17 Amendments of Sophia IN 'T VELD related to 2014/0091(COD)
Amendment 22 #
Proposal for a directive
Recital 2
Recital 2
(2) The internal market should allow institutions to operate in other Member States and ensure a high level of protection for members and beneficiaries of occupational retirement schemes in full respect of the EU gender equality acquis and the principle of non-discrimination.
Amendment 28 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such as occupational pensions. 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; noticing, however, that pre- existing inequalities in the labour market, like the gender pay gap, are mirrored in cumulated disadvantages in the first and second pension pillar, resulting in lower pensions and a risk of poverty in old age.
Amendment 30 #
Proposal for a directive
Recital 5
Recital 5
(5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to protection of personal data, the right to equality and non-discrimination on grounds such as gender, sexual orientation and household composition, the right to conduct a business and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border business of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and principles.
Amendment 274 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
Amendment 275 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In view of changing work patterns and increasing worker mobility, new individualised pensions solutions are being developed within collective systems. The rules should facilitate the development of new, innovative pension products, so as to guarantee adequate retirement provisions for all, regardless of career patterns or place of work.
Amendment 282 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) The activities of the institutions for occupational retirement provision should safeguard the intergenerational balance by ensuring equitable spread of risks and benefits between generations.
Amendment 290 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such as occupational pensions. 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 futureto complement future retirement savings. Institutions for occupational retirement provision play an important role in providing secure retirement benefits. Their activities should ensure the intergenerational balance in occupational pension provision and reflect changing labour markets' patterns. 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 301 #
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) In order to improve the functioning of the internal market in the field of occupational retirement provision, it is important that the procedures enabling institutions to carry out cross-border activity be clarified and that unnecessary obstacles, which hamper such cross- border activity, be removed. Facilitating cross-border activity could have a positive impact on affiliated undertakings and their employees, in whichever Member State they work, through the centralisation of the management of the occupational retirement provision business and the protection of an adequate European prudential framework.
Amendment 306 #
Proposal for a directive
Recital 7
Recital 7
(7) The prudential rules laid down in this Directive are intended bothto ensure the intergenerational balance in occupational pension provision, to guarantee a high degree of security for future pensioners through the imposition of stringent supervisory standards, and to clear the way for the efficient management of occupational pension schemes.
Amendment 333 #
Proposal for a directive
Recital 19 a (new)
Recital 19 a (new)
(19a) A resilient system builds on the diversification of products, the diversity of institutions and the sizes of institutions as well as effective and converging supervisory practices.
Amendment 343 #
Proposal for a directive
Recital 20
Recital 20
(20) Institutions for occupational retirement provision are financial service providers which bear a heavy responsibility for the provision of occupational retirement benefits and therefore should. They also serve a social function. Therefore, it is essential for them to meet certain minimum prudential standards with respect to their activities and conditions of operation.
Amendment 357 #
Proposal for a directive
Recital 25
Recital 25
(25) A prudent calculation of technical provisions is an essential condition to ensure that obligations to pay retirement benefits can be met both in the short and in the long-term. Technical provisions should be calculated on the basis of recognised actuarial methods and certified by qualified persons. The maximum interest rates should be chosen prudently according to any relevant national rules. The minimum amount of technical provisions should both be sufficient for benefits already in payment to beneficiaries to continue to be paid and reflect the commitments that arise out of members' accrued pension rights.
Amendment 366 #
Proposal for a directive
Recital 27 a (new)
Recital 27 a (new)
(27a) Member States should exchange best practices on cross-border institutions for occupational retirement provisions and encourage bi-lateral supervisory cooperation between competent authorities to address national barriers and to stimulate cross-border pensions.
Amendment 371 #
Proposal for a directive
Recital 30
Recital 30
(30) Institutions are very long-term investors. Redemption of the assets held by these institutions cannot, in general, be made for any purpose other than providing retirement benefits. Furthermore, in order to protect adequately the rights of members and beneficiaries and ensure the intergenerational balance in occupational pension provision, institutions should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities. These aspects call for efficient supervision and an approach towards investment rules allowing institutions sufficient flexibility to decide on the most secure and efficient investment policy and obliging them to act prudently. Compliance with the ‘prudent person’ rule therefore requires an investment policy geared to the membership structure of the individual institution for occupational retirement provision.
Amendment 374 #
Proposal for a directive
Recital 32
Recital 32
(32) Supervisory methods and practices vary among Member States. Therefore, Member States should be given some discretion on the precise investment rules that they wish to impose on the institutions located in their territories. However, these rulesThese rules should allow also for the development of individual pension products within a collective system and should not restrict the free movement of capital, unless justified on prudential grounds.
Amendment 403 #
Proposal for a directive
Recital 41
Recital 41
(41) In order to ensure intergenerational balance in occupational pension provision, 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 evaluation for their activities relating to pensions. That risk evaluation should also be made available to the competent authorities. In that evaluation institutions should provide among others 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 environment.
Amendment 430 #
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. These rules should respect the specific nature of the pension sector.