33 Amendments of Anneliese DODDS related to 2014/0091(COD)
Amendment 273 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) This minimum harmonisation Directive should fully respect the principles of subsidiarity and proportionality and should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries, provided that such provisions are consistent with Member States' obligations under Union law. This Directive should not concern issues of national social, labour and tax law, and contract legislation nor the adequacy of pension provisions in Member States.
Amendment 312 #
Proposal for a directive
Recital 9
Recital 9
(9) In accordance with the principle of subsidiarity, 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 is not intended toshould not call thise prerogative of Member States into question.
Amendment 322 #
Proposal for a directive
Recital 12
Recital 12
(12) Financial institutions which already benefit from a Union legislative framework should in general be excluded from the scope of this Directive. However, as these institutions may also in some cases offer occupational pension services, it is important to, as set out in recital 60a, which ensures that this Directive does not lead to distortions of competition. Such distortions may be avoided by applying the prudential requirements of this Directive to the occupational pension business of life-assurance companies. The Commission should also carefully monitor the situation in the occupational pensions market and assess the possibility of extending the optional application of this Directive to other regulated financial institutions.
Amendment 345 #
Proposal for a directive
Recital 20 a (new)
Recital 20 a (new)
(20a) Institutions for occupational retirement provision are a vital part of the European economy, holding assets worth €2.5 trillion on behalf of around 75 million Europeans.
Amendment 399 #
Proposal for a directive
Recital 41
Recital 41
(41) It is essential that institutions improve their risk management so that potential vulnerabilities in relation to the sustainability of the pension scheme can be properly understood and discussed with the competent authorities. Institutions should, as part of their risk management system, produce a risk evaluationassessment for their activities relating to pensions. That risk evaluationassessment should also be made available to the competent authorities. In that evaluation institutions should provide among oth, and should cover, inters a qualitative description of key elements determining their funding position in accordance with national law, the effectiveness of their risk- management system and the ability to comply with the requirements regarding technical provisions. This risk evaluation should include new or emerging risks, such as risks related to climate change, resource use or the environmentlia, environmental, social and governance risks.
Amendment 408 #
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 iInstitutions operating schemes where members and beneficiaries bear all the risks and where equivalent protections are not already in place, should be required to appoint a depositary.
Amendment 418 #
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 genericappropriate and relevant 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 mobility.
Amendment 434 #
Proposal for a directive
Recital 60 a (new)
Recital 60 a (new)
(60a) The further development at Union level of solvency models, such as the Holistic Balance Sheet (HBS), is not realistic in practical terms and not effective in terms of costs and benefits, particularly given the diversity of institutions within and across Member States. No quantitative capital requirements - such as Solvency II or Holistic Balance Sheet models derived therefrom - should therefore be developed at the Union level with regard to institutions for occupational retirement provision, as they could potentially decrease the willingness of employers to provide occupational pensions.
Amendment 443 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
With the exception of Articles 34 to 37 20, 22(1-5), 32-34, 35(3), 38 and 39, Member States may choose not to apply this Directive, in whole or in part, to any institution located in their territories which operates pension schemes which together have less than 100 members in total. Subject to Article 2(2), such institutions shall nevertheless be given the right to apply this Directive on a voluntary basis. Article 12 may be applied only if all the other provisions of this Directive apply.
Amendment 525 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point a
Article 20 – paragraph 1 – subparagraph 1 – point a
(a) the assets shall be invested in the long- term best interests of members and beneficiaries as a whole. In the case of a potential conflict of interest, the institution, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of members and beneficiaries;
Amendment 527 #
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1 – point a a (new)
Article 20 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) in doing so, the institution is empowered to have regard to: (i) the likely long-term consequences of any investment decisions; (ii) the impact of any investment activities on financial stability and the wider economy, as well as on communities and the environment; (iii) environment, social and governance implications as part of the return on investment; (iv) the views, including the social and ethical views, of the beneficiaries;
Amendment 552 #
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 funccollectively adequate in relation to the activities performed for the institutions (requirement to be fit); and
Amendment 589 #
Proposal for a directive
Article 26 – paragraph 2 – point f a (new)
Article 26 – paragraph 2 – point f a (new)
(fa) a qualitative assessment of environmental, social and governance risks associated with the investment portfolio and the management thereof.
Amendment 614 #
Proposal for a directive
Article 31 – paragraph 1
Article 31 – paragraph 1
Member States shall require every institution located in their territories to draw up and publicly disclose annual accounts and annual reports taking into account each pension scheme operated by the institution and, where applicable, annual accounts and annual reports for each pension scheme. The annual accounts and the annual reports shall give a true and fair view of the institution’s assets, liabilities and financial position, and include disclosure of major investment holdings. The annual accounts and information in the reports shall be consistent, comprehensive, fairly presented and duly approved by authorised persons, in accordance with national law.
Amendment 616 #
Proposal for a directive
Article 32 – paragraph 1
Article 32 – paragraph 1
Member States shall ensure that every institution located in their territories prepares, publicly discloses and, at least every three years, reviews a written statement of investment- policy principles. That statement is to be revised without delay after any significant change in the investment policy. Member States shall provide for this statement to contain, at least, such matters as the investment risk measurement methods, the risk- management processes implemented and the strategic asset allocation with respect to the nature and duration of pension liabilities. and approach to engagement, without prejudice to amendments to Directive 2007/36/EC. Member States shall ensure that every institution publicly discloses on an annual basis how this policy has been implemented, and the results thereof.
Amendment 621 #
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
1. For each occupational pension scheme in which members and beneficiaries fully bear the investment risk, the home Member State shallwhere national law of the home Member State does not provide protection for safe-keeping assets and oversight duties equivalent to Articles 36 and 37, and where a depositary has not already been appointed in relation to pension scheme assets in financial products in accordance with Directives 2011/61/EU or 2009/65/EU, Member States may require the institution to appoint a single depositary for safe-keeping of assets and oversight duties in accordance with Articles 36 and 37.
Amendment 634 #
Proposal for a directive
Article 40
Article 40
Amendment 639 #
Proposal for a directive
Article 40 a (new)
Article 40 a (new)
Amendment 641 #
Proposal for a directive
Article 40 b (new)
Article 40 b (new)
Article 40b Requests for additional information 1. Upon request (by a member, a beneficiary or their representatives), the institution shall provide the following additional information: (a) the annual accounts and annual reports referred to in Article 31, or - where an institution is responsible for more than one scheme - the accounts and reports relating to the member’s particular pension scheme; (b) the statement of investment policy principles referred to in Article 32; (c) in circumstances where the member bears the investment risk, the range of investment options (if applicable) and the actual investment portfolio; (d) the arrangements relating to the transfer of pension rights to another institution for occupational retirement provision in the event of termination of the employment relationship.
Amendment 642 #
Proposal for a directive
Article 41
Article 41
Amendment 644 #
Proposal for a directive
Article 42
Article 42
Amendment 647 #
Proposal for a directive
Article 43
Article 43
Amendment 648 #
Proposal for a directive
Article 44
Article 44
Amendment 649 #
Proposal for a directive
Article 45
Article 45
Amendment 650 #
Proposal for a directive
Article 46
Article 46
Amendment 651 #
Proposal for a directive
Article 47
Article 47
Amendment 652 #
Proposal for a directive
Article 48
Article 48
Amendment 653 #
Proposal for a directive
Article 49
Article 49
Amendment 662 #
Proposal for a directive
Article 50
Article 50
Amendment 685 #
Proposal for a directive
Article 51
Article 51
Amendment 699 #
Proposal for a directive
Article 52
Article 52
Amendment 700 #
Proposal for a directive
Article 53
Article 53
Amendment 704 #
Proposal for a directive
Article 54
Article 54