Activities of Burkhard BALZ related to 2014/0091(COD)
Plenary speeches (1)
Activities and supervision of institutions for occupational retirement provision (debate) DE
Amendments (10)
Amendment 330 #
Proposal for a directive
Recital 18
Recital 18
(18) In the event of the bankruptcy of a sponsoring undertaking, a member faces the risk of losing both his/her job and his/her acquired pension rights. This makes it necessary to ensure that there is a clear separation between that undertaking and the institution and that minimum prudential standards are laid down to protect members. The access of the institution to pension protection schemes or similar mechanisms which provide protection to accrued individual entitlements of members and beneficiaries against the risk of default of the sponsoring undertaking should be taken into account when prudential standards are laid down and specified.
Amendment 365 #
Proposal for a directive
Recital 27
Recital 27
(27) Sufficient and appropriate assets to cover the technical provisions are necessary to protect the interests of members and beneficiaries of the pension scheme if the sponsoring undertaking becomes insolvent. In particular in cases of cross-border activity, the mutual recognition of supervisory principles applied in Member States requires that the technical provisions be fully funded at all times.
Amendment 397 #
Proposal for a directive
Recital 40
Recital 40
(40) Furthermore, with the exception of the internal audit function, in smaller and less complex institutions it should be possible for a single person or organisational unit to carry out more than one key function. However, the person or unit performing a key function should be different from the onTaking into account the size, nature, scale and complexity of the activities of the institutions, a single person or organisational unit performing a key function in the institution might at the same time performing a similar key function, in f the sponsoring undertaking; although the competent authority should be authorised to grant an exemption taking into account the size, nature, scopeinstitution has adequate measures in place in order to address and to prevent andy complexity of the activities of institutionsnflict of interests with the sponsoring undertaking.
Amendment 423 #
Proposal for a directive
Recital 50
Recital 50
(50) During the phase when retirement benefits are paid, beneficiaries should continue to receive information on their benefits and corresponding payment options. This is particularly important when a significant level of investment risk is borne by beneficiaries in the pay-out phase. Beneficiaries should be informed of any potential reduction in the level of benefits due, prior to any decision on such a potential reduction.
Amendment 512 #
Proposal for a directive
Article 15 – paragraph 3
Article 15 – paragraph 3
3. In the event of cross-border activity as referred to in Article 12, tThe technical provisions shall at all times be fully funded in respect of the total range of pension schemes operated. If theseis conditions are is not met, the competent authorities of the home Member State shall intervene in accordance with paragraph 2 of this Article and Article 62. Tohe comply with this requirement the home Member State mayetent authorities may also require ring-fencing of the assets and liabilities.
Amendment 545 #
Proposal for a directive
Article 20 – paragraph 6 – subparagraph 2 a (new)
Article 20 – paragraph 6 – subparagraph 2 a (new)
Member States may apply a lower threshold than the threshold provided for in point (a), in particular for institutions which provide retirement products with a long-term interest rate guarantee, bear the investment risk and provide for the guarantee themselves.
Amendment 574 #
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
3. Without prejudice to the role of social partners in the overall management of institutions, the person or organisational unit carrying out the key function shall be different from the one carrying out a similar key function in the sponsoring undertaking. On the basis of a reasoneand taking into account the nature, scale and complexity of the activities of the institution, Member States may allow the institution and the sponsoring undertaking to conduct similar key functions through the same single person or organisational unit, provided that the institution explains as part of the own risk assessment referred to in Article 29 how it addresses and prequest from the institution, the competent authority may grant an exemption from this restriction taking into account the size, nature, scope and complexity of the activities of the institutionvents conflicts of interest with the sponsoring undertaking. Member States shall authorise competent authorities to take appropriate measures in case the explanation or the internal organisation of the institution is not satisfactory to the aim of preventing conflicts of interest.
Amendment 599 #
Proposal for a directive
Article 29 – paragraph 2 – point b
Article 29 – paragraph 2 – point b
(b) the overall funding needs of the institution in accordance with national law;
Amendment 601 #
Proposal for a directive
Article 29 – paragraph 2 – point f
Article 29 – paragraph 2 – point f
(f) a qualitative assessment of the sponsor support accessible to the institution, including guarantees, covenants or any other type of financial support by the sponsoring undertaking in favour of the institution or the members and beneficiaries, and the coverage by a pension protection scheme or by an insurance undertaking covered by Directive 2009/138/EC;
Amendment 711 #
Proposal for a directive
Article 57 – paragraph 1 a (new)
Article 57 – paragraph 1 a (new)
1a. Institutions shall inform beneficiaries of any potential reduction in the level of benefits due, prior to any decision on such a potential reduction.