Activities of Arne GERICKE related to 2014/0091(COD)
Plenary speeches (1)
Activities and supervision of institutions for occupational retirement provision (A8-0011/2016 - Brian Hayes) DE
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (recast)
Amendments (28)
Amendment 20 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Occupational pension provision is not an ordinary financial service, but the provision of a social welfare benefit by employers.
Amendment 21 #
Proposal for a directive
Recital 2
Recital 2
(2) The internal market should allow institutions to operate in other Member States and ensurethe legal basis for socially high- quality, pan-European systems to be created on a voluntary basis, in both cases ensuring a high level of protection for members and beneficiaries of occupational retirement schemes as established social welfare benefits provided by employers.
Amendment 23 #
Proposal for a directive
Recital 3
Recital 3
(3) Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a European scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the European Union and for tackling the challenge of an ageing European society. The Directive, dating from 2003, has not been substantially amended to introduce a modern risk-basedseparate governance system in keeping with the particular structure as a social welfare benefit also for institutions for occupational retirement provision.
Amendment 24 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) Occupational retirement pensions are – in view of the demographic development in Europe and the situation of national budgets – an almost indispensable element of adequate, safe and sustainable retirement provision;
Amendment 26 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed constantly to further develop existing occupational pension systems (2nd Pillar) and, as a complementary measure, private retirement savings such as occupational pensions(3rd Pillar). This is important since social-security systems are coming under increasing pressure, which means that citizens will 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 33 #
Proposal for a directive
Recital 9
Recital 9
(9) In accordance with the principle of subsidiarity, European legislation should respect the diversity of models of occupational retirement provision institutions which vary enormously between Member States - a ‘one size fits all’ solution is not possible. Furthermore, Member States should retain full responsibility for the organisation of their pension systems as well as for the decision on the role of each of the three "pillars" of the retirement system in individual Member States. In the context of the second pillar, they should also retain full responsibility for the role and functions of the various institutions providing occupational retirement benefits, such as industry-wide pension funds, company pension funds and life-assurance companies. This Directive idoes not intended to call this prerogative into question.
Amendment 35 #
Proposal for a directive
Recital 13
Recital 13
(13) When aiming at ensuring financial security in retirement, the benefits paid by institutions for occupational retirement provision should generally provide for the payment of a lifelong pension. Payments for a temporary period or a lump sum should also be possible. In addition, the Commission should find simple and user- friendly ways to render the quality of second and third-pillar retirement products intelligible to women and men and develop standards of consumer information and consumer protection by means of voluntary codes of conduct and possibly by means of a compact, user- friendly EU certification system (pensions mark) for such products.
Amendment 38 #
Proposal for a directive
Recital 14
Recital 14
(14) It is important to ensure that older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme, employers and employees, or their respective representatives, should consider the possibility of the pension scheme including provisions for the coverage of the longevity risk and occupational disability risks, periods of absence from employment for the purpose of raising children, as well as provision for surviving dependants.
Amendment 41 #
Proposal for a directive
Recital 45
Recital 45
(45) The safe-keeping and oversight duties related to the assets of institutions should be strengthened by clarifying the depositary’s roles and duties. Only institutions operating schemes where members and beneficiaries bear all the risks should be required to appoint a depositary, providing equivalent protection mechanisms do not already exist.
Amendment 42 #
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. Consumer information and consumer protection could be briefly summarised and rendered intelligible by means of voluntary codes of conduct and possibly by means of a compact, user-friendly EU certification system (pensions mark).
Amendment 44 #
Proposal for a directive
Recital 48
Recital 48
(48) For the institution's members that have not yet retired, institutions should draw up a standardised pension benefit statement containing key personal and generic information about the pension scheme. The pension benefit statement should have a standard format in order to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobilityappropriate and relevant information about the pension scheme.
Amendment 45 #
Proposal for a directive
Recital 57
Recital 57
(57) In order to ensure the smooth functioning of the internal market for occupational retirement provision organised on a European scale, the Commission should, after consulting EIOPA, review and report on the application of this Directive and should submit that report to the European Parliament and to the Council four years after the entry into force of this Directive. That review should assess in particular the application of the rules regarding the calculation of the technical provisions, the funding of technical provisions, regulatory own funds, solvency margins, investment rules and any other aspect relating to the financial solvency situation of the institution. The application of Solvency II to the capital requirements for occupational retirement provision institutions should be permanently ruled out.
Amendment 46 #
Proposal for a directive
Recital 59
Recital 59
Amendment 47 #
Proposal for a directive
Article 6 – point d
Article 6 – point d
(d) ‘retirement benefits’ means benefits paid by reference to reaching, or the expectation of reaching, retirement and having their origin in an employment relationship and being thus regarded as consideration for work performed in the context of the protective rights of an employment contract or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits usually take the form of payments for life. They may, however, also be payments made for a temporary period or as a lump sum.
Amendment 50 #
Proposal for a directive
Article 23 – paragraph 1 – point a
Article 23 – paragraph 1 – point a
(a) their professional qualifications, knowledge and experience are adequate to enable them to ensure a sound and prudent management of the institution and to properly carry out their key funcin relation to the activities performed for the institutions (requirement to be fit); and
Amendment 51 #
Proposal for a directive
Article 24 – paragraph 3 – introductory part
Article 24 – paragraph 3 – introductory part
(3) The Commission shall be empowered to adopt a delegated act in accordance with Article 77 specifyMember States may determinge:
Amendment 52 #
Proposal for a directive
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
Member States shallmay require, appropriately to their size, internal organisation and the nature, scope and complexity of their activities, institutions, as part of their risk- management system, to carry out their own risk assessment and to produce a risk evaluation for pensions in order to document that assessment. The application of Solvency II to the capital requirements for occupational retirement provision institutions shall be permanently ruled out.
Amendment 53 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
Amendment 54 #
Proposal for a directive
Article 61 – paragraph 4
Article 61 – paragraph 4
4. Supervisory powers shall be applied in a timely and proportionate manner and shall take account of the rights of the consenting, and financing, employer.
Amendment 55 #
Proposal for a directive
Article 65 – paragraph 3 a (new)
Article 65 – paragraph 3 a (new)
3a. Member States shall ensure that any person, irrespective of gender, may simultaneously contribute their expertise, for example with regard to legal issues or financial investments, for the firm (sponsor) and for the institution for occupational retirement provision and that this is prohibited only where the competent supervisory authority can demonstrate that there are well-founded indications of a conflict of interest.
Amendment 56 #
Proposal for a directive
Article 75
Article 75
Four years after the entry into force of this Directive, the Commission shall review this Directive and report on its implementation and effectiveness to the European Parliament and the Council. The possibility of future or retroactive application of the provisions on capital requirements pursuant to Solvency II for insurance undertakings to institutions for occupational retirement provision shall be excluded.
Amendment 104 #
Proposal for a directive
Recital 13
Recital 13
(13) When aiming at ensuring financial security in retirement, the benefits paid by institutions for occupational retirement provision should generally provide for the payment of a lifelong pension. Payments for a temporary period or a lump sum should also be possible. In addition, the Commission is called upon to find simple, user-friendly ways of making the quality of second-pillar pension products for women and men intelligible and to develop standards for consumer information and consumer protection by means of voluntary codes of conduct, as well as, possibly, by means of a compact, user-friendly EU certification scheme (European pensions mark) for such products.
Amendment 105 #
Proposal for a directive
Recital 14
Recital 14
(14) It is important to ensure that older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme, employers and employees, or their respective representatives, should consider the possibility of the pension scheme including provisions for the coverage of the longevity risk and occupational disability risks, periods of absence from employment for the purpose of raising children, as well as provision for surviving dependants.
Amendment 117 #
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. Consumer information and consumer protection can be briefly summarised and rendered intelligible by means of voluntary codes of conduct and possibly by means of a compact, user-friendly EU certification system (pensions mark).
Amendment 122 #
Proposal for a directive
Article 3
Article 3
Institutions for occupational retirement provision which also operate compulsory employment-related pension schemes which are considered to be social-security schemes covered by Regulations (EC) No 883/2004 and (EC) No 987/2009, which have their origin in an employment relationship and which thus are to be regarded as consideration for work performed in the context of the protective rights of an employment contract shall be covered by this Directive in respect of their non-compulsory occupational retirement provision business. In that case, the liabilities and the corresponding assets shall be ring-fenced and it shall not be possible to transfer them to the compulsory pension schemes which are considered as social-security schemes or vice versa.
Amendment 161 #
Proposal for a directive
Article 61 – paragraph 4
Article 61 – paragraph 4
4. Supervisory powers shall be applied in a timely and proportionate manner and shall take account of the rights of the consenting, and financing, employer.
Amendment 163 #
Proposal for a directive
Article 65 – paragraph 3 a (new)
Article 65 – paragraph 3 a (new)
3a. Member States shall ensure that a person may simultaneously contribute their expertise, for example with regard to legal issues or financial investments, for the firm (sponsor) and for the institution for occupational retirement provision and that this is prohibited only where the competent supervisory authority can demonstrate that there are well-founded indications of a conflict of interest.
Amendment 165 #
Proposal for a directive
Article 75
Article 75
Four years after the entry into force of this Directive, the Commission shall review this Directive and report on its implementation and effectiveness to the European Parliament and the Council. The possibility of future or retroactive application of the provisions on capital requirements pursuant to Solvency II for insurance undertakings to institutions for occupational retirement provision shall be excluded.