the case of a non-standard investment product, PEPP and PEPP distributors shall be covered by Article 8 (3) (d) and (e) accordingly. 6. The PEPP manufacturer shall review the information contained in the key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly to the PEPP customer.

2018/05/03
Committee: IMCO

Birgit COLLIN-LANGEN

Proposal for a regulation
Article 37 – paragraph 1

1. TIn the default ~~investment option shall ensure capital protection for the PEPP saver,~~option, the PEPP provider shall guarantee the PEPP saver that the capital accumulated by the start onf the ~~basis of a risk- mitigation technique that results in a safe investment strategy~~pay-out phase will at least equal the contributions paid including all costs and charges. This condition shall apply to all investment options offered under the default option.

2018/05/03
Committee: IMCO

Activities of Birgit COLLIN-LANGEN related to 2017/0143(COD)

Plenary speeches (1)

Amendments (6)

ParlTrack - 2011-2024