33 Amendments of Elena GENTILE related to 2017/0143(COD)
Amendment 33 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) To meet these challenges and in particular to close the existing pension gap, Member States need to set appropriate policies that reinforce and build on national pension schemes to help more European citizens attain adequate pensions.
Amendment 49 #
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 55 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Due to the contribution a PEPP is expected to play in the building of the CMU and in the channelling of capitals towards real economy and long term sustainable projects, savers need to be involved in the process which makes them aware of their financial and non-financial interests and on the mutual relationship between the performance of the product and the environmental, social and governance factors. The effectiveness of this process is related to a high level of transparency and disclosure as well as to a proper engagement of savers.
Amendment 82 #
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 86 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The applicable tax regime for the PEPP should be defined by the legislation in each member state where a PEPP saver has contributed. In consequences, The PEPP Product will be taxed in each member state where the PEPP saver has contributed proportionally at the level of contribution in each member state respectively
Amendment 95 #
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 shall 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 oact, in order to avoid a possible misleading of consumers. PEPP savers willing to open a national compartment shall be allowed to switch provider free of charge when wthichs national compartments are immediately available, in order to avoid a possible misleading of consumers is not made available by the PEPP provider with whom the contract has been initially signed.
Amendment 101 #
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 120 #
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 shall also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 124 #
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 145 #
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 244 #
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 247 #
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 263 #
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 266 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant by providing it with a copy of the application and all the relevant information needed for the consultation.
Amendment 270 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPA shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled. A competent authority may ask EIOPA to consider the withdrawal of a PEPP authorisation upon providing any relevant information motivating this request.
Amendment 272 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. When a PEPP authorisation is withdrawn, EIOPA shall coordinate the actions needed to safeguard the PEPP savers holding a contract with the PEPP provider the authorisation has been withdrawn.
Amendment 278 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP and, the competent authority of the PEPP provider, the date of authorisation of the PEPP and the number of the available national compartments. The register shall be made publicly available in electronic format and shall be promptly updated if changes occur.
Amendment 293 #
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 requese available compartments shall be listed in the contract between the PEPP saver and PEPP provider. The PEPP provider shall be obliged to offer at least the compartments listed in the contract. A PEPP saver willing to change domicile by moving to another Member State may exercise in any case his right of mobility by switching PEPP provider free of charge when the national compartment the saver is willing to open is not maddressed to the PEPP provide available neither by from the PEPP provider nor from a registered partner.
Amendment 298 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 376 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 a (new)
Article 25 – paragraph 1 – subparagraph 2 a (new)
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 corresponds to his risk profile, without prejudice to Article 26 of this Regulation.
Amendment 377 #
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 on the main features of the product.
Amendment 387 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1
Article 26 – paragraph 1 – subparagraph 1
Amendment 388 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 2
Article 26 – paragraph 1 – subparagraph 2
Amendment 389 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 396 #
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 405 #
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 416 #
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 429 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
Amendment 439 #
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 461 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2
Article 45 – paragraph 1 – subparagraph 2
The switching service may be provided byterms for switching PEPP providers estabshall be lishted in the same Member State (domestic switching) or in different Member States (cross-border switching)PEPP contract. In any case, the PEPP saver shall be able to switch PEPP provider once every five years of accumulation in the PEPP.
Amendment 479 #
Proposal for a regulation
Article 48 – paragraph 3
Article 48 – paragraph 3
3. The total fees and charges applied by the transferring PEPP provider to the PEPP saver for the closure of the PEPP account held with it shall be limited to no more than 1,0,25 % of the positive balance to be transferred to the receiving PEPP provider.
Amendment 481 #
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 505 #
Proposal for a regulation
Article 63 – paragraph 1
Article 63 – paragraph 1