46 Amendments of Mady DELVAUX related to 2017/0143(COD)
Amendment 211 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 232 #
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”), on the basis of a single set of rules and in cooperation with national competent authorities.
Amendment 247 #
Proposal for a regulation
Recital 21
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 three years afterUpon launching a PEPP, the provider should provide information on which national compartments are immediately available in the econtry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersact, in order to avoid a possible misleading of consumers. PEPP savers willing to open a national compartment should be allowed to switch provider free of charge when this national compartment is not made available by the PEPP provider with whom the contract has been initially signed.
Amendment 252 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for eachat least a third of the Member States will apply three years after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumers.
Amendment 256 #
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally 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 (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 257 #
Proposal for a regulation
Recital 23
Recital 23
(23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice through the provision of advice assessing their saving demands and needs.
Amendment 267 #
Proposal for a regulation
Recital 30
Recital 30
(30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options. 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.
Amendment 272 #
Proposal for a regulation
Recital 32
Recital 32
(32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities, including those having a long term horizon. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 274 #
Proposal for a regulation
Recital 33
Recital 33
(33) By setting the prudent person rule as the underlying principle for capital investment and making it possible for PEPP providers to operate across borders, the redirection of savings into the sector of personal retirement provision is encouraged, thereby contributing to economic and social progress. The prudent person rule should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 286 #
Proposal for a regulation
Recital 36
Recital 36
(36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for the investment policy and risk management systems of PEPP providers. PEPP providers should be encouraged to consider such factors in investment decisions and to take into account how they form part of their risk management system. This risk assessment should also be made available to EIOPA and to the competent authorities as well as to PEPP savers. Where relevant, it should also include risks related to climate change, use of resources, the environment, social risks, and risks related to the depreciation of assets due to regulatory change (‘stranded assets’).
Amendment 307 #
Proposal for a regulation
Recital 47
Recital 47
(47) In order to find better conditions for their investments, thus also stimulating the competition among PEPP providers, PEPP savers should have the right to switch providers during the accumulation and the decumulation phases, through a clear, quick, low cost and safe procedure.
Amendment 323 #
Proposal for a regulation
Recital 67
Recital 67
(67) Tax incentives can take different forms and play an important decisive role in encouraging the take-up of personal pension products ((PPPs) in a number of Member States. In many Member States the contributions paid for PPPs qualify for some form of tax relief, be it explicit or implicit.
Amendment 359 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) “annuity” means a sum payable at specific intervalsmonthly, quarterly or yearly over athe period, such as of the PEPP beneficiary’s life or a certain number of years, in return for an investment;
Amendment 377 #
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
(24) “default investment option” means an investment strategy applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account and on how to benefit from the decumulation phase;
Amendment 426 #
Proposal for a regulation
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
(d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 430 #
Proposal for a regulation
Article 5 – paragraph 2 – point e
Article 5 – paragraph 2 – point e
(e) information about the investment strategies, the risk profile and other characteristics of the PEPP, including the role played by environmental, social and governance factors in the investment process as well as the long term impact and the externalities of the investment decisions;
Amendment 451 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP is based on an investment strategy that states to what extent environmental, social and governance factors are included in the proposed providers risk management system.
Amendment 507 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartments for all Member States upon request addressed to thet least a third of all Member States, as case may be, in cooperation with local service providers, upon request addressed to the PEPP provider. The available compartments shall be listed in the contract between the PEPP saver and PEPP provider.
Amendment 515 #
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. Without prejudice to paragraph 3, PEPP providers may allow PEPP savers to switch to another PEPP provider outside the dates referred to in article 45(2) when changing their domicile by moving to another Member State. The switch of providers shall be free of charge for the saver in case the PEPP provider does not offer the national compartment of the saver’s new domicile.
Amendment 519 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 525 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), iImmediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 633 #
Proposal for a regulation
Chapter 4 – section 3 – title
Chapter 4 – section 3 – title
Advice and standards for sales where no advice is given
Amendment 642 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 a (new)
Article 25 – paragraph 1 – subparagraph 2 a (new)
Without prejudice to Article 26, advice shall aim at assessing the risk aversion and the financial skills of a PEPP saver as well as at making him able to choose the investment option which better correspond to his risk profile.
Amendment 643 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 b (new)
Article 25 – paragraph 1 – subparagraph 2 b (new)
Through advice, a PEPP saver shall be informed about the main features of the product.
Amendment 644 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 c (new)
Article 25 – paragraph 1 – subparagraph 2 c (new)
Advice may be provided also through digital channels.
Amendment 664 #
Proposal for a regulation
Article 26 – title
Article 26 – title
Amendment 665 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1
Article 26 – paragraph 1 – subparagraph 1
Amendment 666 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 2
Article 26 – paragraph 1 – subparagraph 2
Amendment 667 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 3
Article 26 – paragraph 1 – subparagraph 3
Where the PEPP provider or distributor referred to in Article 19(c) of this Regulation considers, on the basis of the information received under the first subparagraphArticle 25(1), that the product is not appropriate for the PEPP saver or potential PEPP saver, the PEPP provider or distributor shall warn the PEPP saver or potential PEPP saver to that effect. That warning may be provided in a standardised format.
Amendment 668 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 4
Article 26 – paragraph 1 – subparagraph 4
Where PEPP savers or potential PEPP savers do not provide the information referred to in the first subparagraphArticle 25(1), or where they provide insufficient information regarding their knowledge and experience, the PEPP provider or distributor shall warn them that it is not in a position to determine whether the PEPP envisaged is appropriate for them. That warning may be provided in a standardised format.
Amendment 669 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 675 #
Proposal for a regulation
Article 27 – paragraph 3 – point d
Article 27 – paragraph 3 – point d
(d) information on how the investment policy takes into account environmental, social and governance factors, including the role they play in the investment process as well as the long term impact and the externalities of the investment decisions.
Amendment 692 #
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
(ea) a summary on the PEPP provider’s investment-policy principles that are further described in the supplementary information in accordance with Article 29, point (c) of the present Regulation.
Amendment 699 #
Proposal for a regulation
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) where applicable, information about the assumptions used for amounts expressed in annuities, in particular with respect to the annuity rate, and the type of PEPP provider and the duration of the annuity;
Amendment 702 #
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
1a. One year prior to the retirement phase, a communication shall be sent to the PEPP saver in order to inform him about the upcoming start of the decumulation phase and the possible forms of out-payments.
Amendment 714 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 735 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to fiveone or several investment options to PEPP savers.
Amendment 748 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The terms for modification of the investment option shall be listed in the PEPP contract. In any case, the PEPP saver shall be able to opt for a different investment option once every five years of accumulation in the PEPP.
Amendment 762 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP saver, on thbasic PEPP shall be a simple and safe product that can be beasis of a risk-mitigation technique that results in a safely acquired, including through digital channels, in each Member State. It represents the default investment strategyoption.
Amendment 779 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. Capital protection shallfor the basic PEPP shall aim at allowing the PEPP saver to recoup the capital invested according to the draft regulatory technical standards established by EIOPA.
Amendment 793 #
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
2. The alternative investment options shall include risk-mitigation techniques to be defined by PEPP providers according to the draft regulatory technical standards established by EIOPA.
Amendment 836 #
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver may switch PEPP providers no more frequently than once every five years after conclusion of the PEPP contract, except for situations referred to in Article 13 (3a) (new).
Amendment 846 #
Proposal for a regulation
Article 48 – paragraph 4
Article 48 – paragraph 4
4. Fees and charges, if any, applied by the transferring or the receiving PEPP provider to the PEPP saver for any service provided under Article 46, other thanIn the context of the switching process, services given by those referred to in paragraphs 1, 2 and 3 of this Article,ceiving PEPP provider shall be freasonable and in line with the actual costse of tchat PEPP providerrge.
Amendment 873 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the formFor the basic PEPP a minimum of 50% of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicablein the form of annuities shall be mandatory.
Amendment 887 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. In case the amount of the annuities would be disproportionally low, the form of out-payments can derogate from the provision in paragraph 2.
Amendment 906 #
Proposal for a regulation
Article 63 – paragraph 1
Article 63 – paragraph 1