2017/0143(COD) Pan-European personal pension product (PEPP)
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
IN 'T VELD Sophia ( ALDE)
|
HAYES Brian ( PPE),
SORU Renato ( S&D),
FOX Ashley ( ECR),
EICKHOUT Bas ( Verts/ALE),
ANNEMANS Gerolf ( ENF)
|
| Committee Opinion | EMPL |
BECKER Heinz K. ( PPE)
|
Enrique CALVET CHAMBON ( ALDE),
Arne GERICKE ( ECR),
Kostadinka KUNEVA ( GUE/NGL),
Jean LAMBERT ( Verts/ALE)
|
| Committee Opinion | BUDG | ||
| Committee Opinion | IMCO |
COLLIN-LANGEN Birgit ( PPE)
|
Liisa JAAKONSAARI ( S&D),
Dennis de JONG ( GUE/NGL),
Jasenko SELIMOVIC ( ALDE),
Ulrike TREBESIUS ( ECR)
|
| Committee Opinion | JURI | ||
| Committee Opinion | ITRE |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2019/07/25
Final act published in Official Journal
Details
PURPOSE: to lay down the measures concerning the creation of a pan-European personal pension product (PEPP) that will offer consumers a new pan-European option to save for retirement.
LEGISLATIVE ACT: Regulation (EU) 2019/1238 of the European Parliament and of the Council on a pan-European Personal Pension Product (PEPP).
CONTENT: this Regulation lays down uniform rules on the registration, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation ‘pan-European Personal Pension product’ or ‘PEPP’.
In its resolution of 19 January 2016, the European Parliament stressed that ‘an environment must be fostered that stimulates financial product innovation, creating more diversity and benefits for the real economy and providing enhanced incentives for investments, and that may also contribute to the delivery of adequate, safe and sustainable pensions, such as, for example, the development of a pan-European Pension Product (PEPP), with a simple transparent design’.
New personal pension products
This Regulation enables the creation of a personal pension product which will have a long-term retirement nature and will take into account environmental, social and governance (ESG) factors as referred to in the United Nations-supported Principles for Responsible Investment, insofar as possible,
This new type of product is designed to give savers more choice and provide them with more competitive products, while enjoying strong consumer protection. It could be offered by a broad range of financial providers such as insurance companies, asset managers, banks, certain investment firms and certain occupational pension funds.
EU passport
PEPP suppliers shall benefit from an EU passport allowing them to sell PEPPs in different Member States. They shall be able to access the entire EU market with a single product registration to be granted on the basis of a single set of rules. To market a product under the designation ‘PEPP’, candidate PEPP suppliers shall be required to apply for registration with their competent authorities.
Portability
PEPP savers shall have the right to use a portability service that gives them the right to continue contributing into their existing PEPP account, when changing their residence to another Member State. The portable PEPP with a long-term retirement nature will increase its attractiveness as a product, particularly to young people and mobile workers.
After the initial choice made upon the subscription of a PEPP, the PEPP saver shall have the possibility to modify that choice after a minimum of five years from the subscription of a PEPP (it shall be possible for PEPP providers to allow PEPP savers to modify the chosen investment option more frequently).
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 the actual administrative costs incurred by the PEPP provider and shall not exceed 0.5 % of the corresponding amounts or monetary value of the assets-in-kind to be transferred to the receiving PEPP provider.
Protection of savers
The Regulation ensures that savers know the key features of a PEPP. Before proposing a PEPP to savers, the PEPP provider must produce a key information document (PEPP KID) and publish this document on its website.
The PEPP provider shall review the information contained in the PEPP KID at least annually and shall promptly revise the document where the review indicates that changes need to be made.
Information during the term of the contract
PEPP providers shall be required to draw up a PEPP benefit statement addressed to PEPP savers, in order to present them with key personal and generic data about the PEPP and to ensure up-to-date information on it.
The PEPP benefit statement should be clear and comprehensive and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across pension products. The PEPP benefit statement should also contain key information on pension benefit projections based on that date, and a disclaimer that those projections may differ from the final value of the PEPP benefits received.
PEPP providers should inform PEPP savers two months before the dates on which PEPP savers have the possibility of modifying their pay-out options about the upcoming start of the decumulation phase, the possible forms of out-payments and the possibility of modifying the form of out-payments.
ENTRY INTO FORCE: 14.8.2019.
2019/06/20
CSL - Draft final act
Documents
2019/06/20
CSL - Final act signed
2019/06/20
EP - End of procedure in Parliament
2019/06/14
EP/CSL - Act adopted by Council after Parliament's 1st reading
2019/06/14
CSL - Council Meeting
2019/06/12
EC - Commission response to text adopted in plenary
Documents
2019/04/04
EP - Results of vote in Parliament
Documents
2019/04/04
EP - Debate in Parliament
Documents
2019/04/04
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 338 votes to 143 with 139 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on a Pan-European Personal Pension Product (PEPP).
Parliament’s position adopted at first reading in the framework of the ordinary legislative procedure amended the Commission proposal as follows:
New personal pension products
The proposed regulation lays down uniform rules on the registration, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation "pan-European Personal Pension product" or "PEPP".
The regulation enables the creation of a personal pension product which will have a long-term retirement nature and will take into account environmental, social and governance (ESG) factors as referred to in the United Nations-supported Principles for Responsible Investment, insofar as possible, will be simple, safe, reasonably-priced, transparent, consumer-friendly and portable Union-wide.
The PEPP is based on a contract between an individual saver and an entity on a voluntary basis and is complementary to any statutory or occupational pension product. It provides for long-term capital accumulation with the explicit objective of providing income on retirement and with limited possibilities for early withdrawal before that time.
PEPP passport
PEPP providers should have access to the whole Union market with one single product registration to be granted on the basis of a single set of rules. In order to market a product under the designation “PEPP”, applicant PEPP providers should apply for registration to their competent authorities. Competent authorities should take a decision for registration if the applicant PEPP provider has provided all the necessary information and if suitable arrangements to comply with the requirements of the regulation are in place.
Portability
PEPP savers shall have the right to use a portability service that gives them the right to continue contributing into their existing PEPP account, when changing their residence to another Member State.
The portable PEPP with a long-term retirement nature will increase its attractiveness as a product, particularly to young people and mobile workers.
Without delay after being informed about the PEPP saver's change of residence to another Member State, the PEPP provider shall inform the PEPP saver about the possibility to open a new sub-account within the PEPP saver's PEPP account and about the timeframe within which such a sub-account could be opened.
Where a new sub-account is not available, the PEPP provider shall inform the PEPP saver about the right to switch without delay and free of charge and of the possibility to continue saving in the last sub-account opened.
If the PEPP saver intends to make use of the possibility to open a sub-account , the PEPP saver shall inform the PEPP provider of the PEPP saver's new Member State of residence and the date from which the contributions shall be directed to the new sub-account.
Switching service
PEPP savers have the right to switch to a different PEPP provider located in the same or another Member State, five years after the conclusion of the contract or after the last switch (or more frequently if the PEPP provider allows). Costs for the switching applied by the transferring PEPP provider should be limited to 0.5 % of the corresponding amounts or monetary value of the assets-in-kind to be transferred.
Protection of savers
The regulation ensures that savers know the key features of a PEPP. Before proposing a PEPP to savers, the PEPP provider must produce a key information document (PEPP KID) and publish this document on its website.
The PEPP KID shall constitute pre-contractual information.
It shall be: (i) accurate, fair, clear and not misleading: (ii) clearly separate from marketing materials; (iii) focus on the key information that PEPP customers need; (iv) be presented and laid out in a way that is easy to read, using characters of readable size; (v) be written in the official languages, or in at least one of the official languages, used in the part of the Member State where the PEPP is distributed.
The PEPP provider shall review the information contained in the PEPP KID at least annually and shall promptly revise the document where the review indicates that changes need to be made.
Information during the term of the contract
PEPP providers should draw up a PEPP benefit statement addressed to PEPP savers, in order to present them with key personal and generic data about the PEPP and to ensure up-to-date information on it. The PEPP benefit statement should be clear and comprehensive and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across pension products. The PEPP benefit statement should also contain key information on:
- the earliest date on which the decumulation phase may start for any sub-account;
- information on pension benefit projections based on that date, and a disclaimer that those projections may differ from the final value of the PEPP benefits received. If the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP contract;
- information on the past performance of the PEPP saver's investment option covering performance of a minimum of ten years or, in cases where the PEPP has been provided for less than ten years;
- summary information on the investment policy relating to environmental, social and governance factors;
The PEPP benefit statement must be provided once a year to the saver.
PEPP providers should inform PEPP savers two months before the dates on which PEPP savers have the possibility of modifying their pay-out options about the upcoming start of the decumulation phase, the possible forms of out-payments and the possibility of modifying the form of out-payments.
Documents
2019/02/25
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2019/02/13
CSL - Coreper letter confirming interinstitutional agreement
Documents
2019/02/13
EP - Text agreed during interinstitutional negotiations
Documents
2018/09/12
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2018/09/10
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2018/09/06
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Sophia in't VELDs (ALDE, NL) on the proposal for a regulation of the European Parliament and of the Council on a Pan-European Personal Pension Product (PEPP).
The committee recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the Commission's proposal as follows.
Subject matter : the proposed Regulation shall lay down uniform rules on the authorisation, provision, distribution and supervision of personal pension products that are distributed in the Union under the designation pan-European Personal Pension product or ‘PEPP’.
Members stressed that in Member States where the first and second pillar are insufficiently developed, PEPP might offer solutions for people who do not currently have access to adequate provisions. In Member States with highly developed pension markets, the PEPP could broaden the consumer choice, or offer solutions to mobile citizens.
However, the PEPP should not aim to replace existing national pension systems , since it is an additional and complementary product. Nor should it call into question the fundamental responsibility of Member States to ensure a decent minimum standard of living for their citizens in old age, or the urgent need to strengthen the capacity of public pension systems to provide a secure, substantial and effective social protection for all.
Portability : the portability service shall be defined as the right of PEPP savers to continue to contribute to a PEPP which they have already subscribed to from a provider while they change their place of residence by moving to another Member State.
When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on the portability options and on which national compartments are available, either via the provider or from a registered partner. Immediately after receiving the PEPP savers request to use the portability service, the PEPP provider shall inform the PEPP saver about the options available to him or her, including the possibility to continue saving in a new compartment. Consequently, if no partnership or compartment is available, the PEPP provider shall inform the PEPP saver about the right of costless switching.
Key information document on PEPP : prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision.
The key information document shall be accurate, fair, clear and not misleading; be consistent with any binding contractual documents; be a stand-alone document, clearly separate from marketing materials; be drawn up as a short document written in a concise manner using clear, succinct and understandable language, and contain the key information that PPIP investors need.
In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with a summary of and references to relevant reports on the solvency and financial condition of the PEPP provider, allowing them easy access to this information. They shall also be provided with information on the past performance of investments related to the PEPP, covering the years the PEPP has been operating.
Information during the term of the contract : PEPP providers and distributors shall ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including preretirement) and post-retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks and guarantees including risks relating to environmental, social and governance factors, and costs should be given.
The Pension Benefit Statement should be provided annually to the PEPP saver.
PEPP providers shall inform PEPP savers sufficiently in advance before retirement about their pay-out options and at least one year before entering the decumulation phase .
In the case of a national or cross-border change of supplier, PEPP providers shall inform the relevant national authorities of any switch of supplier services they offer to PEPP savers
Form of benefits : PEPP providers could make one or more of the following forms of benefits available to PEPP savers: (a) payments for life, (b) payments made for a temporary period, (c) a lump sum, or (d) any combination thereof.
For the Basic PEPP, in the first year a maximum of 30 % of the total amount shall be permitted. The remaining capital may be drawdown payments, annuities or a combination thereof. In the case of a Basic PEPP with a capital guarantee as the investment option, a minimum of 35 % of the out-payment will be in lifelong annuities.
Environmental, social and governance factors : the amended text underlines that PEPP savings shall be invested in line with the Union’s climate and sustainability objectives as set out in the Paris agreement, sustainable development goals, and the United Nations guiding principles on business and human rights. Furthermore, PEPP providers shall adopt an investment exclusion policy in order to ensure that savings are not invested in the most controversial and harmful products or tax avoidance tactics.
Complaints : in order to strengthen consumer rights and to facilitate access to a complaints procedure, PEPP savers shall be able, either individually or collectively , to submit complaints through their own national competent authority, by way of ‘one stop shop’. The competent authority where the complaint was submitted shall be responsible for the further steps in the complaints procedure.
Documents
2018/09/03
EP - Vote in committee, 1st reading
2018/09/03
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2018/07/06
EP - Committee opinion
Documents
2018/06/29
EP - Committee opinion
Documents
2018/04/30
EP - Amendments tabled in committee
Documents
2018/04/30
EP - Amendments tabled in committee
Documents
2018/04/30
EP - Amendments tabled in committee
Documents
2018/02/26
EP - Committee draft report
Documents
2017/11/13
RO_CHAMBER - Contribution
Documents
2017/10/29
PT_PARLIAMENT - Contribution
Documents
2017/10/26
RO_SENATE - Contribution
Documents
2017/10/19
ESC - Economic and Social Committee: opinion, report
Documents
2017/10/15
IT_SENATE - Contribution
Documents
2017/10/03
EP - BECKER Heinz K. (PPE) appointed as rapporteur in EMPL
2017/09/25
EP - COLLIN-LANGEN Birgit (PPE) appointed as rapporteur in IMCO
2017/09/11
EP - Committee referral announced in Parliament, 1st reading
2017/07/06
EP - IN 'T VELD Sophia (ALDE) appointed as rapporteur in ECON
2017/06/29
EC - For information
Documents
2017/06/29
EC - Document attached to the procedure
Documents
2017/06/29
EC - Document attached to the procedure
Documents
2017/06/29
EC - Legislative proposal published
Details
PURPOSE: to lay down the measures concerning the creation of a pan-European personal pension product (PEPP).
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: market fragmentation prevents personal pension providers from maximising risk diversification, innovation and economies of scale. This reduces choice and attractiveness and leads to increased costs for pension savers. Some existing personal pension products are limited. An EU initiative on personal pensions could therefore complement the current divergent rules at EU and national level by adding a pan-European framework for pension, for individuals who wish to use this additional saving option.
The European Parliament, in its Resolution of 19 January 2016, expressed concern about the lack of available and attractive risk-appropriate (long-term) investments and cost-efficient and suitable savings products for consumers. It called for the development of a pan-European Pension Product (PEPP), with a simple transparent design. In September 2016, the Commission in its Communication Capital Markets Union — Accelerating Reform , in light of the strong support expressed by the European Parliament, stated that it would consider proposals for a simple, efficient and competitive EU personal pension product.
This framework is not intended to replace or harmonise existing national personal pension schemes. It will offer individuals a new voluntary framework for saving by ensuring sufficient consumer protection with regard to the essential features of the product.
In order to encourage Member States to grant tax relief on the PEPP, the Commission has adopted a Recommendation on the tax treatment of personal pension products, including the pan-European Personal Pension Product, alongside this proposal.
IMPACT ASSESSMENT: the choice of a PEPP framework was preferred as it offers an additional harmonised pan-European framework that complements the existing national regimes and can overcome the shortcomings identified by using targeted solutions that avoid excessive compliance costs.
CONTENT: the proposed Regulation lays down uniform rules on the authorisation, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation ‘pan-European Personal Pension product (PEPP).
It’s main objectives are threefold:
raise more capital and channel it towards European long-term investments in the real economy; offer enhanced product features so that citizens benefit from a simple, safe and cost-effective personal pension product while being able to choose from different types of PEPP providers; encourage PEPP cross-border provision and portability.
The proposal may be summarised as follows:
Authorisation : only financial undertakings already authorised at EU level by the competent authorities would be eligible to apply for authorisation to provide PEPPs (i.e. to create and distribute them). The authorisation to act as a PEPP provider, i.e. to use the ‘PEPP’ label for personal pension products, will be granted by a single EU authority, the European Insurance and Occupational Pensions Authority (EIOPA).
Existing personal pension products may be converted into PEPPs following authorisation by EIOPA, which must consult the competent supervisory authority of the financial undertaking before deciding whether to reject or approve its application.
Greater choice : PEPP savers will have more choice from a wide range of PEPP providers and benefit from greater competition. Savers will have the right to switch providers – both domestically and cross-border - at a capped cost every five years.
Product information : PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. All documents and information on PEPP will be provided to prospective PEPP savers and PEPP beneficiaries electronically. Upon request, PEPP providers and distributors must also provide those documents and information free of charge in a durable medium.
The proposal will create a quality label for EU personal pension products and increase trust among consumers.
Portability : this measure enables PEPP savers who change their domicile by moving to another Member State to continue paying into a PEPP that they have already taken out with a provider in the original Member State. In such a case, PEPP savers are entitled to keep all the advantages and incentives connected with continuous investment in the same PEPP.
EU passport : PEPP providers will benefit from an EU passport to facilitate cross-border distribution.
Monitoring : once the Regulation has entered into force, the Commission will monitor key mid-term performance indicators such as: (i) the uptake of personal pension products and the geographical and sectorial distribution of PEPP providers and investments in PEPPs; (ii) the number of providers using a passport for cross-border activity and the relative share of PEPPs.
BUDGETARY IMPLICATIONS: the proposal has implications for the EU budget. In particular, the additional tasks for the European supervisory authorities (ESAs) will require an increase in resources as well as certain operational investments. Costs of EUR 1 000 000 have been estimated for 2019 , including a one-time investment for operational matters, and will total around EUR 1 200 000 per year by 2021.
Under the current co-financing arrangements of the ESAs, 40 % of this funding will be included in the EU budget and will, as such, not go beyond what is set out in the current multiannual financial framework that runs until 2020.
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union.
Documents
Documents
- Final act published in Official Journal: Regulation 2019/1238
- Final act published in Official Journal: OJ L 198 25.07.2019, p. 0001
- Draft final act: 00024/2019/LEX
- Commission response to text adopted in plenary: SP(2019)443
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T8-0347/2019
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE634.848
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2019)001398
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)001398
- Text agreed during interinstitutional negotiations: PE634.848
- Committee report tabled for plenary, 1st reading: A8-0278/2018
- Committee opinion: PE618.145
- Committee opinion: PE620.734
- Amendments tabled in committee: PE621.054
- Amendments tabled in committee: PE621.055
- Amendments tabled in committee: PE621.113
- Committee draft report: PE618.225
- Contribution: COM(2017)0343
- Contribution: COM(2017)0343
- Contribution: COM(2017)0343
- Economic and Social Committee: opinion, report: CES3297/2017
- Contribution: COM(2017)0343
- For information: C(2017)4393
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2017)0243
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2017)0244
- Legislative proposal published: COM(2017)0343
- Legislative proposal published: EUR-Lex
- For information: C(2017)4393
- Document attached to the procedure: EUR-Lex SWD(2017)0243
- Document attached to the procedure: EUR-Lex SWD(2017)0244
- Economic and Social Committee: opinion, report: CES3297/2017
- Committee draft report: PE618.225
- Amendments tabled in committee: PE621.054
- Amendments tabled in committee: PE621.055
- Amendments tabled in committee: PE621.113
- Committee opinion: PE620.734
- Committee opinion: PE618.145
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)001398
- Text agreed during interinstitutional negotiations: PE634.848
- Commission response to text adopted in plenary: SP(2019)443
- Draft final act: 00024/2019/LEX
- Contribution: COM(2017)0343
- Contribution: COM(2017)0343
- Contribution: COM(2017)0343
- Contribution: COM(2017)0343
Activities
- Brian HAYES
Plenary Speeches (2)
- Heinz K. BECKER
Plenary Speeches (1)
- Enrique CALVET CHAMBON
Plenary Speeches (1)
- Birgit COLLIN-LANGEN
Plenary Speeches (1)
- Liisa JAAKONSAARI
Plenary Speeches (1)
- Kostadinka KUNEVA
Plenary Speeches (1)
- Bernd LUCKE
Plenary Speeches (1)
- Paloma LÓPEZ BERMEJO
Plenary Speeches (1)
- António MARINHO E PINTO
Plenary Speeches (1)
- Jasenko SELIMOVIC
Plenary Speeches (1)
- Maria Lidia SENRA RODRÍGUEZ
Plenary Speeches (1)
- Eleftherios SYNADINOS
Plenary Speeches (1)
- Sotirios ZARIANOPOULOS
Plenary Speeches (1)
Votes
A8-0278/2018 - Sophia in 't Veld - Am 2 #
2019/04/04 Outcome: -: 480, +: 125, 0: 15
EFDD
NIA8-0278/2018 - Sophia in 't Veld - Am 3 #
2019/04/04 Outcome: +: 338, -: 143, 0: 139
| Amendments | Dossier |
| 1725 |
2017/0143(COD)
2018/04/30
ECON
739 amendments...
Amendment 176 #
Draft legislative resolution Citation 6 a (new) - having regard to the US model of a federal pension saving account, ‘401(k) plan’, which provides an example for portability. The model represents a qualified employer-established plan, to which employees may opt to contribute through a salary deferral, and to which employers may opt for a matching or non- elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan,
Amendment 177 #
Draft legislative resolution Paragraph 2 2.
Amendment 178 #
Draft legislative resolution Paragraph 3 3.
Amendment 179 #
Draft legislative resolution Paragraph 3 a (new) 3a. Encourages the Commission to look into the possible implementation of a public pension scheme in Europe
Amendment 180 #
Proposal for a regulation Recital 1 (1)
Amendment 181 #
Proposal for a regulation Recital 1 a (new) (1a) Old age pensions constitute an essential part of a retiree’s income, and for many people an adequate pension provision makes the difference between a comfortable old age or poverty; it is a precondition for exercising fundamental rights laid down in the Charter of Fundamental Rights of the European Union, including in Article 25 on the rights of the elderly which states: “The Union recognises and respects the rights of the elderly to lead a life of dignity and independence and to participate in social and cultural life”.
Amendment 182 #
Proposal for a regulation Recital 1 a (new) (1a) For many people, old age pensions constitute an essential part of their retiree’s income and the existence of a well-functioning pensions system is therefore of great importance in their fundamental right to “lead a life of dignity and independence and to participate in social and cultural life”, as recognised in Article 25 of the Charter of Fundamental Rights of the European Union.
Amendment 183 #
Proposal for a regulation Recital 1 a (new) (1a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. Both pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of income and will not aim at replacing them. It is in the first place a political choice whether the share of first pillar pay-as-you-go public pensions as part of the placement rate will decline.
Amendment 184 #
Proposal for a regulation Recital 1 a (new) (1a) A substantial part of old age pensions is provided under public schemes, so that there is a direct connection between national pension systems and the sustainability of public finances. Given the exclusive national competence regarding the organisation of pension systems as determined by the Treaties, only the Member States are responsible for income adequacy and financial sustainability of national pension systems.
Amendment 185 #
Proposal for a regulation Recital 1 a (new) (1a) Next to demographic challenges, public pension systems have especially come under heightened pressure due to recent policy trends. Far reaching austerity measures, rising wealth and income inequality, the spread of low paid and unstable jobs and sustained periods of high unemployment are all detrimental to the functioning of public pension systems.
Amendment 186 #
Proposal for a regulation Recital 1 a (new) (1a) whereas financial innovation was at the root of the financial crisis that erupted in 2007, causing the economies of developed capitalist countries to experience the biggest crisis since the Second World War;
Amendment 187 #
Proposal for a regulation Recital 1 a (new) (1a) Whereas low investment levels are not necessarily bad, as it can signal low willingness to invest because of limited trust in the market or available investment opportunities, and as it can signal different time preferences of savers and investors;
Amendment 188 #
Proposal for a regulation Recital 1 b (new) (1b) The Union is facing several challenges, including demographic challenges because of the fact that Europe is an ageing continent. In addition, career patterns, the labour market and the distribution of wealth are undergoing radical changes, not least as a result of the digital revolution. At the same time, it is increasingly clear that national security systems are not adjusted to a globalised knowledge economy with open borders, labour mobility and migration. Too many people are not, or are inadequately covered by the traditional national pension systems, including, inter alia, women, young people, migrants, low-skilled workers, self-employed workers, and workers with atypical contracts, including mobile and skilled workers with fragmented employment history.
Amendment 189 #
Proposal for a regulation Recital 1 b (new) (1b) The Union is facing several challenges, including demographic challenges because of the fact that Europe is an ageing continent. In addition, career patterns, the labour market and the distribution of wealth are undergoing radical changes, not least as a result of the digital revolution. At the same time, it is increasingly clear that national security systems are not adjusted to a globalised knowledge economy with open borders, labour mobility and migration which should be cause for a halt to immigration and a stop to social dumping. Too many people are not, or are inadequately covered by the traditional national pension systems.
Amendment 190 #
Proposal for a regulation Recital 1 b (new) (1b) A substantial part of old age pensions is provided under public pay-as- you go-schemes, where out-payments are adjusted to the level of contributions received. If governments feel that contributions are insufficient to cover the needs of the old generation, the perceived deficit in the pension system may negatively impact on the sustainability of public finances. Income adequacy and financial sustainability of national pension systems is crucial to the stability of all Member States. Their exclusive competence - as determined by the Treaties - regarding the organisation and the management of pension systems must therefore be respected under all conditions.
Amendment 191 #
Proposal for a regulation Recital 1 b (new) (1b) whereas the three pillar banking model, including the mandatory rebate for private insurance schemes, has proved disastrous in the countries where it was implemented, clearly showing that people prefer a collective inter-institutional system of redistribution to the system of individual capitalisation;
Amendment 192 #
Proposal for a regulation Recital 1 b (new) (1b) To help member states put their public pension systems on a sustainable footing, the economic governance framework of the EU should thus be changed. Instead of emphasising internal devaluation, labour market flexibilisation and budgetary leanness, full employment policies should be promoted.
Amendment 193 #
Proposal for a regulation Recital 1 c (new) (1c) As the number of individuals working in multiple Member States is increasing in the future, and as a growing number of individuals are atypical workers working under fragmented contracts, for several employers comprising the public and the private sectors, as well as self-employed and micro-entrepreneurs, the future pension and social security of these categories of people risk to be insufficient and need to be ensured through an individual European pension account. In this context, calls for a pan-European Personal Pension Product (PEPP) to be offered as an alternative to second pillar pension, where both employees and employers can opt for either a national or a pan-European product, to be developed in the future.
Amendment 194 #
Proposal for a regulation Recital 1 c (new) (1c) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. However, it is expected that the share of first pillar pay-as-you-go public pensions as part of the placement rate will decline. This could be partly compensated by accrued pension entitlements from second pillar funded schemes. But a well-developed third pillar could and should contribute substantially to improving the adequacy and sustainability of the existing national pension systems. It should stay an exclusive national competence.
Amendment 195 #
Proposal for a regulation Recital 1 c (new) (1c) The Union is facing several challenges, including demographic challenges because of the fact that Europe is an ageing continent. In addition, career patterns, the labour market and the distribution of wealth are undergoing radical changes, not least as a result of the digital revolution. If national security systems are not adjusted to a globalised knowledge economy with open borders, labour mobility and migration, Member States should enact reforms which address these deficiencies.
Amendment 196 #
Proposal for a regulation Recital 1 c (new) (1c) whereas financial innovation will not guarantee safe pensions, but will instead contribute to an accumulation of capital in search of valorisation and to the financial instability triggered by the processes of financialisation of the global capitalist economy,
Amendment 197 #
Proposal for a regulation Recital 1 d (new) (1d) whereas the suggestion by the European Commission to invest in extremely high risk ‘derivatives’ that contribute to increasing exponentially the probability and severity of financial crises is irresponsible and inappropriate; whereas between the end of the Second World War and the 80s, financial crises were of limited magnitude; whereas since the deregulation of financial markets, owing to financial innovation and the exponential rise in derivatives, financial crises have continued with an increasingly destructive power; whereas the European Commission proposes to fuel them further through the promotion of private pension funds;
Amendment 198 #
Proposal for a regulation Recital 1 d (new) (1d) Priority should be given to further developing, strengthening and reforming the existing first (public), second (occupational) and third (capital-based) pillars of the national pensions systems. In particular, more weight should be placed on accrued pension entitlements from second and third pillar funded schemes in Member States with unfavourable demographics. It would be desirable that a Pan-European Personal Pension Product (PEPP) complements and strengthens the market for individual pension products across the Union without distorting competition.
Amendment 199 #
Proposal for a regulation Recital 1 d (new) (1d) Calls for the further development of a pan-European pension product as a viable alternative to second pillar pensions, to be developed guided by the example of the U.S. model of a federal pension saving account, “401(k) plan”, representing a qualified employer- established plan, to which employees and an employers may opt in.
Amendment 200 #
Proposal for a regulation Recital 1 e (new) (1e) whereas the PEPP is not an appropriate instrument for addressing the demographic challenges, and whereas the very low birth rates in Galicia, Spain, Portugal, Greece and Cyprus (all Member States subject to intervention by the Troika) are a consequence of job insecurity among young people and women, discrimination of women of child- bearing age in the labour market, the shortage of rental accommodation resulting from the lack of a public housing policy and the absence of child benefits, and whereas these problems will not be solved by financial innovation and the expansion of capital markets;
Amendment 201 #
Proposal for a regulation Recital 1 f (new) (1f) whereas the profitability or unprofitability of financial products is essentially uncertain; whereas it should be noted that the root cause of the 2007 crisis was the creation and sale of complex financial products based on subprime mortgages; whereas these products were awarded AAA ratings, i.e. the highest creditworthiness, by the three main rating agencies –Standard & Poor’s, Moody’s and Fitch – only weeks before their value was reduced to zero.
Amendment 202 #
Proposal for a regulation Recital 1 g (new) (1g) whereas Alan Greenspan, the then President of the US Federal Reserve, acknowledged that while he was aware a lot of these practices were going on, he had no notion of how significant they had become until very late;
Amendment 203 #
Proposal for a regulation Recital 1 h (new) (1h) whereas, against this background, it cannot be argued that workers are fully aware of the key elements of the product and of the risks;
Amendment 204 #
Proposal for a regulation Recital 1 i (new) (1i) whereas in a report published in 2010 promoting the expansion of private pensions, the Spanish association of savings and investment product providers acknowledged that the capital belongs to the employees involved in the various pension schemes and that the risk is entirely borne by the participants;
Amendment 205 #
Proposal for a regulation Recital 1 j (new) (1j) whereas the PEPP promoters are banks, insurance companies, asset managers, occupational pension funds and investment companies, and whereas potential social security contributions which could increase the revenue of public pension schemes are diverted to private companies which will make significant profits;
Amendment 206 #
Proposal for a regulation Recital 1 k (new) (1k) whereas in order to promote PEPP subscriptions, the European Commission has called for tax deductions in Member States, and whereas in order to encourage Member States to grant tax deductions for PEPPs, the Commission adopted a recommendation, together with this proposal, on the tax treatment of personal pension products, including pan- European Personal Pension Products;
Amendment 207 #
Proposal for a regulation Recital 1 l (new) (1l) whereas tax deductions for contributions to personal pension schemes are very regressive and whereas low-income workers cannot set aside any amount for pension schemes and are thus not able to benefit from any deductions; whereas it is those with high salaries and capital incomes who are able to make large contributions and benefit from deductions;
Amendment 208 #
Proposal for a regulation Recital 1 m (new) (1m) whereas with this Proposal for a Regulation the European Commission is giving up on the aim to ensure adequate public pensions.
Amendment 209 #
Proposal for a regulation Recital 2 (2) Personal pensions ca
Amendment 210 #
Proposal for a regulation Recital 3 a (new) (3a) The European pension market is highly fragmented and diverse, so PEPP cannot be implemented without encroaching upon the competences of the Member States. In Member States where the first and second pillar are insufficiently developed, PEPP might override national solutions for people who do not currently have access to adequate provisions. In Member States with highly developed pension markets, the PEPP could cannibalise the national first and second pillar.
Amendment 211 #
Proposal for a regulation 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 212 #
Proposal for a regulation Recital 3 a (new) Amendment 213 #
Proposal for a regulation Recital 4 (4) The Capital Markets Union (CMU)
Amendment 214 #
Proposal for a regulation Recital 4 (4) The Capital Markets Union (CMU)
Amendment 215 #
Proposal for a regulation Recital 4 (4) The Capital Markets Union (CMU) will help mobilise capital in Europe and channel it to all companies, including small and medium enterprises, infrastructure and long term sustainable projects that need it to expand and create jobs. One of the main objectives of the CMU is to increase investment and choices for retail investors by putting European savings to better use. For this purpose, a PEPP will represent a step forward for the enhancement of the capital markets integration due to its support to the long-term financing of the real economy.
Amendment 216 #
Proposal for a regulation Recital 4 a (new) (4a) Member States should have financially sustainable, adequate and poverty proof pensions. Priority must therefore be given to further developing, strengthening and reforming the first (public) and collective second (occupational) pillars of the pensions systems. However, the old age dependency is expected to increase sharply. This puts pressure on the financial sustainability of first pillar pay as you go systems, which may be partly alleviated by entitlements from second pillar funded schemes. A third pillar can complement these pension systems. The Pan-European Personal Pension Product may complement and strengthen the market for individual pension products across Europe.
Amendment 217 #
Proposal for a regulation Recital 4 a (new) Amendment 218 #
Proposal for a regulation Recital 4 a (new) (4a) Further liberalisation of capital markets and reviving securitisation, as envisioned by the Commission’s CMU project, will destabilise the economy of the EU and especially of the euro area even further by fostering the pro-cyclicality of the financial system and by aggravating already existing macroeconomic imbalances between member states.
Amendment 219 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving, especially for mobile workers, and establish an EU market for PEPP providers. It
Amendment 220 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP providers. It will provide households with
Amendment 221 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP
Amendment 222 #
Proposal for a regulation Recital 10 a (new) (10a) Financial education can support the understanding and awareness of households’ saving choices in the area of voluntary personal pension schemes. Savers shall also have a fair chance to fully grasp the risks and the features related to a pan-European product.
Amendment 223 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale.
Amendment 224 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings
Amendment 225 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP
Amendment 226 #
Proposal for a regulation Recital 12 (12) The Regulation harmonises a set of core features for the PEPP, which concern key elements such as distribution, investment policy, provider switching, or cross-border provision and portability.
Amendment 227 #
Proposal for a regulation Recital 12 (12) The Regulation harmonises a set of core features for the PEPP, which concern key elements such as distribution, investment policy, provider switching, or cross-border provision and portability. The harmonisation of these core features
Amendment 228 #
Proposal for a regulation Recital 13 (13) Article 114 TFEU allows the adoption of acts both in the shape of Regulations or Directives. The adoption of a Regulation has been preferred as it would become directly applicable in all Member States. Therefore, a Regulation would allow a quicker uptake of the PEPP
Amendment 229 #
Proposal for a regulation Recital 14 (14) PEPP providers should have access to the whole Union market with one single product authorisation issued by
Amendment 230 #
Proposal for a regulation Recital 14 (14) PEPP providers should have access to the whole Union market with one single product authorisation issued by
Amendment 231 #
Proposal for a regulation Recital 14 (14) PEPP providers should have access to the whole Union market with one single product authorisation issued by
Amendment 232 #
Proposal for a regulation 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 233 #
Proposal for a regulation Recital 14 (14) The portability of personal pension products is a concern for people moving to another EU country while trying to maintain the same product and provider. 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.
Amendment 234 #
Proposal for a regulation Recital 14 a (new) (14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different supervision on national level. In particular, prudential supervision of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities. In order not to jeopardise financial stability and to take into account the different organisational structure and supervision, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised and adequately supervised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring- fenced, managed and organised separately from the other activities of occupational retirement provision business, without any possibility of transfer.
Amendment 235 #
Proposal for a regulation Recital 14 a (new) (14a) Institutions for occupational retirement provisions (IORPs) are organised and regulated in significant different ways within Member States. While in some Member States these institutions are only allowed to carry out occupational pension activities, in other, they are allowed to also provide personal pension products. This leads not only to different organisational structures of IORPS but also to different levels of supervision by national supervisors. Only those IORPs which, pursuant to national law, are authorised and adequately supervised to provide personal pension products should be allowed to provide PEPPs. Furthermore, and to safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring-fenced, managed and organised separately from other activities of occupational retirement provision business, ensuring at all times that no contagion or possibility of transfer can occur.
Amendment 236 #
Proposal for a regulation Recital 14 a (new) (14a) Upon product authorisation, national competent authorities should send all relevant information related to the authorisation to EIOPA in view of enabling EIOPA to conduct peer reviews and in order to ensure a consistent application of the Regulation across Member States.
Amendment 237 #
Proposal for a regulation Recital 16 (16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the
Amendment 238 #
Proposal for a regulation Recital 16 (16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in
Amendment 239 #
Proposal for a regulation Recital 17 (17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any
Amendment 240 #
Proposal for a regulation Recital 17 (17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should
Amendment 241 #
Proposal for a regulation Recital 17 (17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should
Amendment 242 #
Proposal for a regulation Recital 18 (18) The competent authorities of the Member States should have at their disposal all means necessary to ensure the orderly pursuit of business by PEPP providers and distributors throughout the Union, whether pursued in accordance with the freedom of establishment or the freedom to provide services. In order to ensure the effectiveness of supervision, all actions taken by the competent authorities should be proportionate to the nature, scale and complexity of the risks inherent in the
Amendment 243 #
Proposal for a regulation Recital 19 (19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP saver – through the portability of the PEPP, thus contributing to the safeguarding of personal pension rights of persons exercising their right to free movement under Articles 21 and 45 TFEU. Portability involves the PEPP saver changing residence to another Member State w
Amendment 244 #
Proposal for a regulation Recital 19 (19) The pan-European dimension of the PEPP can be developed not only at the
Amendment 245 #
Proposal for a regulation Recital 19 (19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP saver – through the portability of the PEPP, thus contributing to the safeguarding of personal pension rights of persons exercising their right to free movement under Articles 21 and 45 TFEU. Portability involves the PEPP saver changing residence to another Member State without
Amendment 246 #
Proposal for a regulation Recital 20 (20) A PEPP
Amendment 247 #
Proposal for a regulation Recital 21 (21)
Amendment 248 #
Proposal for a regulation Recital 21 (21)
Amendment 249 #
Proposal for a regulation Recital 21 (21)
Amendment 250 #
Proposal for a regulation 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
Amendment 251 #
Proposal for a regulation Recital 21 (21) In order to allow for a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply
Amendment 252 #
Proposal for a regulation Recital 21 (21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for
Amendment 253 #
Proposal for a regulation Recital 21 (21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for
Amendment 254 #
Proposal for a regulation 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
Amendment 255 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership
Amendment 256 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally 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 (including those related to environmental, social and governance factors) and guarantees, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 257 #
Proposal for a regulation 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 258 #
Proposal for a regulation Recital 23 (23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice. For this purpose, PEPP savers should, in the case of the default option, consult a decision tree that helps them make an informed choice.
Amendment 259 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP
Amendment 260 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP
Amendment 261 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be
Amendment 262 #
Proposal for a regulation Recital 25 (25) In order to ensure widespread dissemination and availability of PEPP key information documents, this Regulation should provide for publication by the PEPP
Amendment 263 #
Proposal for a regulation Recital 26 (26) Pension product calculators are
Amendment 264 #
Proposal for a regulation Recital 26 a (new) (26a) Calls for the introduction of a Union pension calculator, enabling citizens to calculate their accumulated pension capital and accrued pension entitlements, so as to have a complete overview and to estimate the sufficient pension level to meet their personal expected income need for living and care, combined with pillars 1 and 2 and other existing sources of income. This calculation exercise should be executed online or with the provider to determine the needed level of income every time the investment strategy is changed by the PEPP saver, to avoid underfinancing the upcoming pension. Such a calculator should be developed as a matter of urgency, alongside the development of PEPP.
Amendment 265 #
Proposal for a regulation Recital 27 (27) The details of the information to be included in the PEPP key information document in addition to elements already provided for in the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 and the presentation of this information should be further harmonised through regulatory technical standards that complement the regulatory technical standards laid down by Commission delegated Regulation of 8 March 201734 , taking into account existing and ongoing research into consumer behaviour and understanding of financial products, including results from testing the effectiveness of different ways of presenting information with consumers. __________________ 34 Commission Delegated Regulation of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.
Amendment 266 #
Proposal for a regulation Recital 28 (28) The PEPP key information document should consist of two parts. While the first part should give general information about the PEPP, the second part should describe the information which varies between Member States, such as the retirement age or tax benefits and incentives. The PEPP key information document should be clearly distinguishable and separate from any marketing communications.
Amendment 267 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options.
Amendment 268 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options. The default option should allow for a lump sum payment of up to 30%, provided that the remainder is paid as a lifetime annuity. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 269 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options, and such savers should, as minimum, be reminded about their pay-out options one year before the retirement. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 270 #
Proposal for a regulation Recital 31 (31) During the phase when retirement benefits are paid, PEPP beneficiaries should continue to receive information on their benefits and corresponding pay-out options. This is particularly important when a significant level of investment risk is borne by PEPP beneficiaries in the pay- out phase. PEPP beneficiaries should also be informed of any reduction in the level of benefits due, prior to the application of any such reduction, after a decision which will result in a reduction has been taken.
Amendment 271 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act
Amendment 272 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities, including those having a long term horizon. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 273 #
Proposal for a regulation Recital 33 Amendment 274 #
Proposal for a regulation 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 should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 275 #
Proposal for a regulation 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 should require explicit consideration of environmental, social and governance factors in the investment decision making process.
Amendment 276 #
Proposal for a regulation 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 also requires that PEPP providers integrate the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 277 #
Proposal for a regulation 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
Amendment 278 #
Proposal for a regulation Recital 34 (34) This Regulation should ensure an appropriate level of investment freedom for PEPP providers. As very long-term investors with low liquidity risks, PEPP providers are in a position to contribute to the development of the CMU by investing in non-liquid assets such as shares and in other instruments that have a long-term economic profile
Amendment 279 #
Proposal for a regulation Recital 34 (34) This Regulation should ensure an appropriate level of investment freedom for PEPP providers. As very long-term investors with low liquidity risks, PEPP providers are in a position to fulfil a leading role in making finance more sustainable by redirecting more finance to sustainable assets, taking into account environmental, social and governance factors and in doing so to contribute to the development of the CMU, which may also be done by investing in non-liquid assets such as shares and in other instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities (MTFs) or organised trading facilities (OTFs) within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in other instruments that have a long- term economic profile and are not traded on regulated markets, MTFs or OTFs should therefore not be restricted, in line with the prudent person rule so as to protect the interest of PEPP savers and PEPP beneficiaries, except on prudential grounds.
Amendment 280 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers
Amendment 281 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers are encouraged to allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long-term economic
Amendment 282 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers are encouraged to allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long-term economic, environmental and social benefits, in particular to infrastructure projects and corporates.
Amendment 283 #
Proposal for a regulation Recital 36 (36) Environmental, social and governance factors, as referred to in the United Nations-supported Principles for Responsible Investment, are important for
Amendment 284 #
Proposal for a regulation 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
Amendment 285 #
Proposal for a regulation Recital 36 (36) Environmental, social and
Amendment 286 #
Proposal for a regulation 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
Amendment 287 #
Proposal for a regulation Recital 36 a (new) (36a) One of the objectives of this regulation is channelling capital towards European long-term investments in the real economy. PEPP providers should integrate environmental, social and governance (ESG) factors in their investment decisions. PEPP savings should be invested in line with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights.
Amendment 288 #
Proposal for a regulation Recital 36 b (new) (36b) PEPP providers should engage regularly with their clients to ensure their concerns and preferences, including regarding ESG factors, are properly integrated into the investment decisions.
Amendment 289 #
Proposal for a regulation Recital 36 c (new) (36c) PEPP providers should adopt an investment exclusion policy in order to ensure that savings are not invested in the most controversial and harmful products such as coal-based energy, nuclear weapons, cluster munition, the production of tobacco or harmful conducts such as serious human rights violations, severe environmental, climate damage, corruption and tax avoidance.
Amendment 290 #
Proposal for a regulation Recital 37 (37) In ensuring compliance with their obligation to develop an investment policy in accordance with the prudent person rule, PEPP providers should be prevented
Amendment 291 #
Proposal for a regulation Recital 37 (37) In ensuring compliance with their obligation to develop an investment policy in accordance with the prudent person rule, PEPP providers should be prevented to invest in high-risk and non-cooperative jurisdictions identified by the Financial Action Task Force, nor in a country on the EU list of non-cooperative tax jurisdictions, nor in a country on the EU list of high-risk third countries with strategic deficiencies in their regime on anti-money laundering and countering terrorist financing.
Amendment 292 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision
Amendment 293 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision, including the number of investment options they can choose from. After the initial choice made upon the subscription of a PEPP, the PEPP saver should have the possibility to modify this choice at reasonable intervals (every
Amendment 294 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should
Amendment 295 #
Proposal for a regulation Recital 38 a (new) (38a) The PEPP provider should explicitly consider and disclose to what extent their investment beliefs on environmental, social and governance factors have been reflected in their choice of index, both for active and for passive strategies. When opting for passive options, sustainability indexes should be considered for default funds.
Amendment 296 #
Proposal for a regulation Recital 39 (39) The
Amendment 297 #
Proposal for a regulation Recital 39 (39) The default investment option should
Amendment 298 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup a minimum of 40 % of the invested capital. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cover inflation. The default investment option should provide the PEPP saver with a balance between downside protection and return generation through investment in a suitable portfolio of funds combined with minimum guarantees.
Amendment 299 #
Proposal for a regulation Recital 39 (39) The default investment option - i.e. the ‘basic PEPP’ should allow the PEPP saver to recoup the invested capital
Amendment 300 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the
Amendment 301 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the invested capital before the deduction of fees. The PEPP providers
Amendment 302 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the invested capital. To that end, PEPP providers should build up adequate capital buffers. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cover inflation.
Amendment 303 #
Proposal for a regulation Recital 41 (41) Where the PEPP provider is an institution for occupational retirement provision or an investment firm, it
Amendment 304 #
Proposal for a regulation Recital 41 (41) Where the PEPP provider is an
Amendment 305 #
Proposal for a regulation Recital 44 Amendment 306 #
Proposal for a regulation 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, low- cost, quick and safe procedure.
Amendment 307 #
Proposal for a regulation 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 308 #
Proposal for a regulation 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 309 #
Proposal for a regulation Recital 48 (48) The switching process should be straightforward for the PEPP saver. Accordingly, the receiving PEPP provider should be responsible for initiating and managing the process on behalf of the PEPP saver. PEPP providers should be able to use additional means, such as a technical solution, on a voluntary basis when establishing the switching service. Switching providers shall be provided free of charge in cases of limited portability, withdrawal of authorisation and upon request of the PEPP saver less frequent than every 5 years.
Amendment 310 #
Proposal for a regulation Recital 53 (53) PEPP savers should
Amendment 311 #
Proposal for a regulation Recital 53 (53)
Amendment 312 #
Proposal for a regulation Recital 53 (53) PEPP savers should be given the freedom to decide upon subscription of a PEPP about their pay-out choice (annuities, lump sum, or other) in the decumulation phase, but with a possibility to revise their choice once every
Amendment 313 #
Proposal for a regulation Recital 53 (53) PEPP savers should be given the freedom to decide upon subscription of a PEPP about their pay-out choice (annuities, lump sum, or other) in the decumulation phase, but with a possibility to revise their choice once every five years thereafter, in order to be able to best adapt their pay-out choice to their needs when they near retirement. Maximum 10 % of the out- payment can be taken as a lump sum. The form of the remainder of the out-payment shall be chosen by the PEPP saver and take the form of annuities or drawdown payments.
Amendment 314 #
Proposal for a regulation Recital 54 Amendment 315 #
Proposal for a regulation Recital 54 Amendment 316 #
Proposal for a regulation Recital 54 (54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and politically feasible, as it preserves enough flexibility for Member States to decide about which decumulation options they wish to encourage. Pay-out under the basic PEPP should take the form of lifetime payments.
Amendment 317 #
Proposal for a regulation Recital 54 (54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and
Amendment 318 #
Proposal for a regulation Recital 54 (54) PEPP providers should be allowed to make available to PEPP savers a wide range of decumulation options. This approach would achieve the goal of enhanced take-up of the PEPP through increased flexibility and choice for PEPP savers. It would allow providers to design their PEPPs in the most cost-effective way. It is coherent with other EU policies and politically feasible, as it preserves enough flexibility for Member States to decide about which decumulation options they wish to encourage. In order to ensure that PEPP constitutes a genuine retirement product, annual drawdowns during the decumulation phase should not exceed 10% of the value of the PEPP account, as calculated at the beginning of the decumulation phase by the PEPP provider.
Amendment 319 #
Proposal for a regulation Recital 56 (56) Although the ongoing supervision of PEPP providers is to be exercised by the respective competent national authorities, EIOPA, together with ESMA where appropriate, should coordinate the supervision with regards to PEPPs, in order to guarantee the consistent application of a unified supervisory methodology, contributing in this way to the pan
Amendment 320 #
Proposal for a regulation Recital 57 (57) EIOPA should cooperate with ESMA as well as national competent authorities and facilitate cooperation between the
Amendment 321 #
Proposal for a regulation Recital 61 (61) Competent authorities should be empowered to impose pecuniary sanctions which are sufficiently high to offset or go beyond the actual or potential profits, and to be dissuasive even for larger financial undertakings and their managers.
Amendment 322 #
Proposal for a regulation Recital 64 a (new) (64a) Given the pan-European nature of PEPP and the provision of PEPP, cross- border mechanisms for collective compensatory redress for consumers should equally be available.
Amendment 323 #
Proposal for a regulation Recital 67 (67) Tax incentives can take different forms and play a
Amendment 324 #
Proposal for a regulation Recital 67 a (new) (67a) In the EU, 14,6% of people aged 65 or over is at risk of poverty. Since capital income tends to be concentrated in upper income brackets, tax incentives for private pensions may result in effective tax rates that are negative, and regressive. These foregone tax revenues are better spent enhancing the sustainability and adequacy of first pillar systems. Member States should cap and target tax incentives for private pension products including PEPP at specific groups with limited access to other complementary pension provisions such as low income groups, self-employed and people with long gaps in their contribution periods.
Amendment 325 #
Proposal for a regulation Recital 67 a (new) (67a) The tax regime applied to a PEPP shall be the one of the Member State a PEPP saver is resident in order to prevent any abuse due to the different national taxation systems.
Amendment 326 #
Proposal for a regulation Recital 68 (68)
Amendment 327 #
Proposal for a regulation Recital 68 (68) This Regulation should not be understood as obliging Member States to apply to PEPPs the same tax rules as they would apply to comparable personal pension products under their national laws. However, in application of the national treatment principle, stemming from Articles 21 and 45 of the TFEU and interpreted by the Court of Justice of the European Union, it should be possible for a PEPP that is objectively comparable to a personal pension product (PPP) distributed in a given Member State to benefit from the same tax relief
Amendment 328 #
Proposal for a regulation Recital 69 Amendment 329 #
Proposal for a regulation Recital 70 a (new) (70a) Given the possible long term implications of this Regulation, it is essential to closely monitor the developments during the initial phase of application. A panel of stakeholders and experts with at least one ESG expert should be set up for the purpose of monitoring on an ongoing basis all relevant aspects of PEPP, and report to Commission, Parliament and Council any observations it may have.
Amendment 330 #
Proposal for a regulation Recital 71 (71) This Regulation respects fundamental rights and observes the principles recognised
Amendment 331 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation lays down uniform rules on the authorisation,
Amendment 332 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver and an entity on a voluntary basis to supplement his statutory and/or occupational pension;
Amendment 333 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver and an entity on a voluntary and complementary basis;
Amendment 334 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver and an entity on a voluntary and complementary basis;
Amendment 335 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a a (new) (aa) is neither directly nor indirectly linked to the occupation or the employment status of the individual saver;
Amendment 336 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point b Amendment 337 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point c (c) provides for long-term capital accumulation
Amendment 338 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point d Amendment 339 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point d a (new) (da) in-payments equal at least out- payments in real terms;
Amendment 340 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 a (new) (1a) a “partnership” means cooperation between PEPP providers to offer compartments in different Member States, in the view of portability service as referred to in Article 12.
Amendment 341 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a
Amendment 342 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking listed in Article 5 (1) authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver or by an independent PEPP savers association on behalf of its members in view of retirement, with
Amendment 343 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability and which is certified in accordance with this Regulation;
Amendment 344 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver to supplement his statutory and/or occupational pension in view of retirement, with no or strictly limited
Amendment 345 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) (2a) “sustainable pan-European Personal Pension Product (SPEPP)” means a long-term sustainable savings personal pension product compliant with the additional sustainability requirements listed in Article 33a of this Regulation. All rules and conditions applicable to PEPP, as laid down in this Directive, shall be at least applicable to SPEPP;
Amendment 346 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – introductory part (3) “PEPP saver” means
Amendment 347 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a Amendment 348 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a (a) a retail client means a client who is not a professional client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council41 ; __________________ 41 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349).
Amendment 349 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Amendment 350 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b a (new) (ba) an independent association subscribing PEPP products for its members
Amendment 351 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) “PEPP scheme” means a contract, an agreement
Amendment 352 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) “PEPP account” means a personal pension account held in the name of a PEPP saver or a PEPP beneficiary which is used for the execution of transactions allowing the PEPP saver to contribute periodically sums towards
Amendment 353 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) (6a) “PEPP manufacturer” means a PEPP provider that sets out the conditions of a PEPP scheme in order to operate PEPP accounts on behalf of PEPP savers and beneficiaries;
Amendment 354 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 (8) “PEPP distribution” means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts for providing a PEPP, of concluding such contracts, or of assisting in the administration and performance of such contracts, including the provision of information concerning one or more
Amendment 355 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 (9) “PEPP retirement benefits” means
Amendment 356 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 (10) “accumulation phase” means the period during which assets
Amendment 357 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 (11) “decumulation phase” means the period during which assets accumulated in a PEPP account are drawn upon to
Amendment 358 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 (11) “decumulation phase” means the period during which assets accumulated in a PEPP account are drawn upon to fund retirement
Amendment 359 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 (12) “annuity” means a sum payable
Amendment 360 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 (12) “annuity” means a fixed or variable sum payable at specific intervals over a period
Amendment 361 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 (13) “
Amendment 362 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 (13) “drawdown payments” means the
Amendment 363 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 a (new) (13a) “lump sum” means the full payment of the accumulated pension capital at the end of the accumulation phase;
Amendment 364 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 (15) “distributor of a PEPP” or “PEPP distributor” means a financial undertaking authorised to distribute PEPPs not manufactured by it,
Amendment 365 #
Proposal for a regulation Article 2 – paragraph 1 – point 17 (17) “competent authorit
Amendment 366 #
Proposal for a regulation Article 2 – paragraph 1 – point 17 (17) “competent authorities” or “NCAs” of the PEPP providers means the national authorities designated by each Member State to supervise PEPP providers;
Amendment 367 #
Proposal for a regulation Article 2 – paragraph 1 – point 18 (18) “home Member State of the PEPP provider” means the Member State in which the PEPP provider has
Amendment 368 #
Proposal for a regulation Article 2 – paragraph 1 – point 19 a (new) (19a) “home Member State of the PEPP distributor” means the Member State in which the PEPP distributor has its registered office;
Amendment 369 #
Proposal for a regulation Article 2 – paragraph 1 – point 19 b (new) (19b) “host Member State of the PEPP distributor” means a Member State, other than the home Member State, in which a PEPP distributor distributes PEPPs;
Amendment 370 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 (20) “compartment” means a s
Amendment 371 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 (20) “compartment” means a section which is opened within each individual PEPP account and which corresponds to the legal requirements
Amendment 372 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) “capital” means aggregate
Amendment 373 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) “capital” means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible
Amendment 374 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) “capital” means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible
Amendment 375 #
Proposal for a regulation Article 2 – paragraph 1 – point 23 Amendment 376 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 Amendment 377 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 (24) “default investment option” means an investment strategy applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account and on how to benefit from the decumulation phase;
Amendment 378 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 (26) “switching providers” means, upon a PEPP customer’s request, transferring from one PEPP provider to another
Amendment 379 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 (27) “advice” means the provision of a personal recommendation to a PEPP
Amendment 380 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “Life-cycle investment strategy” means a strategy which aims at adjusting a portfolio’s risk profile from the investment date until the investor perceives out-payments after retirement age, by progressively reducing its overall risk exposure over time.
Amendment 381 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “partnerships” means cooperation between PEPP providers to offer compartments in different Member States, in the view of portability service as referred to in Article 12. Liability in these partnerships remains in all cases with the primary provider.
Amendment 382 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “partnership” means cooperation between PEPP providers to offer compartments in different Member States, in accordance with the portability service as outlined in Article 12.
Amendment 383 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “partnerships” means cooperation between PEPP providers to offer compartments in different Member States, in the view of portability service as referred to in Article 12.
Amendment 384 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “compartment partnership” means a collaboration between PEPP providers with the aim of providing compartments in all Member States;
Amendment 385 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “Biometric risks” mean risks linked to longevity, disability and death.
Amendment 386 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 b (new) (28b) “Environmental, social and governance factors (ESG)” comprise the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights and the UNPRI definitions in which environmental factors include climate change, greenhouse gas (GHG) emissions, resource depletion (including water waste and pollution) and deforestation; social factors include Human Rights, working conditions (including slavery and child labour), local communities (including indigenous communities), conflict, health and safety, employee relations and diversity; and governance factors include executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.
Amendment 387 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) where authorised by this Regulation, the
Amendment 388 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States’ laws which would apply to a comparable personal pension product to supplement his statutory or occupational pension manufactured and distributed in accordance with the law of the Member State in which the manufacturer has its registered office.
Amendment 389 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State
Amendment 390 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State
Amendment 391 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State
Amendment 393 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by
Amendment 394 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by
Amendment 395 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by
Amendment 396 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been
Amendment 397 #
Proposal for a regulation Article 4 – paragraph 2 2.
Amendment 398 #
Proposal for a regulation Article 4 – paragraph 2 2. Authorisation of a PEPP shall be valid in all Member States.
Amendment 399 #
Proposal for a regulation Article 4 – paragraph 2 2. Authorisation of a PEPP shall be valid in all Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by
Amendment 400 #
Proposal for a regulation Article 5 – title Amendment 401 #
Proposal for a regulation Article 5 – paragraph 1 – introductory part 1. Only the following financial undertakings may apply for
Amendment 402 #
Proposal for a regulation Article 5 – paragraph 1 – point a (a) credit institutions a
Amendment 403 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 404 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 405 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 406 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 407 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 408 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 which, pursuant to national law, are authorised and adequately supervised to provide personal pension products which do not provide a coverage against biometric risks and do not guarantee an investment performance or a given level of benefits. In that case, all assets and liabilities corresponding to PEPP provision business shall be ring- fenced, managed and organised separately from the other activities of occupational retirement provision business, without any possibility of transfer; __________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
Amendment 409 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45
Amendment 410 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) institutions for occupational retirement provision (IORP) registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 ; __________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
Amendment 411 #
Proposal for a regulation Article 5 – paragraph 1 – point d Amendment 412 #
Proposal for a regulation Article 5 – paragraph 1 – point e Amendment 413 #
Proposal for a regulation Article 5 – paragraph 1 – point e Amendment 414 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 415 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 416 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 417 #
Proposal for a regulation Article 5 – paragraph 1 – point f a (new) (fa) Other entities registered or authorised in accordance with provisions in national law to provide personal pension products as defined in Article 2(1) of this Regulation, provided that these provisions are deemed sufficient after an assessment by EIOPA, in accordance with the procedure laid down in Article 5(6) of this Regulation;
Amendment 418 #
Proposal for a regulation Article 5 – paragraph 2 – introductory part 2. Financial undertakings listed in paragraph 1 shall submit their applications for authorisation of a PEPP to
Amendment 419 #
Proposal for a regulation Article 5 – paragraph 2 – introductory part 2. Financial undertakings listed in paragraph 1 shall submit their applications for
Amendment 420 #
Proposal for a regulation Article 5 – paragraph 2 – point b (b) information on the identity of the applicant
Amendment 421 #
Proposal for a regulation Article 5 – paragraph 2 – point b a (new) (ba) the value of the applicant’s assets under management;
Amendment 422 #
Proposal for a regulation Article 5 – paragraph 2 – point c Amendment 423 #
Proposal for a regulation Article 5 – paragraph 2 – point d Amendment 424 #
Proposal for a regulation Article 5 – paragraph 2 – point d (d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the consideration of environmental, social and governance factors as those relate to the likely long- term consequences of investment decisions, the impact of investment decisions on financial stability and the wider economy, the impact of investment decisions on communities and the environment and as they relate to the financial and non-financial interests of the PEPP saver;
Amendment 425 #
Proposal for a regulation 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. Furthermore information ensuring that the PEPP provider does not invest in nuclear weapon producers.
Amendment 426 #
Proposal for a regulation 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 427 #
Proposal for a regulation Article 5 – paragraph 2 – point d (d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP, including the integration of environmental, social and governance factors and risks;
Amendment 428 #
Proposal for a regulation Article 5 – paragraph 2 – point e (e) information about the investment strategies, the risk profile and other characteristics of the PEPP including the integration of environmental, social and governance factors and in particular how the investment strategy is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 429 #
Proposal for a regulation Article 5 – paragraph 2 – point e (e) information about the investment strategies, the risk profile and other characteristics of the PEPP
Amendment 430 #
Proposal for a regulation 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 431 #
Proposal for a regulation Article 5 – paragraph 2 – point e a (new) Amendment 432 #
Proposal for a regulation Article 5 – paragraph 2 – point f (f) a list of Member States where the applicant PEPP initially intends to market the PEPP;
Amendment 433 #
Proposal for a regulation Article 5 – paragraph 2 – point f a (new) (fa) information on any partnerships between PEPP providers to offer compartments in different Member States
Amendment 434 #
Proposal for a regulation Article 5 – paragraph 2 – point i Amendment 435 #
Proposal for a regulation Article 5 – paragraph 3 3.
Amendment 436 #
Proposal for a regulation Article 5 – paragraph 3 3. EIOPA may request from financial undertakings listed in paragraph 1 clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 437 #
Proposal for a regulation Article 5 – paragraph 4 Amendment 438 #
Proposal for a regulation Article 5 – paragraph 4 4. In exceptional circumstances and on the basis of objective reasons EIOPA may ask the competent authority of the financial undertaking applying for the
Amendment 439 #
Proposal for a regulation Article 5 – paragraph 4 4. EIOPA may ask the competent authority of the financial undertaking applying for the authorisation for clarification and information as regards the documentation referred to in paragraph 2. The competent authority shall reply to the request within 10 working days from the date on which it has received the request submitted by EIOPA. In case of withdrawal of authorisation , PEPP savers are entitled to switch the PEPP provider free of charge irrespective of the switching frequency stipulated in Article 45. PEPP savers should be clearly informed of any withdrawal and its consequences by their National Competent Authorities.
Amendment 440 #
Proposal for a regulation Article 5 – paragraph 5 5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to
Amendment 441 #
Proposal for a regulation Article 5 – paragraph 5 5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified by the financial undertakings referred to in paragraph 1 to EIOPA.
Amendment 442 #
Proposal for a regulation Article 5 – paragraph 5 a (new) 5 a. The National competent authority for the entities referred to in Article 5(1)(g) will request EIOPA the assessment of compliance of these entities as well as the reasons why the authorisation is justified. EIOPA shall adopt a decision within two months of receiving such a request. If the competent authority does not agree with EIOPA’s decision, it shall duly present its reasons and shall explain and justify any significant deviation therefrom;
Amendment 443 #
Proposal for a regulation Article 6 – title Amendment 444 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Within two months from the date of submission of a complete application,
Amendment 445 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Within two months from the date of submission of a complete application,
Amendment 446 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Within two months from the date of submission of a complete application, EIOPA shall grant
Amendment 447 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the applicant is authorised
Amendment 448 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (ba) the applicant has adopted and published a credible investment exclusion policy related to severe environmental damage, serious violations of human rights and the production of weapons;
Amendment 449 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) the proposed PEPP effectively integrates environmental, social and governance factors into its investment strategy and risk management and ensures that its portfolio management is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 450 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) the proposed PEPP includes an investment strategy which seeks to incorporate environmental, social and governance related risk factors into the proposed providers risk management system, including provision assessment of the nature and extent of these risks and mitigation strategies;
Amendment 451 #
Proposal for a regulation 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 452 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 453 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 454 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 455 #
Proposal for a regulation 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 456 #
Proposal for a regulation Article 6 – paragraph 2 2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant. The competent authority may submit an objection to the authorisation process.
Amendment 457 #
Proposal for a regulation Article 6 – paragraph 3 3.
Amendment 458 #
Proposal for a regulation Article 6 – paragraph 3 3.
Amendment 459 #
Proposal for a regulation Article 6 – paragraph 3 3. EIOPA shall communicate to the applicant the reasons for any refusal to grant
Amendment 460 #
Proposal for a regulation Article 6 – paragraph 4 4.
Amendment 461 #
Proposal for a regulation Article 6 – paragraph 4 4.
Amendment 462 #
Proposal for a regulation Article 6 – paragraph 4 4. EIOPA shall withdraw the
Amendment 463 #
Proposal for a regulation 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 464 #
Proposal for a regulation 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 of which the authorisation has been withdrawn.
Amendment 465 #
Proposal for a regulation Article 6 – paragraph 5 Amendment 466 #
Proposal for a regulation Article 6 – paragraph 5 5.
Amendment 467 #
Proposal for a regulation Article 6 – paragraph 5 5. EIOPA shall
Amendment 468 #
Proposal for a regulation Article 6 – paragraph 6 Amendment 469 #
Proposal for a regulation Article 6 – paragraph 6 6.
Amendment 470 #
Proposal for a regulation Article 6 – paragraph 6 a (new) 6a. EIOPA shall organise and conduct peer reviews in accordance with Article 30 of Regulation (EU) No 1094/2010 in order to strengthen the consistency of the authorisation processes carried out by competent authorities pursuant to this Regulation.
Amendment 471 #
Proposal for a regulation Article 6 a (new) Article 6 a Authorisation of partnerships for the provision of national compartments 1. Partnerships between PEPP providers to offer national compartments shall be submitted to EIOPA for authorisation. EIOPA shall inform the relevant competent authorities upon reception of a request for authorisation. National authorities shall have the possibility to submit objections. EIOPA shall inform the relevant competent authorities of any authorisation granted and inform and coordinate with ESMA and EBA. 2. Financial undertakings engaged in partnerships shall submit a joint application for authorisation to EIOPA. The application shall include at least the following: (a) information on the identity of the applicants and their current and previous financial experience and history; (b) information on contractual terms between partnering PEPP providers; (c) information on the prudential regime applicable to each PEPP provider. 3. As part of the authorisation process EIOPA shall ensure that the PEPP providers involved are subject to an appropriate prudential regime, in accordance with Article 5.
Amendment 472 #
Proposal for a regulation Article 6 b (new) Article 6 b Additional conditions for granting authorisation of SPEPPs EIOPA shall grant authorisation of a SPEPP only where the provisions of Articles 6 and 33a are met.
Amendment 473 #
Proposal for a regulation Article 7 – paragraph 1 1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authorised by
Amendment 474 #
Proposal for a regulation Article 7 – paragraph 1 1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been
Amendment 475 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into “PEPPs” following authorisation by
Amendment 476 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into “PEPPs” following authorisation by
Amendment 477 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into “PEPPs” following
Amendment 478 #
Proposal for a regulation Article 8 – paragraph 1 1. Financial undertakings referred to in Article 5(1) may distribute PEPPs which they have not manufactured
Amendment 479 #
Proposal for a regulation Article 9 – paragraph 1 Without prejudice to this Regulation, PEPP providers and PEPP distributors shall comply
Amendment 480 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP
Amendment 481 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP, the available national compartments it offers and the competent authority of the PEPP provider. The register shall be made publicly available and free of charge in electronic format.
Amendment 482 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP
Amendment 483 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP, the compartments available under each PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format. National competent authorities shall communicate the relevant information to EIOPA.
Amendment 484 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA and ESMA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP
Amendment 485 #
Proposal for a regulation Article 10 – paragraph 1 a (new) EIOPA shall be encouraged to create an information platform to inform PEPP providers about the national requirements applying to PEPPs in each Member State, the tax relief granted to PEPP as well as tax requirements, in order to reduce administrative costs related to the search for national rules applied to PEPP.
Amendment 486 #
Proposal for a regulation Article 10 – paragraph 1 b (new) In case of such partnerships, EIOPA and ESMA shall monitor on a regular basis the compliance of the primary PEPP provider and the secondary PEPP provider or providers with this Regulation and its requirements.
Amendment 487 #
Proposal for a regulation Article 11 – paragraph 1 PEPP providers may provide and distribute and PEPP distributors may distribute PEPPs within the territory of a host Member State under the freedom to provide services or the freedom of establishment, provided they do so in compliance with the relevant rules and procedures established by or under the Union legislative acts applicable to them as referred to in Article 5(1) or 8(2).
Amendment 488 #
Proposal for a regulation Article 12 – paragraph 1 1.
Amendment 489 #
Proposal for a regulation Article 12 – paragraph 2 2. In case of using the portability service, PEPP savers are entitled to retain all advantages and incentives granted by the PEPP provider and connected with continuous investment in the same PEPP and shall have the right to simultaneously save in more than one compartment.
Amendment 490 #
Proposal for a regulation Article 12 – paragraph 2 a (new) 2a. PEPP savers shall have the right to acquire or purchase PEPPs in a Member State other than the Member State of their place of residence.
Amendment 491 #
Proposal for a regulation Article 12 – paragraph 2 a (new) 2a. PEPP savers shall have the right to acquire or purchase PEPPs in another Member State than the Member State of their domicile or place of residence.
Amendment 492 #
Proposal for a regulation Article 13 – paragraph 1 1. PEPP providers
Amendment 493 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on
Amendment 494 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are
Amendment 495 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are
Amendment 496 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are immediately available either from the PEPP provider or from a registered partner.
Amendment 497 #
Proposal for a regulation Article 13 – paragraph 2 a (new) 2a. No later than 12 months after the entry into force of this Regulation, the Commission, in collaboration with EIOPA and stakeholders, shall set up a platform for small PEPP providers so as to enable them to cooperate and form partnerships with other PEPP providers in other Member States.
Amendment 498 #
Proposal for a regulation Article 13 – paragraph 2 a (new) 2a. Where a PEPP saver changes their place of residence to another Member State and the PEPP provider cannot offer a compartment in that Member State, the PEPP saver shall be offered the possibility to switch to another PEPP provider, in accordance with Article 45, free of charge.
Amendment 499 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 500 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 501 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 502 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 503 #
Proposal for a regulation 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 a
Amendment 504 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 505 #
Proposal for a regulation 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
Amendment 506 #
Proposal for a regulation Article 13 – paragraph 3 3. Three years at the latest after the entry into application of this Regulation, each PEPP provider, or through a partnership with local providers, shall offer national compartments for all Member States, upon request addressed to the PEPP provider.
Amendment 507 #
Proposal for a regulation 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 a
Amendment 508 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 509 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 510 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 511 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 512 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 513 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 514 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 515 #
Proposal for a regulation Article 13 – paragraph 3 a (new) 3a. Without prejudice to paragraph 3, PEPP providers may allow PEPP savers to switch to another PEPP provider outside the dates referred to in article 45(2) when changing their domicile by moving to another Member State. The switch of providers shall be free of charge for the saver in case the PEPP provider does not offer the national compartment of the saver’s new domicile.
Amendment 516 #
Proposal for a regulation Article 13 – paragraph 3 a (new) 3a. The PEPP provider or PEPP distributor shall provide information about the national compartments they offer either directly or through local providers they have signed cooperation agreements with in order to provide the portability service in an extended range of Member States.
Amendment 517 #
Proposal for a regulation Article 14 – paragraph 1 W
Amendment 518 #
Proposal for a regulation Article 14 – paragraph 1 W
Amendment 519 #
Proposal for a regulation Article 14 – paragraph 1 Amendment 520 #
Proposal for a regulation Article 14 – paragraph 1 Amendment 521 #
Proposal for a regulation Article 14 – paragraph 1 Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment could be opened, either by transferral or addition, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves or where the compartments shall be opened.
Amendment 522 #
Proposal for a regulation Article 14 – paragraph 1 Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves. Should the PEPP saver move to a Member State in which the PEPP provider does not offer a compartment, the provider switching charge shall be no more than EUR 150.
Amendment 523 #
Proposal for a regulation Article 14 – paragraph 1 Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves. Where the PEPP saver changes his domicile by moving to a Member State for which the PEPP provider is not able to offer a compartment, the PEPP saver shall be able to switch PEPP provider for an amount of maximum € 150 upon his change of domicile.
Amendment 524 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 525 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 526 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 527 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 528 #
Proposal for a regulation Article 15 – paragraph 1 1. Without prejudice to the deadline under Article 13(3), immediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open a new compartment free of charge within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 529 #
Proposal for a regulation Article 15 – paragraph 2 – introductory part 2.
Amendment 530 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) the PEPP saver’s new Member State of
Amendment 531 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) the date from which the
Amendment 532 #
Proposal for a regulation Article 15 – paragraph 3 3. Not later than three months
Amendment 533 #
Proposal for a regulation Article 15 – paragraph 3 3. Not later than three months following the reception of the request under paragraph 2, the PEPP provider shall provide the PEPP saver with complete information and advice free of charge
Amendment 534 #
Proposal for a regulation Article 15 a (new) Amendment 535 #
Proposal for a regulation Article 16 – title Transfer of accumulated
Amendment 536 #
Proposal for a regulation Article 16 – paragraph 1 1. At the request of the PEPP saver, the PEPP provider shall propose to the PEPP saver to arrange for full or partial transfer of accumulated assets
Amendment 537 #
Proposal for a regulation Article 17 Amendment 538 #
Proposal for a regulation Article 17 – title Provision of information on portability to the
Amendment 539 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 540 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service
Amendment 541 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 542 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 543 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over it and to EIOPA.
Amendment 544 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 545 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 546 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 547 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 548 #
Proposal for a regulation Article 17 – paragraph 2 – point c a (new) (ca) identification of the financial undertakings (name of the undertaking, applicable prudential regime) engaged in partnership agreements;
Amendment 549 #
Proposal for a regulation Article 18 – paragraph 1 When carrying out distribution activities for PEPPs, PEPP providers and PEPP distributors shall always act honestly, fairly and professionally in accordance with the best interests of their PEPP customers.
Amendment 550 #
Proposal for a regulation Article 19 – title Distribution regime applicable to different types of PEPP providers and PEPP distributors (This amendment applies throughout the text.)
Amendment 551 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part For the distribution of PEPPs, the different types of PEPP providers and distributors shall comply with
Amendment 552 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part For the distribution of PEPPs,
Amendment 553 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part For the distribution of PEPPs,
Amendment 554 #
Proposal for a regulation Article 19 – paragraph 1 – point a Amendment 555 #
Proposal for a regulation Article 19 – paragraph 1 – point a Amendment 556 #
Proposal for a regulation Article 19 – paragraph 1 – point a Amendment 557 #
Proposal for a regulation Article 19 – paragraph 1 – point b Amendment 558 #
Proposal for a regulation Article 19 – paragraph 1 – point b Amendment 559 #
Proposal for a regulation Article 19 – paragraph 1 – point b (b)
Amendment 560 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 561 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 562 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 563 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 564 #
Proposal for a regulation Article 20 – paragraph 1 With regard to the payment or reception of fees or commissions or the provision or reception of non-monetary benefits in connection with the distribution of a PEPP to or by any party except the PEPP saver or a person acting on behalf of the PEPP saver, PEPP providers or distributors referred to in Article 19(c) of this Regulation shall
Amendment 565 #
Proposal for a regulation Article 21 – paragraph 1 Amendment 566 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be provided to PEPP customers free of charge electronically, including on a durable medium or by means of a website, at least annually, provided that the
Amendment 567 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be
Amendment 568 #
Proposal for a regulation Article 22 – paragraph 1 – subparagraph 1 PEPP providers shall maintain, operate and review a process for the internal approval of each PEPP, or significant adaptations of an existing PEPP, before it is distributed to PEPP customers.
Amendment 569 #
Proposal for a regulation Article 22 – paragraph 1 – subparagraph 3 Amendment 570 #
Proposal for a regulation Article 22 – paragraph 1 – subparagraph 6 PEPP distributors shall have in place adequate arrangements to obtain the information referred to in the fifth subparagraph and to understand the characteristics and identified target market of each PEPP and the long term- consequences of their investment decision, taking into account environmental, social and governance risks and factors.
Amendment 571 #
Proposal for a regulation Article 23 – paragraph 1 1. Before a PEPP is proposed to PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document in accordance with the requirements of this Chapter
Amendment 572 #
Proposal for a regulation Article 23 – paragraph 1 a (new) 1a. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading. It shall provide key information and shall be consistent with any binding contractual documents, with the relevant parts of the offer documents and with the terms and conditions of the PEPP.
Amendment 573 #
Proposal for a regulation Article 23 – paragraph 1 b (new) 1b. PEPP providers shall make the key information document available free of charge on their websites and in another durable medium.
Amendment 574 #
Proposal for a regulation Article 23 – paragraph 2 2. PEPP providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014. The PEPP Key Information Document shall constitute pre-contractual information, including at least the risk assessment and the nature of the risk, risk scenarios, return scenarios, and the cumulative costs to be paid by the PEPP saver to the PEPP provider.
Amendment 575 #
Proposal for a regulation Article 23 – paragraph 2 2. The PEPP
Amendment 576 #
Proposal for a regulation Article 23 – paragraph 2 2.
Amendment 577 #
Proposal for a regulation Article 23 – paragraph 3 Amendment 578 #
Proposal for a regulation Article 23 – paragraph 3 – introductory part 3.
Amendment 579 #
Proposal for a regulation Article 23 – paragraph 3 – introductory part 3. The PEPP key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross-references to other documents including a prospectus, but the cross reference shall not be a substitute for any information required to be included in the PEPP key information document. Such information shall always be directly included in the key information document. In addition to the information set out in Article 8(3)(c) of Regulation (EU) No 1286/2014, the section titled “What is this product?” shall contain the following information:
Amendment 580 #
Proposal for a regulation Article 23 – paragraph 3 – introductory part 3.
Amendment 581 #
Proposal for a regulation Article 23 – paragraph 3 – point i Amendment 582 #
Proposal for a regulation Article 23 – paragraph 3 – point i (i)
Amendment 583 #
Proposal for a regulation Article 23 – paragraph 3 – point ii Amendment 584 #
Proposal for a regulation Article 23 – paragraph 3 – point ii (ii)
Amendment 585 #
Proposal for a regulation Article 23 – paragraph 3 – point iii Amendment 586 #
Proposal for a regulation Article 23 – paragraph 3 – point iii (iii)
Amendment 587 #
Proposal for a regulation Article 23 – paragraph 3 – point iv Amendment 588 #
Proposal for a regulation Article 23 – paragraph 3 – point iv (iv)
Amendment 589 #
Proposal for a regulation Article 23 – paragraph 3 – point v Amendment 590 #
Proposal for a regulation Article 23 – paragraph 3 – point v (v)
Amendment 591 #
Proposal for a regulation Article 23 – paragraph 3 – point vi Amendment 592 #
Proposal for a regulation Article 23 – paragraph 3 – point vi (vi)
Amendment 593 #
Proposal for a regulation Article 23 – paragraph 3 – point vi (vi)
Amendment 594 #
Proposal for a regulation Article 23 – paragraph 3 – point vi (vi)
Amendment 595 #
Proposal for a regulation Article 23 – paragraph 3 – point vii Amendment 596 #
Proposal for a regulation Article 23 – paragraph 3 – point vii a (new) (viia) The PEPP providers shall integrate environmental, social and governance indicators in their investment strategies and take into account environmental and other sustainability risks in their risk mitigation.
Amendment 597 #
Proposal for a regulation Article 23 – paragraph 3 – point vii a (new) (viia) information on the implication of early redemption including penalties;
Amendment 598 #
Proposal for a regulation Article 23 – paragraph 3 – point vii b (new) (viib) The PEPP provider shall disclose how the environmental, social and governance criteria is integrated in their investment and risk mitigation strategies in the Key Information Document in a standardised and comparable manner.
Amendment 599 #
Proposal for a regulation Article 23 – paragraph 3 – point vii b (new) (viib) information on structure and amount of costs and fees charged to PEPP customers for the provision of the PEPP;
Amendment 600 #
Proposal for a regulation Article 23 – paragraph 3 – point vii c (new) (viic) information on the decumulation phase and the forms of out-payments.
Amendment 601 #
Proposal for a regulation Article 23 – paragraph 3 a (new) 3a. The PEPP key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross- reference is related to the information required to be included in the PEPP key information document.
Amendment 602 #
Proposal for a regulation Article 23 – paragraph 3 a (new) 3a. Member States shall exchange best practices with regard to the format and the content of the PEPP key information document
Amendment 603 #
Proposal for a regulation Article 23 – paragraph 4 4.
Amendment 604 #
Proposal for a regulation Article 23 – paragraph 4 4. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers, free of charge, with references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to this information.
Amendment 605 #
Proposal for a regulation Article 23 – paragraph 4 a (new) 4a. The key information document shall contain information on the investment options and shall state where and how more detailed pre-contractual information related to the investment products backing the underlying investment options can be found.
Amendment 606 #
Proposal for a regulation Article 23 – paragraph 5 5.
Amendment 607 #
Proposal for a regulation Article 23 – paragraph 5 5.
Amendment 608 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the
Amendment 609 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information, free of charge, on the past performance of investments related to the PEPP scheme
Amendment 610 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering a minimum of
Amendment 611 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5a. Where colours are used in the key information document, they shall not diminish the comprehensibility of the information if the key information document is printed or photocopied in black and white
Amendment 612 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5a. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP, covering the years the PEPP has been operating.
Amendment 613 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5a. The information must be clear and concise and presented in a way that facilitates the understanding of the document.
Amendment 614 #
Proposal for a regulation Article 23 – paragraph 5 b (new) 5b. Where the corporate branding or logo of the PEPP manufacturer or the group to which it belongs is used in the key information document, it shall not distract the PEPP saver from the information contained in the document or obscure the text.
Amendment 615 #
Proposal for a regulation Article 23 – paragraph 5 c (new) 5c. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with a summary of and references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to that information.
Amendment 616 #
Proposal for a regulation Article 23 – paragraph 5 d (new) 5d. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP, covering the years the PEPP or a personal pension product with the same investment option offered by the same provider has been operating.
Amendment 617 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 1 In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop draft
Amendment 618 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 1 In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop draft
Amendment 619 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 2 When developing the draft
Amendment 620 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 3 The ESAs shall submit those draft
Amendment 621 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 3 The ESAs shall submit those draft
Amendment 622 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 4 Power is conferred the Commission to adopt
Amendment 623 #
Proposal for a regulation Article 23 a (new) Amendment 624 #
Proposal for a regulation Article 23 a (new) Amendment 625 #
Proposal for a regulation Article 23 a (new) Article 23a Language Requirements for the PEPP Key Information Document 1. The PEPP key information document shall be written in one or more of the official languages of the Member State where the PEPP is distributed. 2. If a PEPP is promoted in a Member State through marketing documents written in one or more official languages of that Member State, the PEPP key information document shall at least be written in the corresponding official language(s).
Amendment 626 #
Proposal for a regulation Article 23 b (new) Amendment 627 #
Proposal for a regulation Article 23 b (new) Amendment 628 #
Proposal for a regulation Article 23 c (new) Article 23c Marketing communication Marketing communications that contain specific information relating to the PEPP shall not include any statement that contradicts the information contained in the PEPP key information document or diminishes the significance of the PEPP key information document. Marketing communications shall indicate that a PEPP key information document is available and supply information on how and from where to obtain it, including the PEPP provider’s website.
Amendment 629 #
Proposal for a regulation Article 23 d (new) Amendment 630 #
Proposal for a regulation Article 23 e (new) Article 23e Provision of the PEPP key information document 1. A person advising on, or selling, a PEPP shall provide PEPP savers with the key information document a sufficient time before those PEPP savers are bound by any contract or offer relating to that PEPP. 2. A person advising on, or selling, a PEPP may satisfy the requirements of paragraph 1 by providing the PEPP key information document to a person with written authority to make investment decisions on behalf of the PEPP savers in respect of transactions concluded under that written authority.
Amendment 631 #
Proposal for a regulation Article 24 – paragraph 1 1. In good time before the conclusion of a PEPP
Amendment 632 #
Proposal for a regulation Article 24 – paragraph 2 2. The information referred to in this paragraph 1 shall be provided in a standardised format allowing for comparison and in a comprehensible form in such a manner that PEPP savers are
Amendment 633 #
Proposal for a regulation Chapter 4 – section 3 – title Advice
Amendment 634 #
Proposal for a regulation Chapter 4 – section 3 – title Advice and standards for sales
Amendment 635 #
Proposal for a regulation Article 25 – title Specification of demands
Amendment 636 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 P
Amendment 637 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor
Amendment 638 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor
Amendment 639 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands
Amendment 640 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 Amendment 641 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 Any contract proposed shall be consistent with the PEPP savers’s retirement demands and needs as well as with their level of accrued pension rights.
Amendment 642 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 a (new) Without prejudice to Article 26, 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 correspond to his risk profile.
Amendment 643 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 b (new) Through advice, a PEPP saver shall be informed about the main features of the product.
Amendment 644 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 c (new) Advice may be provided also through digital channels.
Amendment 645 #
Proposal for a regulation Article 25 – paragraph 1 a (new) 1a. Advice shall aim at making a potential PEPP saver be able to choose, the investment option which is better suited to her/him based on her/his level of accrued pensions rights, of financial education and of risk aversion.
Amendment 646 #
Proposal for a regulation Article 25 – paragraph 2 2.
Amendment 647 #
Proposal for a regulation Article 25 – paragraph 2 2.
Amendment 648 #
Proposal for a regulation Article 25 – paragraph 2 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP savers’
Amendment 649 #
Proposal for a regulation Article 25 – paragraph 2 2.
Amendment 650 #
Proposal for a regulation Article 25 – paragraph 3 3. W
Amendment 651 #
Proposal for a regulation Article 25 – paragraph 3 3.
Amendment 652 #
Proposal for a regulation Article 25 – paragraph 3 3.
Amendment 653 #
Proposal for a regulation Article 25 – paragraph 4 4. Whe
Amendment 654 #
Proposal for a regulation Article 25 – paragraph 4 4.
Amendment 655 #
Proposal for a regulation Article 25 – paragraph 4 4. Where a PEPP provider or distributor
Amendment 656 #
Proposal for a regulation Article 25 – paragraph 5 5. PEPP providers and PEPP distributors
Amendment 657 #
Proposal for a regulation Article 25 – paragraph 5 5. PEPP providers and distributors
Amendment 658 #
Proposal for a regulation Article 25 – paragraph 5 a (new) 5a. EIOPA shall issue by ... [xxx after the date of entry into force of this Regulation] guidelines specifying criteria, for the acquisition of information on the PEPP savers’ ESG related preferences under paragraph 4 and on the assessment of knowledge and competence required under paragraph 5. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1094/2010.
Amendment 659 #
Proposal for a regulation Article 25 a (new) Article 25a Decision tree 1. Where no advice is provided before the conclusion of a PEPP contract, the PEPP provider or distributor shall provide the PEPP customer with a standardised decision tree. The decision tree shall cover the essential characteristics of a PEPP and the main differences between the default options offered by the various PEPP providers. 2. The decision tree shall be made available on paper or on another durable medium. 3. Before conclusion of a PEPP contract, the PEPP provider or distributor shall ensure that the PEPP customer has gone through the decision tree. 4. The decision tree shall not constitute a personal recommendation. 5. In order to ensure a uniform use of the standardised decision tree referred to in paragraph 1, EIOPA shall after carrying out consumer tests draw up draft regulatory technical standards: (a) specifying the content and presentation of the standard decision tree; (b) establishing the conditions under which the standardised decision tree shall be provided on a durable medium or on paper. EIOPA shall submit the draft regulatory technical standards to the Commission after their publication. Power is conferred on the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 664 #
Proposal for a regulation Article 26 – title Amendment 665 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 1 Amendment 666 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 2 Amendment 667 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 3 Where the PEPP provider or distributor
Amendment 668 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 4 Where PEPP savers or potential PEPP savers do not provide the information referred to in
Amendment 669 #
Proposal for a regulation Article 26 – paragraph 2 Amendment 670 #
Proposal for a regulation Article 26 a (new) Amendment 671 #
Proposal for a regulation Article 27 – paragraph 1 1. PEPP providers shall draw up a concise personalised document containing key information for each PEPP saver taking into consideration the specific nature of national pension systems and of relevant national
Amendment 672 #
Proposal for a regulation Article 27 – paragraph 1 1. PEPP providers shall draw up a
Amendment 673 #
Proposal for a regulation Article 27 – paragraph 1 a (new) 1a. PEPP providers shall make the PEPP Benefit Statement available free of charge to PEPP savers at least once a year either electronically or on paper, whichever the PEPP saver prefers.
Amendment 674 #
Proposal for a regulation Article 27 – paragraph 2 2.
Amendment 675 #
Proposal for a regulation 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 676 #
Proposal for a regulation Article 28 – paragraph 1 Amendment 677 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers which shall be provided annually:
Amendment 678 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers which shall be provided annually:
Amendment 679 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement, which shall be provided at least annually to the PEPP saver, shall include, at least, the following key information for PEPP savers:
Amendment 680 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver
Amendment 681 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme
Amendment 682 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, the expected start of the decumulation phase, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d),
Amendment 683 #
Proposal for a regulation Article 28 – paragraph 1 – point a a (new) (aa) a clear indication of the statutory retirement age of the PEPP saver, the retirement age laid down in the pension scheme or estimated by the PEPP provider, or the retirement age set by the PEPP saver, as applicable;;
Amendment 684 #
Proposal for a regulation Article 28 – paragraph 1 – point a b (new) (ab) information on pension benefit projections based on the retirement age as specified in point (a a), and a disclaimer that those projections may differ from the final value of the benefits received. If the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme;
Amendment 685 #
Proposal for a regulation Article 28 – paragraph 1 – point a c (new) (ac) information on the accrued entitlements or accumulated capital taking into consideration the specific nature of the PEPP scheme;
Amendment 686 #
Proposal for a regulation Article 28 – paragraph 1 – point a d (new) (ad) a breakdown of the costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits;
Amendment 687 #
Proposal for a regulation Article 28 – paragraph 1 – point d (d) information on the past performance of the PEPP scheme as a whole or, where relevant, of the PEPP saver’s investment option presented in a chart covering performance for any years available
Amendment 688 #
Proposal for a regulation Article 28 – paragraph 1 – point e (e) a breakdown of the costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping of assets,
Amendment 689 #
Proposal for a regulation Article 28 – paragraph 1 – point e (e)
Amendment 690 #
Proposal for a regulation Article 28 – paragraph 1 – point e (e) a breakdown of the costs deducted by the PEPP provider at least over the last
Amendment 691 #
Proposal for a regulation Article 28 – paragraph 1 – point e a (new) Amendment 692 #
Proposal for a regulation 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 693 #
Proposal for a regulation Article 28 – paragraph 1 – point e a (new) (ea) A publicly available statement on how the investment policy integrates environmental, social and governance factors.
Amendment 694 #
Proposal for a regulation Article 28 – paragraph 1 a (new) Amendment 695 #
Proposal for a regulation Article 28 – paragraph 2 2. The
Amendment 696 #
Proposal for a regulation Article 28 – paragraph 3 3.
Amendment 697 #
Proposal for a regulation Article 28 – paragraph 3 3.
Amendment 698 #
Proposal for a regulation Article 29 – paragraph 1 – point a (a) further practical information a
Amendment 699 #
Proposal for a regulation Article 29 – paragraph 1 – point d (d) where applicable, information about the assumptions used for amounts
Amendment 700 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 1 EIOPA, after consulting national authorities and after consumer testing, shall develop draft
Amendment 701 #
Proposal for a regulation Article 30 – paragraph 1 1.
Amendment 702 #
Proposal for a regulation 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 703 #
Proposal for a regulation Article 30 – paragraph 2 2. PEPP providers shall periodically provide PEPP beneficiaries with information
Amendment 704 #
Proposal for a regulation Article 31 a (new) Amendment 705 #
Proposal for a regulation Article 32 – paragraph 1 – introductory part 1. PEPP providers shall submit to the competent authorit
Amendment 706 #
Proposal for a regulation Article 32 – paragraph 1 – introductory part 1. Upon request PEPP providers shall submit to the competent authorities the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 707 #
Proposal for a regulation Article 32 – paragraph 1 – point a (a) to assess the system of governance applied by the PEPP providers, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, including the integration of ESG related risks, and their capital structure, needs and management;
Amendment 708 #
Proposal for a regulation Article 32 – paragraph 2 – point b (b) to obtain from the PEPP providers any information regarding contracts which
Amendment 709 #
Proposal for a regulation Article 32 – paragraph 2 – point b a (new) (ba) to obtain from the PEPP providers any information regarding environmental, social and governance factors in accordance with Article 31a;
Amendment 710 #
Proposal for a regulation Article 32 – paragraph 7 Amendment 711 #
Proposal for a regulation Article 33 – paragraph 1 – point a (a) the assets shall be invested in the best long-term interests of PEPP savers as a whole. The long-term interests of beneficiaries include integrating environmental, social and governance factors into the investment decisions. In the case of a potential conflict of interest, a PEPP provider, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of PEPP savers; PEPP providers shall engage regularly with their clients to ensure their concerns and preferences are properly integrated into the investment decisions.
Amendment 712 #
Proposal for a regulation Article 33 – paragraph 1 – point a (a) the assets corresponding to the PEPP shall be invested in the best long- term interests of PEPP savers as a whole. In the case of a potential conflict of interest, a PEPP provider, or the entity which manages its portfolio, shall ensure that the investment is made in the sole interest of PEPP savers;
Amendment 713 #
Proposal for a regulation Article 33 – paragraph 1 – point b a (new) (ba) assets shall be invested in a way that mitigates new or emerging risks relating to climate change, use of resources and the environment. In particular, this shall involve a thorough examination of the regulatory risk to financial assets resulting from activities, such as fossil fuel extraction and processing where future regulations in line with the Union’s objectives are likely to substantially diminish the value of those assets.
Amendment 714 #
Proposal for a regulation Article 33 – paragraph 1 – point b a (new) (ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 715 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be
Amendment 716 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be
Amendment 717 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market
Amendment 718 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market
Amendment 719 #
Proposal for a regulation Article 33 – paragraph 1 – point c a (new) (ca) assets shall not be invested in financial derivatives, securitization and other structured products, and in subordinated debts instruments;
Amendment 720 #
Proposal for a regulation Article 33 – paragraph 1 – point d (d) investment in derivative instruments shall be
Amendment 721 #
Proposal for a regulation Article 33 – paragraph 1 – point f (f) the assets shall not be invested in a high-risk and non-cooperative jurisdiction identified by the
Amendment 722 #
Proposal for a regulation Article 33 – paragraph 1 – point f (f) the assets shall not be invested in a high-risk and non-cooperative jurisdiction identified by the Financial Action Task Force, nor in a country on the EU list of non-cooperative tax jurisdictions, nor in a country on the EU list of high-risk third countries with strategic deficiencies in their regime on anti-money laundering and countering terrorist financing;
Amendment 723 #
Proposal for a regulation Article 33 – paragraph 1 – point f (f)
Amendment 724 #
Proposal for a regulation Article 33 – paragraph 1 – point f a (new) (fa) the PEPP provider formulates, publishes and regularly reviews a policy to exclude the investment of assets in certain products or conducts related to severe environmental damage, serious violations of human rights and the production of weapons.
Amendment 725 #
Proposal for a regulation Article 33 – paragraph 1 – point g – point i (new) (i) The PEPP provider does not have to be represented in all Member States, but shall ensure that, in the event of a move to another country, it has established partnerships for advising a PEPP saver.
Amendment 726 #
Proposal for a regulation Article 33 – paragraph 1 – point g – point ii (new) (ii) PEPP providers shall identify PEPP products as European products.
Amendment 727 #
Proposal for a regulation Article 33 – paragraph 1 – point g a (new) (ga) the PEPP provider shall clearly demonstrate to the competent authority the positive long-term impacts of their investment decisions on environmental, social and governance matters.
Amendment 728 #
Proposal for a regulation Article 33 – paragraph 1 – point g a (new) (ga) the PEPP provider shall take into account non-financially material ESG risks and factors and shall be required to integrate financially material ESG risks and factors.
Amendment 729 #
Proposal for a regulation Article 33 – paragraph 1 a (new) 1a. For the purpose of paragraph 1, point (ba), and taking into account the experience acquired in the application of regulatory technical standards referred to in Article 31a, EIOPA in close co- operation with ESMA shall issue by July 2022 draft regulatory technical standards for developing a methodological standard for identifying, measuring and managing sustainability risks and factors related to the investment of PEPP assets, including risks related to the depreciation of assets due to regulatory change. Power is conferred on the Commission to adopt these regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 730 #
Proposal for a regulation Article 33 – paragraph 2 2. The rules set out in points (a) to (ga) of paragraph 1 apply only to the extent that there is no more stringent provision in the relevant sectorial legislation applicable to the PEPP provider.
Amendment 731 #
Proposal for a regulation Article 33 a (new) Article 33a Additional investment rules for SPEPP In addition to the investment rules listed in Article 34, SPEPP providers shall invest in accordance with the following rules: 1. SPEPP providers shall engage at least annually with their clients to ensure their concerns and preferences are properly integrated into the investment decisions. 2. The SPEPP provider shall only invest in assets which qualify as sustainable according to the EU’s sustainable finance taxonomy. 3. The investment portfolio as a whole shall not exceed X kg CO2 emitted per million euros of assets invested. Power is conferred to the Commission to adopt a delegated act in accordance with Article 62 to specify subparagraphs 1 to 3 by 1 July 2022.
Amendment 732 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall offer up to five investment options to PEPP savers, at the discretion of the provider and categorised according to risk.
Amendment 733 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers
Amendment 734 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall offer
Amendment 735 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall offer
Amendment 736 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall
Amendment 737 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall offer up to
Amendment 738 #
Proposal for a regulation Article 34 – paragraph 2 Amendment 739 #
Proposal for a regulation Article 34 – paragraph 2 Amendment 740 #
Proposal for a regulation Article 34 – paragraph 2 2.
Amendment 741 #
Proposal for a regulation Article 34 – paragraph 2 2.
Amendment 742 #
Proposal for a regulation Article 34 – paragraph 2 a (new) 2a. Any PEPP provider recommending to a PEPP saver an investment option other than the default option, shall provide the PEPP saver with a written explanation as to why the option recommended by the PEPP provider is more suitable for them than the default option.
Amendment 743 #
Proposal for a regulation Article 34 – paragraph 2 a (new) 2a. PEPP providers shall offer the default investment option and may offer alternative investment options
Amendment 744 #
Proposal for a regulation Article 34 – paragraph 3 3. All investment options shall be designed by PEPP providers on the basis of proven risk-mitigation techniques which shall ensure sufficient protection for PEPP savers or provide guarantees at least on the capital invested.
Amendment 745 #
Proposal for a regulation Article 34 – paragraph 3 a (new) 3a. The PEPP saver may modify the investment option per compartment.
Amendment 746 #
Proposal for a regulation Article 36 – paragraph 1 1. The
Amendment 747 #
Proposal for a regulation Article 36 – paragraph 1 1. The
Amendment 748 #
Proposal for a regulation 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 749 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt for a different investment option once every five years of accumulation in the PEPP. The terms for modification of the investment option shall be listed in the PEPP contract.
Amendment 750 #
Proposal for a regulation Article 36 – paragraph 1 1. The
Amendment 751 #
Proposal for a regulation Article 36 – paragraph 1 1. The
Amendment 752 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt for a different investment option once every five years
Amendment 753 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt
Amendment 754 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt for a different investment option once every
Amendment 755 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt for a different investment option once every
Amendment 756 #
Proposal for a regulation Article 36 – paragraph 2 Amendment 757 #
Proposal for a regulation Article 36 – paragraph 2 Amendment 758 #
Proposal for a regulation Article 37 Amendment 760 #
Proposal for a regulation Article 37 – paragraph 1 1. The
Amendment 761 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option - i.e. ‘the basic PEPP’ - shall ensure capital protection for the PEPP saver
Amendment 762 #
Proposal for a regulation Article 37 – paragraph 1 1. The
Amendment 763 #
Proposal for a regulation Article 37 – paragraph 1 1. The
Amendment 764 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall ensure a minimum capital protection
Amendment 765 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy. To ensure that capital is protected, PEPP providers shall create adequate capital buffers.
Amendment 766 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall ensure
Amendment 767 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall ensure
Amendment 768 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 769 #
Proposal for a regulation Article 37 – paragraph 1 1.
Amendment 770 #
Proposal for a regulation Article 37 – paragraph 1 1.
Amendment 771 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 772 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 773 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall ensure capital
Amendment 774 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall be cost-effective and ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy.
Amendment 775 #
Proposal for a regulation Article 37 – paragraph 1 a (new) 1a. De-risking investment strategies for the PEPP shall be designed so as to build up a stable and adequate individual future retirement income from the PEPP and, where applicable, to ensure a fair treatment of all generations of PEPP savers. The applicable de-risking investment strategy shall include provisions (a) or (b), or a combination thereof, and may be complemented by provisions set out in (c): (a) provisions for automatically adapting the asset allocation to reduce the investment risks over the PEPP lifetime; (b) provisions establishing reserves from contributions or investment returns, which shall be allocated to PEPP savers in a fair and transparent manner, to mitigate investment losses; (c) provisions for using appropriate risk mitigation techniques to ensure the PEPP saver is able to recoup the capital invested, including fees, costs and inflation.
Amendment 776 #
Proposal for a regulation Article 37 – paragraph 1 a (new) 1a. PEPP providers shall offer the default investment option under the conditions of Article 39, paragraph 2.
Amendment 777 #
Proposal for a regulation Article 37 – paragraph 2 Amendment 778 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall
Amendment 779 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection
Amendment 780 #
Proposal for a regulation Article 37 – paragraph 2 2.
Amendment 781 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the capital invested at the end of the accumulation phase, the capital invested in real terms, including fees, costs and inflation.
Amendment 782 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the capital invested, including fees, costs and inflation.
Amendment 783 #
Proposal for a regulation Article 37 – paragraph 2 2.
Amendment 784 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. The risk-mitigation technique shall link the accumulation of capital in the PEPP with the objective of generating future retirement income. Such techniques typically entail a de-risking life-cycle strategy, or a guarantee, optimising future retirement income by weighing risks and returns in the economic and environmental context.
Amendment 785 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. The risk mitigation technique applied to the basic PEPP shall be consistent with the objective to preserve the capital invested. Alternatively, the basic PEPP can be offered in the form of a guarantee on the capital invested.
Amendment 786 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. The prudential capital requirement that may back-up capital guarantees shall be equivalent to the one provided for in Directive 2009/138/EC (Solvency II).
Amendment 787 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. The overall management fees of the default option shall not exceed 0.75 % per annum.
Amendment 788 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. The default investment option shall be a cost-effective investment option.
Amendment 789 #
Proposal for a regulation Article 37 – paragraph 2 b (new) 2b. Without prejudice to paragraph 3, overall costs and fees for the default investment option shall not exceed 0.75% of the accumulated capital per annum.
Amendment 790 #
Proposal for a regulation Article 38 Amendment 791 #
Proposal for a regulation Article 38 – paragraph 1 Amendment 792 #
Proposal for a regulation Article 38 – paragraph 1 1. If PEPP providers offer alternative investment options, a
Amendment 793 #
Proposal for a regulation Article 38 – paragraph 2 2. The alternative investment options shall include risk-mitigation techniques to be defined by PEPP providers according to the draft regulatory technical standards established by EIOPA.
Amendment 794 #
Proposal for a regulation Article 38 – paragraph 2 – subparagraph 1 (new) Risk mitigation techniques applied by the provider on alternative investment options should fulfil the following conditions: be consistent with the risk profile of the relevant investment option, be sound, robust and prudent and be consistent with the objective to preserve the capital invested.
Amendment 795 #
Proposal for a regulation Article 38 a (new) Article 38a Advice for the PEPP 1. Advice for the Basic PEPP will be mandatory. 2. The PEPP saver may waive his right to receive advice in relation to concluding a contract for an alternative PEPP.
Amendment 796 #
Proposal for a regulation Article 39 – paragraph 1 – introductory part 1. The
Amendment 797 #
Proposal for a regulation Article 39 – paragraph 1 – subparagraph -1 The use of risk-mitigation techniques shall ensure that the investment strategy for the PEPP is designed so as to build up a stable and adequate individual future retirement income from the PEPP and to ensure a fair treatment of all generations of PEPP savers.
Amendment 798 #
Proposal for a regulation Article 39 – paragraph 1 – introductory part The
Amendment 799 #
Proposal for a regulation Article 39 – paragraph 1 – introductory part The
Amendment 800 #
Proposal for a regulation Article 39 – paragraph 1 – point a Amendment 801 #
Proposal for a regulation Article 39 – paragraph 1 – point a Amendment 802 #
Proposal for a regulation Article 39 – paragraph 1 – point a Amendment 803 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique
Amendment 804 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique
Amendment 805 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique
Amendment 806 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique
Amendment 807 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique to ensure a capital
Amendment 808 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the
Amendment 809 #
Proposal for a regulation Article 39 – paragraph 1 – point b Amendment 810 #
Proposal for a regulation Article 39 – paragraph 1 – point b Amendment 811 #
Proposal for a regulation Article 39 – paragraph 1 – point b Amendment 812 #
Proposal for a regulation Article 39 – paragraph 1 – point b (b) the risk-mitigation techniques to be applied for the alternative investment options, including life-cycling and full capital guarantee options.
Amendment 813 #
Proposal for a regulation Article 39 – paragraph 1 – point b a (new) (ba) provisions for gradually adapting the investment allocation to mitigate the financial risks of investments for cohorts corresponding to the remaining duration;
Amendment 814 #
Proposal for a regulation Article 39 – paragraph 1 – point b a (new) (ba) the stipulations for creating adequate capital buffers - for capital protection - which should be based on what is stipulated in Directive 2009/138/EC;
Amendment 815 #
Proposal for a regulation Article 40 – paragraph 1 1.
Amendment 816 #
Proposal for a regulation Article 40 – paragraph 1 1. In accordance with Article 3(b), the PEPP conditions related to the accumulation phase of the national compartments shall be determined by Member States unless they are specified in this Regulation.
Amendment 817 #
Proposal for a regulation Article 40 – paragraph 2 Amendment 818 #
Proposal for a regulation Article 40 – paragraph 2 Amendment 819 #
Proposal for a regulation Article 40 – paragraph 2 2. Such conditions may include in particular age limits for starting the accumulation phase, minimum duration of the accumulation phase, maximum and minimum amount of in-payments and their continuity, as well as conditions for redemption before retirement age in case of particular hardship. In order to ensure that PEPP savings are first and foremost used for the retirement phase, PEPP savings shall be protected during periods of unemployment. Member States shall ensure that unemployment is not considered particular hardship requiring PEPP savers to terminate their contracts prior to retirement.
Amendment 820 #
Proposal for a regulation Article 41 – paragraph 1 1. Where the PEPP provider is an
Amendment 821 #
Proposal for a regulation Article 41 – paragraph 1 1. Where the PEPP provider is an institution for occupational retirement provision or an investment firm as referred to in Article 5(1), it
Amendment 822 #
Proposal for a regulation Article 42 – paragraph 1 PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks.
Amendment 823 #
Proposal for a regulation Article 42 – paragraph 1 PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks.
Amendment 824 #
Proposal for a regulation Article 42 – paragraph 1 Without prejudice to Article 5, PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. Coverage of biometric risks shall be mandatory for the basic PEPP. For the purpose of this Regulation, "biometric risks" mean risks linked to longevity, disability and death.
Amendment 825 #
Proposal for a regulation Article 42 – paragraph 1 PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. The coverage of biometric risks may vary from compartment to compartment. For the purpose of this Regulation, “biometric risks” mean risks linked to longevity, disability and death.
Amendment 826 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 1 PEPP providers shall provide a switching service transferring, upon a request of the PEPP saver, any positive balance from a PEPP account held with the transferring provider to a new PEPP account opened with the receiving provider, with closing the former PEPP account by keeping the compartment structure of the former account.
Amendment 827 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 1 PEPP providers shall provide a switching service during the accumulation phase transferring, upon a request of the PEPP saver, any positive balance from a PEPP account held with the transferring provider to a new PEPP account opened with the receiving provider, with closing the former PEPP account.
Amendment 828 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 a (new) In the case of domestic switching, PEPP providers are required to inform national competent authorities of any switching service they provide to PEPP savers. National competent authorities shall monitor the compliance of PEPP providers with this Chapter on a regular basis.
Amendment 829 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 b (new) In the case of cross-border switching, PEPP providers are required to inform EIOPA of any switching service they provide to PEPP savers. EIOPA shall monitor the compliance of PEPP providers with this Chapter on a regular basis.
Amendment 830 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver
Amendment 831 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver
Amendment 832 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver may switch PEPP providers no more frequently than once every
Amendment 833 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver may switch PEPP providers no more frequently than once every
Amendment 834 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver
Amendment 835 #
Proposal for a regulation Article 45 – paragraph 2 2. The
Amendment 836 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver may switch PEPP providers no more frequently than once every five years after conclusion of the PEPP contract, except for situations referred to in Article 13 (3a) (new).
Amendment 837 #
Proposal for a regulation Article 45 – paragraph 2 a (new) 2a. Without prejudice to paragraph 2, PEPP savers shall be allowed to switch providers when entering into the decumulation phase.
Amendment 838 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 1 The receiving PEPP provider shall initiate the switching service upon receipt of the
Amendment 839 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 3 The
Amendment 840 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 4 The
Amendment 841 #
Proposal for a regulation 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
Amendment 842 #
Proposal for a regulation 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
Amendment 843 #
Proposal for a regulation Article 48 – paragraph 3 3.
Amendment 844 #
Proposal for a regulation Article 48 – paragraph 3 3. The relevant 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
Amendment 845 #
Proposal for a regulation Article 48 – paragraph 3 3. The
Amendment 846 #
Proposal for a regulation Article 48 – paragraph 4 4.
Amendment 847 #
Proposal for a regulation Article 48 – paragraph 4 4.
Amendment 848 #
Proposal for a regulation 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 than those referred to in paragraphs 1, 2 and 3 of this Article, shall
Amendment 849 #
Proposal for a regulation Article 48 – paragraph 4 a (new) 4a. PEPP savers shall not be subject to any fees and charges when the switching occurs as a consequence of proven negligence by the PEPP provider or where it has breached Union or national law.
Amendment 850 #
Proposal for a regulation Article 49 – paragraph 4 Amendment 851 #
Proposal for a regulation Article 49 – paragraph 5 Amendment 852 #
Proposal for a regulation Article 49 – paragraph 5 5. The PEPP saver shall bear the costs
Amendment 853 #
Proposal for a regulation Article 49 – paragraph 5 a (new) 5a. Member States shall ensure that cross-border complaints and redress mechanisms are set up, allowing for individual as well as collective compensatory redress across borders.
Amendment 854 #
Proposal for a regulation Article 50 – paragraph 1 – subparagraph 1 – point d a (new) (da) the fact that capital protection is consumed when providers are switched;
Amendment 855 #
Proposal for a regulation Article 50 – paragraph 1 – subparagraph 1 – point d b (new) (db) the possible taxation aspects of switching providers.
Amendment 856 #
Proposal for a regulation Article 51 – paragraph 1 1. In accordance with Article 3, the PEPP conditions related to the decumulation phase and the out-payments of the national compartments shall be determined by Member States unless they are specified in this Regulation.
Amendment 857 #
Proposal for a regulation Article 51 – paragraph 2 2. Such conditions may include in particular the setting of the retirement age, of a mandatory link between reaching the retirement age and commencing the decumulation phase, of a minimum period of belonging to a PEPP scheme, of a maximum period before reaching the retirement age for joining a PEPP scheme, as well as conditions for redemption in case of particular hardship. In order to ensure that PEPP savings are first and foremost used for the retirement phase PEPP savings should be protected during periods of unemployment. Member States shall ensure that unemployment is not considered particular hardship requiring PEPP savers to terminate their contracts prior to retirement.
Amendment 858 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1. In the light of the differing conditions for tax incentives in Member States, PEPP providers may make available to PEPP savers one or more of the following forms of out-payments:
Amendment 859 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1. By taking into account the impact on the availability of national tax incentives, PEPP providers may make available to PEPP savers one or more of the following forms of out-payments:
Amendment 860 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1. The PEPP
Amendment 862 #
Proposal for a regulation Article 52 – paragraph 1 – point a (a) life-long annuities;
Amendment 865 #
Proposal for a regulation Article 52 – paragraph 1 – point c Amendment 866 #
Proposal for a regulation Article 52 – paragraph 1 – point c (c) drawdown payments
Amendment 867 #
Proposal for a regulation Article 52 – paragraph 1 – point d Amendment 868 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1a. Where Member States have not imposed a mandatory link between reaching retirement age and the start of the decumulation phase, PEPP providers shall give PEPP savers the option to defer the start of the decumulation phase to a date after they have reached retirement age.
Amendment 869 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1a. Under the default option, the out- payment may only take the form of a pension. By way of exception, a one-off payment of up to 30 % of the capital shall be possible at the start of the accumulation phase.
Amendment 870 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1a. For the default investment option, a minimum of 80% of out-payments in the form of annuities shall be mandatory
Amendment 871 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed
Amendment 872 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter
Amendment 873 #
Proposal for a regulation Article 52 – paragraph 2 2.
Amendment 874 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter during the accumulation phase, if applicable. For the basic PEPP a minimum of 50 % of out-payments in the form of annuities shall be mandatory.
Amendment 875 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every
Amendment 876 #
Proposal for a regulation Article 52 – paragraph 2 2. The
Amendment 877 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments
Amendment 878 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments
Amendment 879 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter and during the last year of the accumulation phase
Amendment 880 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out-
Amendment 881 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract
Amendment 882 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract
Amendment 883 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. Where, upon the start of the decumulation phase, the overall value of the assets accumulated in a PEPP account does not exceed an amount to be laid down and revised every year by each Member State, the PEPP saver shall have the right to liquidate the PEPP account and receive a lump sum payment.
Amendment 884 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. Out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income which is equal or below the most recent “at-risk-of-poverty threshold” of the Member State where the PEPP saver benefits from the decumulation phase.
Amendment 885 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. Notwithstanding paragraph 1, annual drawdowns by the PEPP saver during the decumulation phase should not exceed 10% of the value of the PEPP account, as calculated by the PEPP provider at the beginning of the decumulation phase.
Amendment 886 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. Without prejudice to paragraphs 1 and 2 of this Article, as well as to Article 51, Member States may adopt measures to privilege particular forms of out- payments.
Amendment 887 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. In case the amount of the annuities would be disproportionally low, the form of out-payments can derogate from the provision in paragraph 2.
Amendment 888 #
Proposal for a regulation Article 52 – paragraph 2 b (new) 2b. Member States may specify conditions under which advantages and incentives granted shall be repaid to them.
Amendment 889 #
Proposal for a regulation Article 53 – paragraph 1 1. The competent authority of the home Member State of the PEPP provider shall supervise compliance with this Regulation on an ongoing basis. It shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the PEPP provider, and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a PEPP. By derogation to the first subparagraph, compliance by the PEPP provider and the PEPP distributor with Chapter IV of this Regulation shall be supervised on an ongoing basis by the competent authority of the host Member State of the PEPP provider and the PEPP distributor.
Amendment 890 #
Proposal for a regulation Article 53 – paragraph 2 Amendment 891 #
Proposal for a regulation Article 53 – paragraph 2 2. EIOPA shall monitor
Amendment 892 #
Proposal for a regulation Article 53 – paragraph 2 2. EIOPA, together with ESMA regards to Alternative Investment Funds, shall monitor pension schemes established or distributed in the territory of the Union to verify that they do not use the designation “PEPP” or suggest that they are a PEPP unless they are authorised under, and comply with, this Regulation.
Amendment 893 #
Proposal for a regulation Article 53 – paragraph 3 Amendment 894 #
Proposal for a regulation Article 53 – paragraph 3 Amendment 895 #
Proposal for a regulation Article 53 – paragraph 3 3. In coordination with the other European Supervisory Authorities, particularly ESMA with regard to Alternative Investment Funds, EIOPA shall review the annual plans for supervision of the PEPP providers adopted
Amendment 896 #
Proposal for a regulation Article 55 – paragraph 1 1. EIOPA and the competent authority of the PEPP provider shall co
Amendment 897 #
Proposal for a regulation Article 56 – paragraph 1 – subparagraph 1 Where
Amendment 898 #
Proposal for a regulation Article 56 – paragraph 1 – subparagraph 2 In cases involving cross-border situations, and where on the basis of objective criteria disagreement between competent authorities from different Member States can be identified, EIOPA may, on its own initiative or upon request of the European Supervisory Authority (European Banking Authority) or the European Supervisory Authority (European Securities and Markets Authority), assist the competent authorities in reaching an agreement in accordance with
Amendment 899 #
Proposal for a regulation Article 56 – paragraph 2 Amendment 900 #
Proposal for a regulation Article 56 – paragraph 3 Amendment 901 #
Proposal for a regulation Article 56 – paragraph 4 Amendment 902 #
Proposal for a regulation Article 56 – paragraph 5 Amendment 903 #
Proposal for a regulation Article 62 – paragraph 2 2. The power to adopt delegated acts referred to in Article 24(3), Article 26(3), Article 28(2), Article 32(7), Article 33a (2) and Article 39 shall be conferred on the Commission for an indeterminate period of time from the date of entry into force of this Regulation.
Amendment 904 #
Proposal for a regulation Article 62 – paragraph 3 3. The delegation of powers referred to in Article 24(3), Article 26(3), Article 28(2), Article 32(7), Article 33a (2) and Article 39 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 905 #
Proposal for a regulation Article 62 – paragraph 5 5. A delegated act adopted pursuant to Article 24(3), Article 26(3), Article 28(2), Article 32(7), Article 33a (2) and Article 39 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council.
Amendment 906 #
Proposal for a regulation Article 63 – paragraph 1 Amendment 907 #
Proposal for a regulation Article 63 – paragraph 2 Amendment 908 #
Proposal for a regulation Article 63 – paragraph 2 Amendment 909 #
Proposal for a regulation Article 63 – paragraph 2 – point a (new) (a) the contribution of the PEPP to the CMU, including sustainable finance;
Amendment 910 #
Proposal for a regulation Article 63 – paragraph 2 – point b (new) (b) the development of the PEPP market both throughout the Union and at national level;
Amendment 911 #
Proposal for a regulation Article 63 – paragraph 2 – point c (new) (c) the uptake of the functioning of the basic PEPP;
Amendment 912 #
Proposal for a regulation Article 63 – paragraph 2 a (new) Where the evaluation identifies important problems with the functioning of the Regulation, the Report should outline how the Commission is intending to address the identified problems, including steps and timings of the potential revision.
Amendment 913 #
Proposal for a regulation Article 64 – paragraph 1 This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply eighteen months after its entry into force.
Amendment 914 #
Proposal for a regulation Article 64 – paragraph 1 a (new) This Regulation shall apply 12 months after the publication in the Official Journal of the European Union of the delegated acts envisaged by the Regulation.
source: 621.054
2018/05/03
IMCO
499 amendments...
Amendment 144 #
Proposal for a regulation – The Committee on [IMCO] calls on the Committee on [ECON], as the committee responsible, to propose rejection of the [Regulation of the European Parliament and of the Council on a pan-European Personal Pension Product (PEPP)].
Amendment 145 #
Proposal for a regulation Recital 1 a (new) Amendment 146 #
Proposal for a regulation Recital 1 a (new) (1a) Member States should have financially sustainable and adequate pensions schemes. Priority must therefore be given to further developing; strengthening and reforming of the public and occupational pensions schemes. Pan- European Personal Pension product may provide additional retirement income to some citizens but cannot be a replacement for sufficient public and occupational pension schemes in place.
Amendment 147 #
Proposal for a regulation Recital 1 b (new) (1b) A substantial part of old age pensions is provided under public schemes, so that there is a direct connection between national pension systems and the sustainability of public finances. Notwithstanding the exclusive national competence regarding the organisation of pension systems as determined by the Treaties, income adequacy and financial sustainability of national pension systems are crucial to the stability of the Union as a whole. By channelling more of Europeans’ savings from cash and bank deposits to longer- term investment products, such as voluntary pension schemes, the impact would therefore be beneficial both for individuals (who would benefit from higher returns and improved pension adequacy) and for the broader economy.
Amendment 148 #
Proposal for a regulation Recital 1 c (new) (1c) The Union is facing several challenges, including demographic challenges because of the fact that Europe is an ageing continent. In addition, career patterns, the labour market and the distribution of wealth are undergoing radical changes, not least as a result of the digital revolution. At the same time, it is increasingly clear that national security systems are not adjusted to a globalised knowledge economy with open borders, labour mobility and migration. Too many people are not, or are inadequately covered by the traditional national pension systems, including, inter alia, women, young people, migrants, low-skilled workers, self-employed workers, workers with atypical contracts.
Amendment 149 #
Proposal for a regulation Recital 1 d (new) (1d) It is expected that the share of first pillar pay-as-you-go public pensions as part of the placement rate will decline. This could be partly compensated by accrued pension entitlements from second pillar-funded schemes. But a well- developed third pillar shall contribute substantially to improving the adequacy and sustainability of the existing national pension systems. The Pan-European Personal Pension Product (PEPP) shall therefore complement and strengthen the market for individual pension products across the Union.
Amendment 150 #
Proposal for a regulation Recital 2 (2) Personal pensions are important in linking long-term savers with long-term investment opportunities. A larger, European market for personal pensions will support the supply of funds for institutional investors and investment into the real economy
Amendment 151 #
Proposal for a regulation Recital 2 (2) Personal pensions are important in linking long-term savers with long-term investment opportunities. A larger, European market for personal pensions
Amendment 152 #
Proposal for a regulation Recital 2 a (new) (2a) Deepening the internal market for pension products, by addressing cross- border barriers, would increase competition, enabling consumers to benefit from an improved quality of products and lower prices, while producers could benefit from economies of scale. As such, even Member States where demographic trends are favourable and whose pension systems are well funded, would benefit from a more effective internal market for personal pension products.
Amendment 153 #
Proposal for a regulation Recital 3 (3) Currently, the functioning of the internal market for personal pensions is impeded by the high degree of fragmentation between national markets and the limited degree of portability of personal pension products. This can result in difficulties for individuals to make use of their basic freedoms. For instance, they may be prevented from taking up a job or retiring in another Member State. In addition, the possibility for providers to use the freedom of establishment and the freedom to provide services is hampered by the lack of standardisation of existing personal pension products
Amendment 154 #
Proposal for a regulation Recital 3 a (new) Amendment 155 #
Proposal for a regulation Recital 4 Amendment 156 #
Proposal for a regulation Recital 4 (4) The Capital Markets Union (CMU) will help mobilise capital in
Amendment 157 #
Proposal for a regulation Recital 4 a (new) (4a) Due to the role a PEPP is expected to play in the building of the CMU and in the channelling of capital towards the real economy and long-term sustainable projects, savers need to go through a transparent decision-making process, which helps them to understand the financial and non-financial consequences of their investment decision and on the mutual relationship between the performance of the PEPP 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 158 #
Proposal for a regulation Recital 9 (9) In its Communication Mid-Term Review of the Capital Markets Union Action Plan32, the Commission announced “a legislative proposal on a pan-European Personal Pension Product (PEPP) by end June 2017. This will lay the foundations for a safer, more cost-efficient and transparent market in affordable and voluntary personal pension savings that can be managed on a pan-European scale. It will meet the needs of people wishing to enhance the adequacy of their retirement savings
Amendment 159 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP providers. It will provide households with
Amendment 160 #
Proposal for a regulation Recital 10 a (new) (10a) Financial education can support the understanding and awareness of households’ saving choices in the area of voluntary personal pension schemes. Savers shall also have a fair chance to fully grasp the risks and the features related to a pan-European product.
Amendment 161 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing
Amendment 162 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a
Amendment 163 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings, to reduce poverty in old age, addressing the demographical challenge and providing a powerful new source of private capital for long-term investment. This framework will not replace or harmonise existing national personal pension schemes.
Amendment 164 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings, it may help in addressing the demographical challenge and providing a powerful new source of private capital for long-term sustainable investment. This framework will not replace or harmonise existing national personal pension schemes.
Amendment 165 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings, addressing the demographical challenge and providing a powerful new source of private capital for long-term investment. This framework
Amendment 166 #
Proposal for a regulation Recital 11 a (new) (11a) This legislative framework must not limit any responsibility of the Member States to meet their obligations regarding the supply of a sufficient state pension.
Amendment 167 #
Proposal for a regulation Recital 12 (12) The Regulation harmonises a set of core features for the PEPP, which concern key elements such as distribution, investment policy, provider switching, or cross-border provision and portability. The harmonisation of these core features will improve the level playing field for personal pension providers at large
Amendment 168 #
Proposal for a regulation Recital 12 (12) The Regulation harmonises a set of core features for the PEPP, which concern key elements such as distribution,
Amendment 169 #
Proposal for a regulation Recital 14 (14) PEPP providers should have access to the whole Union market with one single product authorisation issued by
Amendment 170 #
Proposal for a regulation 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 171 #
Proposal for a regulation Recital 14 a (new) (14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different regulation on national level. In particular, prudential regulation of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities.
Amendment 172 #
Proposal for a regulation Recital 14 b (new) (14b) In order not to jeopardise financial stability and to take into account the different organisational structure and regulation, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring-fenced, managed and organised separately from the other activities of occupational retirement provision, without any possibility of transfer for the provider.
Amendment 173 #
Proposal for a regulation Recital 16 Amendment 174 #
Proposal for a regulation Recital 16 (16) In order to ensure a high quality of service and effective consumer protection, home and host Member States of the provider and distributors of PEPPs should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and
Amendment 175 #
Proposal for a regulation Recital 17 Amendment 176 #
Proposal for a regulation Recital 17 (17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its
Amendment 177 #
Proposal for a regulation Recital 17 (17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent
Amendment 178 #
Proposal for a regulation Recital 17 a (new) (17a) When a PEPP provider exercises the freedom of establishment by relocating his headquarter to another Member State, responsibility for enforcement should be transmitted to the competent authority of the new home Member State. However, in order to ensure a high quality of service and effective consumer protection, new home and previous home Member States’ authorities should closely cooperate in the enforcement of the obligations set out in this Regulation.
Amendment 179 #
Proposal for a regulation Recital 18 a (new) (18a) The pan-European nature of the PEPP product should be expressed in pan-European consumer rights and consumer protection, including in the creation of mechanisms for cross border collective complaints and compensatory redress.
Amendment 180 #
Proposal for a regulation Recital 19 (19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP saver – through the portability of the PEPP, thus contributing to the safeguarding of personal pension rights of persons exercising their right to free movement under Articles 21 and 45 TFEU. Portability involves the PEPP saver changing residence to another Member State without changing PEPP providers, whereas the
Amendment 181 #
Proposal for a regulation Recital 21 (21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State
Amendment 182 #
Proposal for a regulation 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
Amendment 183 #
Proposal for a regulation 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
Amendment 184 #
Proposal for a regulation Recital 21 (21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for
Amendment 185 #
Proposal for a regulation 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 after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumers. When no compartment is available in the Member States where the PEPP saver is moving, switching should be allowed free of charge.
Amendment 186 #
Proposal for a regulation Recital 21 a (new) (21a) In order to fulfil the requirement for PEPP providers to open national compartments in all Member States, they should be able to enter partnerships with other PEPP providers.
Amendment 187 #
Proposal for a regulation Recital 21 b (new) (21b) Under the transitional period of five years after the entry into force of this Regulation, when the PEPP saver changes his domicile by moving to a Member State for which the PEPP provider is not able to offer a compartment, the PEPP saver shall be able to switch PEPP provider free of charge.
Amendment 188 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension
Amendment 189 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally ensure a high level of transparency
Amendment 190 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally 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, including risks relating to environmental, social and governance factors and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 191 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally 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, the proportion of ESG investments, and costs should be given. Where projected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausible.
Amendment 192 #
Proposal for a regulation Recital 23 (23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice including information about other available pension products that are not based on PEPP rules. Transparency of costs and fees is essential to develop PEPP savers’ trust and allow them to make informed choices. Accordingly, the use of non-transparent pricing methods should be prohibited.
Amendment 193 #
Proposal for a regulation Recital 23 (23) Before joining a PEPP
Amendment 194 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP
Amendment 195 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be responsible for the accuracy of the PEPP key information document.
Amendment 196 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be
Amendment 197 #
Proposal for a regulation Recital 26 a (new) (26a) A Union pension tracker, enabling citizens to calculate their accumulated pension capital and accrued pension entitlements, so as to have a complete overview, should be developed as a matter of urgency, alongside the development of products like PEPP.
Amendment 198 #
Proposal for a regulation Recital 27 Amendment 199 #
Proposal for a regulation Recital 27 Amendment 200 #
Proposal for a regulation Recital 29 (29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP savers, in order to present them with key personal and generic data about the PEPP
Amendment 201 #
Proposal for a regulation Recital 29 a (new) (29a) PEPP providers should draw up contribution plans and prognoses, focusing on the value of the funds, return on investment, estimated inflation and economic growth, addressed to PEPP savers.
Amendment 202 #
Proposal for a regulation Recital 29 a (new) (29a) The payout phase will start at the earliest at 65 years of age. This is to discourage savers with bad risk due to health issues to move to the Member State with the lowest possible pension age.
Amendment 203 #
Proposal for a regulation Recital 29 b (new) Amendment 204 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options.
Amendment 205 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options. When doing so, they should also remind PEPP savers about the possibility of switching from one pay-out option to another. The standard option should enable a lump sum payment of up to 30% to be made, with the remainder payable as a lifetime annuity. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 206 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers sufficiently in advance before retirement about their pay-out options and such savers should, as a minimum, be reminded about their payout options one year prior to retirement. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 207 #
Proposal for a regulation Recital 31 (31) During the phase when retirement benefits are paid, PEPP beneficiaries should continue to receive information on their benefits and corresponding pay-out options. This is particularly important when a significant level of investment risk
Amendment 208 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities, including long-term liabilities. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently, allowing alignment with the long-term liabilities of the PEPP saver. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 209 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that
Amendment 210 #
Proposal for a regulation 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 211 #
Proposal for a regulation 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, and thereby should contribut
Amendment 212 #
Proposal for a regulation Recital 34 Amendment 213 #
Proposal for a regulation Recital 34 (34) This Regulation should ensure an appropriate level of investment freedom for PEPP providers. As very long-term investors with low liquidity risks, PEPP providers are in a position to contribute to the development of the CMU by investing in non-liquid assets such as shares and in other instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities (MTFs) or organised trading facilities (OTFs) within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in other instruments that have a long-term economic profile and are not traded on regulated markets, MTFs or OTFs should therefore not be restricted, in line with the prudent person rule so as to protect the interest of PEPP savers and PEPP beneficiaries, except on prudential grounds. The PEPP provider taking up an existing contract from another PEPP provider may only do so based on the current market value of its assets. If assets are illiquid the uptaking PEPP provider may reject the demand of the consumer trying to switch providers.
Amendment 214 #
Proposal for a regulation Recital 35 (35)
Amendment 215 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers
Amendment 216 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient infrastructure projects are often non-listed assets and rely on long term credits for project financing. Considering the long- term nature of their liabilities, PEPP providers
Amendment 217 #
Proposal for a regulation 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
Amendment 218 #
Proposal for a regulation 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 219 #
Proposal for a regulation 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. PEPP providers should always indicate how the options they offer meet the environment, social and governance factors.
Amendment 220 #
Proposal for a regulation Recital 36 a (new) (36a) PEPP providers should adopt an investment exclusion policy in order to ensure that savings are not invested in controversial and harmful products such as coal-based energy, nuclear weapons, cluster munitions, production of tobacco or harmful conducts such as serious human rights violations, severe environmental, climate damage, corruption and tax avoidance.
Amendment 221 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision, including the number of investment options they can choose from. After the initial choice made upon the subscription of a PEPP, the PEPP saver should have the possibility to modify this choice at reasonable intervals (every five years) or in case of justified reasons, such as breaches of law or proven negligence, so that sufficient stability is offered to providers for their long-term investment strategy whilst at the same time investor protection is ensured.
Amendment 222 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision, including the number of investment options they can choose from. After the initial choice made upon the subscription of a PEPP, the PEPP saver should have the possibility to modify this choice at reasonable intervals (every
Amendment 223 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the invested capital before the deduction of fees. The PEPP providers
Amendment 224 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the invested capital. Capital guarantees may only be given by the home country of the PEPP provider and by the countries of the compartments, but not at an EU level. The PEPP providers
Amendment 225 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the real invested capital
Amendment 226 #
Proposal for a regulation Recital 41 (41)
Amendment 227 #
Proposal for a regulation Recital 41 (41)
Amendment 228 #
Proposal for a regulation Recital 41 a (new) (41a) Institutions for occupational retirement provision provide occupational pensions in many Member States. In some Member States they represent a very substantial part of national pension systems, and benefit from arrangements that make participation quasi-mandatory for many workers and/or benefit from other fiscal incentives to ensure a very broad participation that facilitates solidarity between different groups of workers and different age categories. In several Member States restrictions apply to the schemes IORP scan offer and/or their beneficiaries. These restrictions can be closely linked to the design of national pension systems, and are recognised in Directive2016/2341/EU (IORP II).
Amendment 229 #
(41b) In order to reflect the additionality of PEPP to existing national pension systems, Member States that wish so, should be free to maintain restrictions that are in conformity with the IORP II Directive, while at the same time enabling other Member States to allow IORPs to provide PEPPs wherever this is possible without unduly upsetting their national pension systems.
Amendment 230 #
Proposal for a regulation Recital 42 Amendment 231 #
Proposal for a regulation Recital 42 (42) Transparency and fairness of costs and fees
Amendment 232 #
Proposal for a regulation Recital 44 Amendment 233 #
Proposal for a regulation Recital 46 Amendment 234 #
Proposal for a regulation Recital 46 a (new) (46a) Qualified entities should be entitled to seek representative actions aimed at the protection of the collective interests of PEPP savers and PEPP beneficiaries according to the directive on representative actions for the protection of the collective interests of consumers.
Amendment 235 #
Proposal for a regulation 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
Amendment 236 #
(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
Amendment 237 #
Proposal for a regulation 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. Switching shall be provided free of charge under exceptional circumstances such as limited portability, withdrawal of an authorisation of the PEPP provider or upon request of the PEPP savers when it occurs less than every five years.
Amendment 238 #
Proposal for a regulation Recital 48 (48) The switching process should be straightforward for the PEPP saver. Accordingly, the receiving PEPP provider should be responsible for initiating and managing the process on behalf of the PEPP saver and upon his request. PEPP providers should be able to use additional means, such as a technical solution, on a voluntary basis when establishing the switching service.
Amendment 239 #
Proposal for a regulation Recital 49 (49)
Amendment 240 #
Proposal for a regulation Recital 50 (50) The cooperation of the transferring PEPP provider is necessary in order for the switching to be successful. Therefore, the receiving PEPP provider should be
Amendment 241 #
Proposal for a regulation Recital 51 (51) In order to facilitate cross-border switching, the PEPP saver should be allowed to ask the new PEPP provider to provide the PEPP saver with information giving details of the new PEPP account
Amendment 242 #
Proposal for a regulation Recital 53 (53) PEPP savers should be given the freedom to decide upon subscription of a PEPP about their pay-out choice
Amendment 243 #
Proposal for a regulation Recital 53 (53) PEPP savers should be given the freedom to decide upon subscription of a PEPP about their pay-out choice (annuities, lump sum, or other) in the decumulation phase, but with a possibility to revise their choice once every five years thereafter, in order to be able to best adapt their pay-out choice to their needs when they near retirement. In case of a default investment option at least 50% of the out-payment should be executed by means of annuities.
Amendment 244 #
Proposal for a regulation Recital 54 Amendment 245 #
Proposal for a regulation Recital 54 (54) PEPP providers should be allowed to make available to PEPP savers a
Amendment 246 #
Proposal for a regulation Recital 54 a (new) (54a) Under the default option, a fixed amount of 70 % of out-payments in form of annuities should be mandatory.
Amendment 247 #
Proposal for a regulation Recital 56 (56) Although the ongoing supervision of PEPP providers is to be exercised by the respective competent national authorities, EIOPA should coordinate the supervision with regards to PEPPs, in order to guarantee the consistent application of a unified supervisory methodology, contributing in this way to the pan
Amendment 248 #
Proposal for a regulation Recital 56 a (new) (56a) In order to strengthen consumer rights and to facilitate access to a complaints procedure, PEPP savers should be able, either individually or collectively, to submit complaints through their own national competent authority, by way of “one stop shop”. The competent authority where the complaint was submitted should be responsible for the further steps in the complaints procedure.
Amendment 249 #
Proposal for a regulation Recital 57 (57) EIOPA should, with the respect of subsidiarity and proportionality principles, cooperate with national competent authorities and facilitate cooperation between them. In this respect, EIOPA should play a role in the power of competent national authorities to apply supervisory measures by providing evidence about PEPP-related infringements. EIOPA should also provide binding mediation in the event of disagreement between competent authorities in cross-border situations.
Amendment 250 #
Proposal for a regulation Recital 57 (57) EIOPA should cooperate with national competent authorities and facilitate cooperation and consistency between them. In this respect, EIOPA should play a role in the power of competent national authorities to apply supervisory measures by providing evidence about PEPP-related infringements. EIOPA should also provide binding mediation in the event of disagreement between competent authorities in cross-border situations.
Amendment 251 #
Proposal for a regulation Recital 58 (58) In order to ensure compliance with the provisions of this Regulation by
Amendment 252 #
Proposal for a regulation Recital 64 a (new) (64a) Given the pan-European nature of PEPP and the provision of PEPP, cross- border mechanisms for collective compensatory redress for consumers should equally be available.
Amendment 253 #
(66) Any processing of personal data carried out within the framework of this Regulation, such as the exchange or transmission of personal data by the competent authorities
Amendment 254 #
Proposal for a regulation Recital 66 a (new) (66a) Given the sensitivity of personal financial data, strong data protection is of the utmost importance. Therefore it is recommended that data protection authorities are closely involved in the implementation and supervision of this Regulation.
Amendment 255 #
Proposal for a regulation Recital 67 a (new) (67a) The tax regime applied to a PEPP product should be that of the Member State where a PEPP saver is resident, in order to prevent any tax abuse due to the different national taxation systems.
Amendment 256 #
Proposal for a regulation Recital 68 (68) This Regulation should not be understood as obliging Member States to apply to PEPPs the same tax rules as they would apply to comparable personal pension products under their national laws. However, in application of the national treatment principle, stemming from Articles 21 and 45 of the TFEU and interpreted by the
Amendment 257 #
Proposal for a regulation Recital 69 (69) Following the launch of the PEPP, Member States are encouraged to take into consideration Commission Recommendation (EU) 2017/… and to extend the benefits of the tax advantages they grant to national PPPs also to the PEPP. However, it is reaffirmed that taxation policy is a Member State competence and therefore any decision to grant tax relief to the PEPP remains with each Member State.
Amendment 258 #
Proposal for a regulation Recital 70 (70) An evaluation of this Regulation is to be carried out, inter alia, by assessing market developments, such as the emergence of new types of PEPPs, as well as developments in other areas of Union law and the experiences of Member States. Such an evaluation has to take account of the different aims and purposes of establishing a well- functioning PEPP- market, and in particular should evaluate whether this Regulation has contributed to the development of multi-pillar pension systems in the Member States and has resulted in more European citizens saving for sustainable and adequate pensions.
Amendment 259 #
Proposal for a regulation Recital 70 a (new) (70a) Given the possible long term implications of this Regulation, it is essential to closely monitor the developments during the initial phase of application. A panel of stakeholders and experts should be set up for the purpose of monitoring on an ongoing basis all relevant aspects of PEPP, and report to the European Parliament, the Council and the Commission any observations it might have.
Amendment 260 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation lays down uniform rules on the authorisation, its withdrawal, manufacturing,
Amendment 261 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver and an entity on a voluntary and complementary basis;
Amendment 262 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver or saving groups and an entity on a voluntary basis;
Amendment 263 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a a (new) (aa) is neither directly nor indirectly linked to the occupation or the employment status of the individual saver;
Amendment 264 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point c (c) provides for capital accumulation until retirement with
Amendment 265 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is
Amendment 266 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a
Amendment 267 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) “pan-European Personal Pension Product (PEPP)” means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver or saving groups in view of retirement, with no or
Amendment 268 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) “PEPP
Amendment 269 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) “PEPP provision” means the manufacturing, a
Amendment 270 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 a (new) Amendment 271 #
Proposal for a regulation Article 2 – paragraph 1 – point 14 (14) “provider of a PEPP” or “PEPP provider” means a financial
Amendment 272 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 (15) “distributor of a PEPP” or “PEPP distributor” means a financial
Amendment 273 #
Proposal for a regulation Article 2 – paragraph 1 – point 18 (18) “home Member State of the PEPP
Amendment 274 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 a (new) (20a) ‘partnership’ means a collaboration between PEPP providers for the provision of national compartments.
Amendment 275 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) “capital” means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible
Amendment 276 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 a (new) (21a) “Capital protection” means a guarantee for accumulated capital invested before deduction of fees, charges and expenses and after inflation is accounted for;
Amendment 277 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 24. “
Amendment 278 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 (27) “advice” means the provision of a personal recommendation to a PEPP saver including on the tax regime applicable, either upon his request or at the initiative of the PEPP provider or distributor, in respect of one or more contracts for subscribing PEPP;
Amendment 279 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “Partnership” means cooperation between PEPP providers to offer compartments in all Member States in view of the portability service as referred in Chapter III, section II;
Amendment 280 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) ´compartment partnership´ means a collaboration between several PEPP providers in order to provide compartments in all Member States.
Amendment 281 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 b (new) (28b) “Environmental, social and governance factors (ESG)” comprise the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights and the UNPRI definitions in which environmental factors include climate change, greenhouse gas (GHG) emissions, resource depletion (including water waste and pollution) and deforestation; social factors include Human Rights, working conditions (including slavery and child labour), local communities (including indigenous communities), conflict, health and safety, employee relations and diversity; and governance factors include executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.
Amendment 282 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part Amendment 283 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States’ laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State
Amendment 284 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by
Amendment 285 #
Proposal for a regulation Article 4 – paragraph 2 2. Authorisation of a PEPP shall be valid in all Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by
Amendment 286 #
Proposal for a regulation Article 5 – paragraph 1 – introductory part 1. Only the following financial
Amendment 287 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 288 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 289 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 290 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 or those authorised entities responsible for operating them and acting on their behalf, where, under national law, IORP’s do not have legal personality, which, pursuant to national law, are authorised to provide personal pension products. In that case, all assets and liabilities corresponding to PEPP provision business shall be ring-fenced, managed and organised separately from the other activities of occupational retirement provision, without any possibility of transfer for the provider; _________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
Amendment 291 #
Proposal for a regulation Article 5 – paragraph 1 – point d Amendment 292 #
Proposal for a regulation Article 5 – paragraph 1 – point e Amendment 293 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 294 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 295 #
Proposal for a regulation Article 5 – paragraph 1 – point f a (new) (fa) other entities registered or authorised in accordance with provisions of Member States’ law to provide personal pension products as defined by Article 2(1) of this Regulation, provided that these are deemed sufficient after a previous assessment by EIOPA, according to the procedure laid down in Article 5(6) of this Regulation.
Amendment 296 #
Proposal for a regulation Article 5 – paragraph 2 – introductory part 2.
Amendment 297 #
Proposal for a regulation Article 5 – paragraph 2 – point b (b) information on the identity of the applicant including full name, location, number of entry in the national commercial register, its share capital and its current and previous financial experience and history;
Amendment 298 #
Proposal for a regulation 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 299 #
Proposal for a regulation Article 5 – paragraph 2 – point d (d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP
Amendment 300 #
Proposal for a regulation Article 5 – paragraph 2 – point e (e) information about the investment strategies, the risk profile and other characteristics of the PEPP including the integration of environmental, social and governance factors and in particular how the investment strategy is aligned with the Union’s climate and sustainability objectives as set out in the Paris Agreement, the Sustainable Development Goals and United Nations Guiding Principles on business and Human Rights;
Amendment 301 #
Proposal for a regulation 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 decision;
Amendment 302 #
Proposal for a regulation Article 5 – paragraph 2 – point f a (new) (fa) information on any partnerships between PEPP providers to offer compartments in different Member States;
Amendment 303 #
Proposal for a regulation Article 5 – paragraph 2 a (new) 2a. The national competent authority shall transfer to EIOPA the information received under paragraph 2 promptly after its receipt.
Amendment 304 #
3.
Amendment 305 #
Proposal for a regulation Article 5 – paragraph 4 4. EIOPA shall consult the national competent authority of the applicant when it receives an application for authorisation of a PEPP. EIOPA may ask the competent authority of the financial undertaking applying for the authorisation for clarification and information as regards the documentation referred to in paragraph 2. The competent authority shall reply to the request within 10 working days from the date on which it has received the request submitted by EIOPA. The competent national authority may object the authorisation of an application.
Amendment 306 #
Proposal for a regulation Article 5 – paragraph 4 4. EIOPA
Amendment 307 #
Proposal for a regulation Article 5 – paragraph 4 4. EIOPA may ask the competent authority of the financial
Amendment 308 #
Proposal for a regulation Article 5 – paragraph 5 5. Any subsequent modifications to the documentation and information referred to in paragraph
Amendment 309 #
Proposal for a regulation Article 5 – paragraph 5 a (new) 5a. The national competent authority for entities laid down in Article5(1)(g) will request EIOPA to assess compliance of these type of entities as well as the reasons why an authorisation is justified. EIOPA shall adopt a decision within two months of receipt of the competent authority’s request. If the competent authority does not agree with EIOPA’s decision, it shall give full reasons in its request and shall explain any significant deviation therefrom.
Amendment 310 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Within two months from the date of submission of a complete application,
Amendment 311 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the applicant is authorised
Amendment 312 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (ba) the applicant has adopted and published a credible investment exclusion policy related to severe environmental damage, serious violations of human rights and production of weapons;
Amendment 313 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the proposed PEPP is based on an investment strategy that
Amendment 314 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) the proposed PEPP effectively integrates environmental, social and governance factors into its investment strategy and risk management and ensures that its portfolio management is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable development Goals, and the United Nations Guiding Principles on Business and Human Rights.
Amendment 315 #
Proposal for a regulation 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 provider’s risk management system.
Amendment 316 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) it provides guarantees with regard to qualified human resources in this field, to protect consumers accessing a PEPP.
Amendment 317 #
Proposal for a regulation Article 6 – paragraph 2 2. Before taking a decision on the application,
Amendment 318 #
Proposal for a regulation Article 6 – paragraph 2 2. Before taking a decision on the application, EIOPA shall consult the competent national authority of the applicant. The competent national authority may submit an objection regarding an applicant.
Amendment 319 #
Proposal for a regulation Article 6 – paragraph 2 2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant to verify if there are objections to granting the application.
Amendment 320 #
Proposal for a regulation Article 6 – paragraph 3 3.
Amendment 321 #
Proposal for a regulation Article 6 – paragraph 4 4.
Amendment 322 #
Proposal for a regulation 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. In case of withdrawal of authorisation, PEPP savers shall be immediately informed of the consequences by the national competent authorities and are entitled to switch the PEPP provider free of charge irrespective of the switching frequency as referred in Article 48.
Amendment 323 #
Proposal for a regulation 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. The withdrawal decision may be appealed within 14 days to the national courts. It is of utmost importance to ensure that the saver will not suffer any financial loss following the withdrawal decision.
Amendment 324 #
Proposal for a regulation 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. The competent authorities shall provide EIOPA to this effect with the necessary information and documentation.
Amendment 325 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1 (new) If an authorisation for a PEPP is withdrawn, PEPP savers shall be immediately informed of the withdrawal of authorisation and its consequences by the competent authority. In such cases, PEPP savers shall also be entitled to switch PEPP providers at no additional cost, irrespective of the switching frequency outlined in Article 45. EIOPA shall, together with the national competent authorities, facilitate the switching and transfer of affected PEPP contracts.
Amendment 326 #
Proposal for a regulation Article 6 – paragraph 4 a (new) 4a. The withdrawal of an authorisation of a PEPP by EIOPA shall not affect any obligation of the PEPP provider towards the PEPP saver or the PEPP beneficiary.
Amendment 327 #
Proposal for a regulation Article 6 – paragraph 4 b (new) 4b. The PEPP saver shall be entitled to terminate the PEPP contract free of any charge by an unequivocal statement setting out his or her decision to terminate the contract in case of a withdrawal of PEPP by EIOPA. The PEPP provider shall reimburse to the PEPP saver all sums received and all additional accumulated assets without undue delay.
Amendment 328 #
Proposal for a regulation Article 6 – paragraph 5 5.
Amendment 329 #
Proposal for a regulation Article 6 – paragraph 5 5. EIOPA shall,
Amendment 330 #
Proposal for a regulation Article 7 – paragraph 1 1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authorised by
Amendment 331 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into “PEPPs” following authorisation by
Amendment 332 #
Proposal for a regulation Article 7 – paragraph 2 2.
Amendment 333 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPA. In such cases, the consent of consumers shall be required.
Amendment 334 #
Proposal for a regulation Article 7 – paragraph 2 2. Existing personal pension products may be converted into "PEPPs" following authorisation by EIOPA and after notifying savers.
Amendment 335 #
Proposal for a regulation Article 7 – paragraph 2 a (new) 2a. Before proceeding to the conversion, the provider shall adequately inform the PEPP saver about the consequences of the conversion and the PEPP saver shall agree that his or her assets are transferred into a PEPP.
Amendment 336 #
Proposal for a regulation Article 7 – paragraph 3 a (new) 3a. In case of re-distribution of a pension product which has been refused PEPP status according to Article 6 the pension product has to indicate the respective reasoning of the refusal communicated by EIOPA.
Amendment 337 #
Proposal for a regulation Article 8 – paragraph 1 1.
Amendment 338 #
Proposal for a regulation Article 8 – paragraph 1 1. Financial undertakings referred to in Article 5(1) may distribute PEPPs which they have not manufactured upon receiving authorisation for distribution by the competent authorities of their home Member State. The competent authorities shall inform EIOPA about any authorisation or any refusal to grant authorisation.
Amendment 339 #
Proposal for a regulation Article 8 – paragraph 2 2. Insurance intermediaries registered in accordance with Directive 2016/97/EU of the European Parliament and of the Council48 are entitled to distribute PEPPs which they have not manufactured
Amendment 340 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, with information regarding the available national compartments and partnerships of each PEPP, the provider of this PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format.
Amendment 341 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider and the authorised distributors of this PEPP and the competent authority of the PEPP provider. The register shall be made publicly available in electronic format.
Amendment 342 #
Proposal for a regulation Article 12 – paragraph 2 2. In case of using the portability service, PEPP savers are entitled to retain all advantages and incentives granted by the PEPP provider and connected with continuous investment in the same PEPP and shall have the right to simultaneously save in more than one compartment.
Amendment 343 #
Proposal for a regulation Article 12 – paragraph 2 2. In case of using the portability service, PEPP savers are entitled to retain all advantages and incentives granted by the PEPP provider and connected with continuous investment in
Amendment 344 #
Proposal for a regulation Article 12 – paragraph 2 a (new) 2a. When a PEPP saver moves to another Member State and uses the portability service, he shall benefit from equivalent fiscal advantages as local PEPP savers.
Amendment 345 #
Proposal for a regulation Article 12 – paragraph 2 a (new) 2a. PEPP savers shall have the right to acquire or purchase PEPPs in another Member State than the Member State of their domicile.
Amendment 346 #
Proposal for a regulation Article 13 – paragraph 1 1. PEPP providers shall provide through national compartments or cross- border partnerships the portability service to PEPP savers holding a PEPP account with them and requesting this service.
Amendment 347 #
Proposal for a regulation Article 13 – paragraph 1 a (new) 1a. During the transitional period as referred to in paragraph 3, PEPP savers shall be able to switch PEPP provider free of charge, if they move to a Member State where there is not yet a compartment for their PEPP.
Amendment 348 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are immediately available, either directly from the PEPP provider or through registered cross-border partners.
Amendment 349 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on
Amendment 350 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 351 #
Proposal for a regulation Article 13 – paragraph 3 3.
Amendment 352 #
Proposal for a regulation 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 a
Amendment 353 #
Proposal for a regulation 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 request addressed to the PEPP provider. PEPP savers shall have the right to switch PEPP provider free of charge, irrespective of the frequency stipulated in Article 48, when they change residence to a Member State where no compartment for their PEPP is offered.
Amendment 354 #
Proposal for a regulation Article 13 – paragraph 3 – subparagraph 1 (new) PEPP savers have the right to switch PEPP providers free of charge when they move to a Member State where their PEPP provider cannot offer portability through a compartment or partnership.
Amendment 355 #
Proposal for a regulation Article 14 – paragraph 1 Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment or partnership could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves.
Amendment 356 #
Proposal for a regulation Article 14 – paragraph 1 – subparagraph 1 (new) Compartments may be offered under partnerships between PEPP providers as defined in Article 2(28a).
Amendment 357 #
Proposal for a regulation Article 14 – paragraph 1 a (new) PEPP providers may enter a compartment partnership with other PEPP providers in order to open compartments in all Member States.
Amendment 358 #
Proposal for a regulation Article 14 a (new) Article 14a Partnerships between authorised PEPP providers for the provision of national compartments 1. PEPP providers, as listed in Article 5, may form cross-border partnerships for the provision of national compartments in order to fulfil the obligations laid down in Article 13. 2. EIOPA shall be informed about cross- border partnership agreements between PEPP providers.
Amendment 359 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 360 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 361 #
Proposal for a regulation Article 15 – paragraph 1 1. Without prejudice to the deadline under Article 13(3), immediately after being informed about the PEPP saver’s intention to exercise his right of mobility between Member States, the PEPP provider shall inform the PEPP saver about the possibility to open, free of charge, a new compartment within the PEPP saver’s individual account and about the deadline within which such compartment could be opened.
Amendment 362 #
Proposal for a regulation Article 15 – paragraph 1 1. Without prejudice to the deadline under Article 13(3), immediately after being informed about the PEPP saver’s intention to exercise his right of mobility
Amendment 363 #
Proposal for a regulation Article 15 – paragraph 2 – introductory part 2.
Amendment 364 #
Proposal for a regulation Article 15 – paragraph 2 – point a a (new) (aa) whether the mobility concerns a transferral or an addition;
Amendment 365 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) the date from which the investments should be directed to the newly-opened compartment in case of transferral;
Amendment 366 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) the date from which the
Amendment 367 #
Proposal for a regulation Article 15 – paragraph 3 3. Not later than
Amendment 368 #
Proposal for a regulation Article 16 – paragraph 1 1. At the request of the PEPP saver, the PEPP provider shall propose to the PEPP saver to arrange for transfer of accumulated assets between different compartments of the individual PEPP account, free of charge, so that all assets could be consolidated in one compartment.
Amendment 369 #
Proposal for a regulation Article 16 – paragraph 1 a (new) 1a. Before concluding a request for transfer, the PEPP provider shall inform the PEPP saver about all the implications of this asset-transfer and on applicable national transfer taxes or fees.
Amendment 370 #
Proposal for a regulation Article 17 – title Provision of information on portability to the
Amendment 371 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 372 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 373 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 374 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held
Amendment 375 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 376 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 377 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 378 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) identification of the compartment or partnership (name of the PEPP saver; applicable national legislation; date of opening the compartment or partnership);
Amendment 379 #
Proposal for a regulation Chapter 4 – title Amendment 380 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part For the distribution of PEPPs, the different types of PEPP providers and distributors shall comply with
Amendment 381 #
Proposal for a regulation Article 19 – paragraph 1 – point a Amendment 382 #
Proposal for a regulation Article 19 – paragraph 1 – point b Amendment 383 #
Proposal for a regulation Article 19 – paragraph 1 – point c Amendment 384 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be provided to PEPP customers
Amendment 385 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be provided
Amendment 386 #
Proposal for a regulation Article 22 – paragraph 1 – subparagraph 5 PEPP providers shall make available to PEPP distributors all appropriate information on the PEPP and the product approval process, including the identified target market of the PEPP, and the consideration of environmental, social and governance factors relating to the likely long-term consequences of investment decisions, the impact on financial stability and the wider economy, and the impact of investment decisions on communities and the environment and how they relate to the financial and non- financial interests of the PEPP saver.
Amendment 387 #
Proposal for a regulation Article 23 – paragraph 1 1. Before a PEPP is proposed to a potential PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document in accordance with the minimum requirements
Amendment 388 #
Proposal for a regulation Article 23 – paragraph 1 1. Before a PEPP is proposed to PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document in accordance with the requirements of this Chapter and shall publish the document on its website. The key information document shall be a separate document, which is clearly distinguishable from marketing material. Each key information document shall have one investment option.
Amendment 389 #
1. Before a PEPP is proposed to PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document containing details relevant to savers in accordance with the requirements of this Chapter and shall publish the document on its website.
Amendment 390 #
Proposal for a regulation Article 23 – paragraph 2 2.
Amendment 391 #
Proposal for a regulation Article 23 – paragraph 2 2. The PEPP
Amendment 392 #
Proposal for a regulation Article 23 – paragraph 2 a (new) 2a. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross- references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document.
Amendment 393 #
Proposal for a regulation Article 23 – paragraph 3 Amendment 394 #
Proposal for a regulation Article 23 – paragraph 3 Amendment 395 #
Proposal for a regulation Article 23 – paragraph 3 – introductory part 3.
Amendment 396 #
Proposal for a regulation Article 23 – paragraph 3 – point i Amendment 397 #
Proposal for a regulation Article 23 – paragraph 3 – point i (i) a description of the retirement benefits and the extent to which they are guaranteed and a description of Member State tax incentives and benefits;
Amendment 398 #
Proposal for a regulation Article 23 – paragraph 3 – point ii Amendment 399 #
Proposal for a regulation Article 23 – paragraph 3 – point iii Amendment 400 #
Proposal for a regulation Article 23 – paragraph 3 – point iii (iii) the retirement age applicable in the Member State of domicile; possible forms of out-payments and the right to change chosen form of out-payments;
Amendment 401 #
Proposal for a regulation Article 23 – paragraph 3 – point iv Amendment 402 #
Proposal for a regulation Article 23 – paragraph 3 – point iv (iv)
Amendment 403 #
Proposal for a regulation Article 23 – paragraph 3 – point v Amendment 404 #
Proposal for a regulation Article 23 – paragraph 3 – point v (v)
Amendment 405 #
Proposal for a regulation Article 23 – paragraph 3 – point vi Amendment 406 #
Proposal for a regulation Article 23 – paragraph 3 – point vi (vi) a
Amendment 407 #
Proposal for a regulation Article 23 – paragraph 3 – point vii Amendment 408 #
Proposal for a regulation Article 23 – paragraph 3 a (new) 3a. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of three sides of A4-sized paper when printed, which promotes comparability. This information document shall: (a) be presented and laid out in a way that is easy to read, using characters of readable size; (b) focus on the key information that PEPP savers need; (c) be clearly expressed and written in jargon-free language, that is, clear, succinct and comprehensible, to facilitate the understanding of the information.
Amendment 409 #
Proposal for a regulation Article 23 – paragraph 4 4.
Amendment 410 #
Proposal for a regulation Article 23 – paragraph 4 4. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to this information free of charge.
Amendment 411 #
Proposal for a regulation Article 23 – paragraph 5 5.
Amendment 412 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering
Amendment 413 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering a minimum of
Amendment 414 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP
Amendment 415 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5a. Where colours are used in the PEPP key information document, they shall not diminish the comprehensibility of the information if the PEPP key information document is printed or photocopied in black and white.
Amendment 416 #
Proposal for a regulation Article 23 – paragraph 5 b (new) 5b. Where the corporate branding or logo of the PEPP provider or the group to which it belongs is used in the PEPP key information document, it shall not distract the PEPP saver from the information contained in the document or obscure the text.
Amendment 417 #
Proposal for a regulation Article 23 – paragraph 5 c (new) 5c. In addition to the PEPP key information document, PEPP providers and PEPP distributors shall provide potential PEPP savers with a summary of and references to any reports on the solvency and financial condition of the PEPP provider, allowing them easy access to that information.
Amendment 418 #
Proposal for a regulation Article 23 – paragraph 6 Amendment 419 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 1 In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (
Amendment 420 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 2 When developing the draft
Amendment 421 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 3 The ESAs shall submit those draft
Amendment 422 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 4 Power is conferred on the Commission to adopt
Amendment 423 #
Proposal for a regulation Article 23 a (new) Amendment 424 #
Proposal for a regulation Article 23 a (new) Amendment 425 #
Proposal for a regulation Article 23 a (new) Article 23a Language of the PEPP key information document 1. The PEPP key information document shall be written in the official languages, or in one of the official languages, used in the part of the Member State where the PEPP is distributed, or in another language accepted by the competent authorities of that Member State, or, where it has been written in a different language, it shall be translated into one of these languages. The translation shall faithfully and accurately reflect the content of the original PEPP key information document. 2. If a PEPP is promoted in a Member State through marketing documents written in one or more official languages of that Member State, the PEPP key information document shall be written in at least the corresponding official languages. 3. The PEPP key information document shall be made available upon request in an appropriate format to PEPP savers with a visual or hearing impairment as well as for low literate and illiterate PEPP savers.
Amendment 426 #
Proposal for a regulation Article 23 b (new) Amendment 427 #
Proposal for a regulation Article 23 b (new) Article 23b Civil liability 1. The PEPP manufacturer shall incur civil liability on the basis of the key information document, including any translation thereof, where it is misleading, inaccurate or inconsistent with the relevant parts of legally binding pre- contractual and contractual documents or with the requirements laid down in Article 19. 2. A PEPP saver can claim damages from the PEPP manufacturer in accordance with national law in case of loss resulting from reliance on a key information document under the circumstances referred to in paragraph 1, when making an investment into the PEPP for which that key information document was produced. The PEPP manufacturer shall not incur civil liability when demonstrating that either the information was not misleading, not inaccurate neither inconsistent nor that the loss of the PEPP saver is not resulting from relying on a key information document. 3. Elements such as ‘loss’ or ‘damages’ as referred to in paragraph 2 of this Article which are not defined shall be interpreted and applied in accordance with the applicable national law as determined by the relevant rules of private international law. 4. This Article does not exclude further civil liability claims in accordance with national law. 5. The obligations under this Article shall not be limited or waived by contractual clauses.
Amendment 428 #
Proposal for a regulation Article 23 c (new) Article 23c Marketing communication Marketing communications that contain specific information relating to the PEPP shall not include any statement that contradicts the information contained in the PEPP key information document or diminishes the significance of the PEPP key information document. Marketing communications shall indicate that a PEPP key information document is available and supply information on how and from where to obtain it, including the PEPP provider's website.
Amendment 429 #
Proposal for a regulation Article 23 d (new) Article 23d PEPP key information document revision 1. The PEPP provider shall review the information contained in the PEPP key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly. 2. In order to ensure consistent application of this Article, the ESAs shall, through the Joint Committee, develop draft regulatory technical standards specifying: (a) the conditions for reviewing the information contained in the key information document; (b) the conditions under which the key information document must be revised; (c) the specific conditions under which information contained in the key information document must be reviewed or the key information document revised where a PEPP is made available to PEPP savers in a non-continuous manner; (d) the circumstances in which PEPP savers are to be informed about a revised key information document for a PEPP purchased by them, as well as the means by which the PEPP savers are to be informed. The ESAs shall submit those draft regulatory technical standards to the Commission by ... [xxx after the date of entry into force of this Regulation] Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.
Amendment 430 #
Proposal for a regulation Article 23 e (new) Amendment 431 #
Proposal for a regulation Article 23 f (new) Article 23f Insurance elements Where the PEPP key information document concerns an insurance contract, the insurance undertakings' obligations are only towards the policyholder of the insurance contract and not towards the beneficiary of the insurance contract.
Amendment 432 #
Proposal for a regulation Article 23 g (new) Amendment 433 #
Proposal for a regulation Article 24 Amendment 434 #
Proposal for a regulation Article 24 – paragraph 1 1.
Amendment 435 #
Proposal for a regulation Article 24 – paragraph 2 2. The information referred to in this paragraph 1 shall be provided in a standardised format allowing for comparison and in a comprehensible form in such a manner that PEPP savers are
Amendment 436 #
Proposal for a regulation Article 24 a (new) Article 24a Specification of demands and needs and assessment of suitability 1. Prior to the conclusion of a PEPP- related contract, the PEPP provider or PEPP distributor shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision. Any contract proposed shall be consistent with the PEPP saver’s retirement-related demands and needs. 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or PEPP distributor shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP saver’s demands and needs. 3. Where a PEPP provider or PEPP distributor informs the PEPP saver that it gives its advice on an independent basis, it shall give that advice on the basis of an analysis of a sufficiently large number of personal pension products available on the market to enable it to make a personal recommendation, in accordance with professional criteria, regarding which the PEPP-related contract would be adequate to meet the PEPP saver’s needs and also contain factors that may pose a risk for the PEPP saver. 4. When providing advice at any stage during the contract, the PEPP provider shall obtain the necessary information regarding the PEPP saver’s knowledge and experience in the investment field relevant to the PEPP, that person’s financial situation including his or her ability to bear losses, and his or her investment objectives including his or her risk tolerance so as to enable the PEPP provider, intermediary or distributor to recommend to the PEPP saver or potential PEPP saver the PEPP that is suitable for him or her and, in particular, is in accordance with his or her risk tolerance and ability to bear losses. 5. PEPP providers and PEPP distributors shall ensure and demonstrate to competent authorities on request that natural persons giving advice on PEPPs possess the necessary knowledge and competence to fulfil their obligations under this Regulation. Member States shall publish the criteria to be used for assessing such knowledge and competence. 6. EIOPA shall issue by ... [xxx after the date of entry into force of this Regulation] guidelines specifying criteria for the assessment of knowledge and competence required under paragraph 5. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1094/2010.
Amendment 437 #
Proposal for a regulation Article 24 a (new) Article 24a Advertisements 1. Any advertisement relating to a PEPP shall comply with the principles contained in paragraphs 2 and 3. 2. Advertisements shall be clearly recognisable as such. The information contained in an advertisement shall not be inaccurate or misleading and shall be consistent with the information contained in the PEPP key information document, where already published, or with the information required to be in the PEPP key information document, where the PEPP key information document is yet to be published. 3. All information disclosed in an oral or written form concerning a PEPP, even where not for advertising purposes, shall be consistent with the information contained in the PEPP key information document. 4. The competent authority of the Member State where the advertisements are disseminated shall have the power to exercise control over the compliance, of advertising activity relating to a PEPP, with paragraphs 2 and 3 and with applicable national law. 5. The use of any of the supervisory and investigatory powers referred to in Article 54 in relation to the enforcement of this Article by the competent authority of a host Member State of the PEPP provider shall be communicated without undue delay to the competent authority of the home Member State of the PEPP provider.
Amendment 438 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor
Amendment 439 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 a (new) The PEPP provider shall give a standardised decision support tool, to be established by EIOPA, to help potential PEPP savers, in the initial phase of interest, to assess which PEPP product, the default option or any other alternative investment option, would be suitable for them. The decision support tool shall specify the main differences between the default option and the alternative investment options. The tool shall not constitute a personal recommendation and shall not replace any demands on advice.
Amendment 440 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 b (new) Advice shall aim at assessing the risk aversion and the financial knowledge of a PEPP saver, their ability to bear losses, as well as, facilitating the saver to be able to choose the investment option which best corresponds to their risk profile.
Amendment 441 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 c (new) Through advice, the PEPP saver shall be informed of the main features of the product.
Amendment 442 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 2 Any contract proposed shall be consistent with the PEPP savers’ retirement demands and needs
Amendment 443 #
Proposal for a regulation Article 25 – paragraph 2 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or distributor
Amendment 444 #
Proposal for a regulation Article 25 – paragraph 2 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall provide the PEPP saver with a personalised recommendation explaining why a particular PEPP would best meet the PEPP savers’
Amendment 445 #
Proposal for a regulation Article 25 – paragraph 2 2. Where advice is provided prior to the conclusion of any specific contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall provide the PEPP saver with a personalised recommendation explaining in written form why a particular PEPP would best meet the PEPP savers’
Amendment 446 #
Proposal for a regulation Article 25 – paragraph 3 3. Whe
Amendment 447 #
Proposal for a regulation Article 25 – paragraph 4 4. Whe
Amendment 448 #
Proposal for a regulation Article 25 – paragraph 4 4. Where a PEPP provider or distributor referred to in Article 19(c) of this Regulation informs the PEPP saver that it gives its advice on an independent
Amendment 449 #
Proposal for a regulation Article 25 – paragraph 5 5. PEPP providers and distributors
Amendment 450 #
Proposal for a regulation Article 25 – paragraph 5 5. PEPP providers and distributors referred to in Article 19(c) of this Regulation shall ensure and demonstrate to competent authorities on request that natural persons giving advice on PEPPs possess the necessary knowledge and competence to fulfil their obligations under this Chapter. Member States shall publish the criteria to be used for assessing such knowledge and competence in an appropriate way.
Amendment 451 #
Proposal for a regulation Article 25 – paragraph 5 a (new) 5a. EIOPA shall issue by ... [xxx after the date of entry into force of this Regulation] guidelines specifying criteria for the assessment of knowledge and competence required under paragraph 5. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1094/2010.
Amendment 452 #
5b. The information contained in the PEPP Benefit Statement shall be accurate, updated and made available to each PEPP saver free of charge through electronic means, including on a durable medium or by means of a website, or on paper, at least annually. A paper copy shall be provided to PEPP savers on request in addition to any information through electronic means.
Amendment 454 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 1 Without prejudice to Article 25(1), the PEPP saver may waive his right to receive advice in relation to concluding a contract for the default investment option by confirming, that he was offered advice and that he waived his right to receive it.
Amendment 455 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 4 Where PEPP savers or potential PEPP savers do not provide the information referred to in the first subparagraph, or where they provide insufficient information regarding their knowledge and experience, the PEPP provider or distributor shall warn them that it is not in a position to determine whether the PEPP envisaged is appropriate for them. That warning m
Amendment 456 #
Proposal for a regulation Article 26 – paragraph 2 – point c (c) the PEPP saver or potential PEPP saver has been clearly informed in an appropriate way that, in the provision of the PEPP distribution activity, the PEPP provider or distributor is not required to assess the appropriateness of the PEPP or PEPP distribution activity provided or offered and that the PEPP saver or potential PEPP saver does not benefit from the corresponding protection of the relevant conduct of business rules. Such a warning may be provided in a standardised format;
Amendment 457 #
Proposal for a regulation Article 26 a (new) Article 26a PEPP Contract The PEPP contract should include the following: – Detailed information about all costs related to the PEPP product. – Information and procedure for opening a new national compartment – Conditions and options for out- payment: (a) default option at least 70 % of out- payments shall be in form of annuities; on request by the saver, a maximum of 30 % can be paid out in for of a lump sum during the decumulation phase. (b) other investment options – Conditions for supplementary provisions such as biometric risk – Terms for switching provider
Amendment 458 #
Proposal for a regulation Article 27 – paragraph 1 1. PEPP providers shall draw up a concise personalised document containing key information for each PEPP saver taking into consideration the specific nature of national pension systems and of relevant national social
Amendment 459 #
Proposal for a regulation Article 27 – paragraph 1 a (new) 1a. The Benefit Statement shall be provided at least annually and free of charge to the PEPP saver.
Amendment 460 #
Proposal for a regulation Article 27 – paragraph 2 Amendment 461 #
Proposal for a regulation Article 27 – paragraph 3 – point b (b) the name of the PEPP provider’s
Amendment 462 #
Proposal for a regulation Article 27 – paragraph 3 – point d Amendment 463 #
Proposal for a regulation 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 464 #
Proposal for a regulation Article 28 Amendment 465 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers which shall be provided annually:
Amendment 466 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers to be provided annually:
Amendment 467 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme
Amendment 468 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name
Amendment 469 #
(a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital by compartment, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d), (e), (f) and (h) of Directive 2016/2341/EU shall be applied, where the "member" means the PEPP saver, the "IORP" means the PEPP provider, the "pension scheme" means the PEPP scheme and "the sponsoring undertaking" means any third party for the purposes of this Regulation;
Amendment 470 #
Proposal for a regulation Article 28 – paragraph 1 – point a a (new) (aa) a clear indication of the statutory retirement age of the PEPP saver, the retirement age laid down in the pension scheme or estimated by the PEPP provider, or the retirement age set by the PEPP saver, as applicable;
Amendment 471 #
(aa) detailed data of the pension plan portfolio including composition and weight of assets.
Amendment 472 #
Proposal for a regulation Article 28 – paragraph 1 – point a b (new) (ab) the name of the PEPP provider and its contact address and identification of the PEPP scheme of the PEPP saver;
Amendment 473 #
Proposal for a regulation Article 28 – paragraph 1 – point a c (new) (ac) information on pension benefit projections based on the retirement age as specified in point (b), and a disclaimer that those projections may differ from the final value of the benefits received. These shall be illustrated on the basis of economic scenarios, including a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme;
Amendment 474 #
Proposal for a regulation Article 28 – paragraph 1 – point a d (new) (ad) information on the accrued pension entitlements or accumulated pension capital taking into consideration the specific nature of the PEPP scheme;
Amendment 475 #
Proposal for a regulation Article 28 – paragraph 1 – point a e (new) (ae) information on the contributions paid by any third party and the PEPP saver into the PEPP scheme, at least over the last 12 months, taking into consideration the specific nature of the PEPP scheme;
Amendment 476 #
Proposal for a regulation Article 28 – paragraph 1 – point a f (new) (af) information on the past performance of the PEPP scheme as a whole or, where relevant, of the PEPP saver's investment option presented in a chart covering performance for any years available;
Amendment 477 #
Proposal for a regulation Article 28 – paragraph 1 – point a g (new) (ag) a breakdown of the costs deducted by the PEPP provider at least over the last 12months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits;
Amendment 478 #
Proposal for a regulation Article 28 – paragraph 1 – point a h (new) (ah) information on the funding level of the PEPP scheme as a whole;
Amendment 479 #
(ai) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, the Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 480 #
Proposal for a regulation Article 28 – paragraph 1 – point a j (new) (aj) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights and the production of weapons.
Amendment 481 #
Proposal for a regulation Article 28 – paragraph 1 – point b Amendment 482 #
Proposal for a regulation Article 28 – paragraph 1 – point b (b)
Amendment 483 #
Proposal for a regulation Article 28 – paragraph 1 – point c Amendment 484 #
Proposal for a regulation Article 28 – paragraph 1 – point c (c)
Amendment 485 #
Proposal for a regulation Article 28 – paragraph 1 – point d Amendment 486 #
Proposal for a regulation Article 28 – paragraph 1 – point d (d) information on
Amendment 487 #
Proposal for a regulation Article 28 – paragraph 1 – point d a (new) (da) a summary of the PEPP provider's investment-policy principles.
Amendment 488 #
Proposal for a regulation Article 28 – paragraph 1 – point e Amendment 489 #
(e)
Amendment 490 #
Proposal for a regulation Article 28 – paragraph 1 – point e (e) the total costs charged to the retail investor over the past 12 months through the total expenses ratio, a breakdown of the costs deducted by the PEPP provider
Amendment 491 #
Proposal for a regulation Article 28 – paragraph 1 – point e a (new) (ea) information on the contributions paid by any third party and the PEPP saver into the PEPP scheme, at least over the last 12 months, taking into consideration the specific nature of the PEPP scheme;
Amendment 492 #
Proposal for a regulation Article 28 – paragraph 1 – point e a (new) (ea) Investment in assets which are not admitted to trading on a regulated financial market;
Amendment 493 #
Proposal for a regulation Article 28 – paragraph 1 – point e b (new) (eb) information on the past performance of the PEPP scheme as a whole or, where relevant, of the PEPP saver's investment option presented in a chart covering performance for any years available;
Amendment 494 #
Proposal for a regulation Article 28 – paragraph 1 – point e c (new) (ec) a breakdown of the costs deducted by the PEPP provider at least over the last 12 months, indicating the costs of administration, costs of safekeeping of assets, costs related to portfolio transactions and other costs, as well as an estimation of the impact of the costs on the final benefits;
Amendment 495 #
Proposal for a regulation Article 28 – paragraph 1 – point e d (new) (ed) information on the funding level of the PEPP scheme as a whole.
Amendment 496 #
Proposal for a regulation Article 28 – paragraph 2 2. The
Amendment 497 #
Proposal for a regulation Article 28 – paragraph 2 2. The Commission shall, in consultation with the European Central Bank, EIOPA and the national supervisors, adopt delegated acts in accordance with Article 62 setting out rules to determine the assumptions on pension benefit projections referred to in point (a) of paragraph 1. Those rules shall be applied by PEPP providers to determine, where relevant, the annual rate of nominal investment returns, the annual rate of inflation and the trend of future wages.
Amendment 498 #
Proposal for a regulation Article 28 – paragraph 3 3.
Amendment 499 #
Proposal for a regulation Article 29 – paragraph 1 – point a (a) further practical information a
Amendment 500 #
Proposal for a regulation Article 29 – paragraph 1 – point a a (new) (aa) For PEPP schemes where PEPP savers bear investment risk and where an investment option is imposed on the PEPP saver by a specific rule specified in the PEPP scheme, the PEPP Benefit Statement shall indicate where additional information is available.
Amendment 501 #
Proposal for a regulation Article 29 – paragraph 1 – point c (c) a written statement of the PEPP provider’s investment-policy principles as set out in Article 30 of Directive 2016/2341/EU, containing 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 PEPP liabilities, as well as how the investment policy takes environmental, social and governance factors into account;
Amendment 502 #
Proposal for a regulation Article 29 – paragraph 2 2. For PEPP
Amendment 503 #
2a. The information shall be made easily available through electronic means and free of charge.
Amendment 504 #
Proposal for a regulation Article 29 – paragraph 2 b (new) 2b. At the request of a PEPP saver or a PEPP beneficiary or their representatives, the PEPP provider shall provide the following additional information: (a) the annual accounts and the annual reports referred to in point (b) of Article 29(1)or, where a PEPP provider is responsible for more than one PEPP scheme, the accounts and reports relating to their particular PEPP scheme; (b) the statement of investment-policy principles, referred to in point (c) of Article 29(1); (c) any further information about the assumptions used to generate the projections referred to in point (d) of Article (1).
Amendment 505 #
Amendment 506 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 1 EIOPA, after consulting national authorities and
Amendment 507 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 1 a (new) The information shall be made easily available through electronic means and free of charge.
Amendment 508 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 2 EIOPA shall submit those draft implementing technical standards to the Commission by … [within
Amendment 509 #
Proposal for a regulation Article 30 – paragraph 1 1. PEPP savers shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU. Advice one year prior to the retirement phase shall be mandatory.
Amendment 510 #
Proposal for a regulation Article 30 – paragraph 1 a (new) 1a. The decumulation phase can start at the earliest at the age of 65. All PEPP contracts are strictly personal and end at the time of death of the PEPP saver. There will be no payments to relatives or inheritances because of the diverging national laws. All persons in relationships are advised to set up several individual contracts.
Amendment 511 #
Proposal for a regulation Article 30 – paragraph 1 a (new) 1a. One year before retirement, the PEPP saver shall be informed about the upcoming start of the decumulation phase and informed about the benefit pay-out options available.
Amendment 512 #
Proposal for a regulation Article 31 A
Amendment 513 #
Proposal for a regulation Article 32 – paragraph 1 – point a (a) to assess the system of governance applied by the PEPP providers
Amendment 514 #
Proposal for a regulation Article 32 – paragraph 1 – point a (a) to assess the system of governance applied by the PEPP providers, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, including the integration of ESG related risks, and their capital structure, needs and management;
Amendment 515 #
Proposal for a regulation Article 32 – paragraph 6 6. Upon request addressed to the competent authorities, EIOPA
Amendment 516 #
Proposal for a regulation Article 33 – paragraph 1 – point b (b) the assets shall be invested in such a manner as to ensure
Amendment 517 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market
Amendment 518 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must
Amendment 519 #
Proposal for a regulation Article 33 – paragraph 1 – point f a (new) (fa) the PEPP provider formulates, publishes and regularly reviews a policy to exclude the investment od assets in certain products related to severe environmental damages, serious violations of Human Rights and the production of weapons;
Amendment 520 #
Proposal for a regulation Article 33 – paragraph 1 – point g a (new) (ga) the investments of assets shall take into account the environmental, social, ethical and governance investment objectives of the PEPP saver.
Amendment 521 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers
Amendment 522 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers shall offer up to five investment options to PEPP savers. They will clearly indicate the environmental, social and governance factors for each of these options.
Amendment 523 #
Proposal for a regulation Article 34 – paragraph 1 a (new) 1a. PEPP providers and distributors who recommend any other investment option than the default option shall explain in writing to the prospective PEPP saver why the recommended option is more suitable for the client than the default option.
Amendment 524 #
Proposal for a regulation Article 34 – paragraph 2 Amendment 525 #
Proposal for a regulation Article 34 – paragraph 2 2.
Amendment 526 #
Proposal for a regulation Article 34 – paragraph 3 a (new) 3a. The default option and at least one alternative investment option shall include ethical, environmental, social and governance factors.
Amendment 527 #
Proposal for a regulation Article 34 – paragraph 3 b (new) 3b. All investment options shall be cost-effective. A cap on total costs, fees and charges shall not exceed 0.75 % of the accumulated capital.
Amendment 528 #
Proposal for a regulation Article 35 – paragraph 1 The PEPP saver shall opt for an investment option after receiving the relevant information, advice and decision support tool, upon conclusion of the PEPP contract.
Amendment 529 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP saver shall be able to opt for a different investment option
Amendment 530 #
Proposal for a regulation Article 36 – paragraph 2 a (new) 2a. The PEPP provider shall inform and advise the PEPP saver of the potential implications that the investment modification will have.
Amendment 531 #
Proposal for a regulation Article 37 – paragraph 1 1.
Amendment 532 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 533 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 534 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 535 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall be cost-effective and ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy.
Amendment 536 #
Proposal for a regulation Article 37 – paragraph 2 Amendment 537 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the accumulated capital invested before accumulated fees and costs are deducted and after inflation is accounted for.
Amendment 538 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the capital invested including fees, costs and inflation.
Amendment 539 #
Proposal for a regulation Article 37 – paragraph 2 a (new) 2a. When a capital guarantee is provided, it should be a long-term guarantee provided at the end of the accumulation period and should not apply on investment switches in between.
Amendment 540 #
Proposal for a regulation Article 38 – paragraph 1 Amendment 541 #
Proposal for a regulation Article 38 – paragraph 1 1. If PEPP providers offer alternative investment options, a
Amendment 542 #
Proposal for a regulation Article 38 – paragraph 1 1. If PEPP providers offer alternative investment options, a
Amendment 543 #
Proposal for a regulation Article 38 – paragraph 1 a (new) 1a. There can be an alternative investment option based on a life-cycling model that would have greater risk and greater reward at earlier stages of the contract while respecting prudential regulation. The PEPP provider has to inform the PEPP saver that this investment strategy might incur losses.
Amendment 544 #
Proposal for a regulation Article 38 – paragraph 2 2. The alternative investment options shall include risk-mitigation techniques to be defined by PEPP providers, according to the draft regulatory technical standards established by EIOPA.
Amendment 545 #
Proposal for a regulation Article 39 – paragraph 1 – introductory part The
Amendment 546 #
Proposal for a regulation Article 39 – paragraph 1 – point a Amendment 547 #
Proposal for a regulation Article 39 – paragraph 1 – point b Amendment 548 #
Proposal for a regulation Article 39 – paragraph 1 – point b a (new) (ba) provisions for gradually adapting the investment allocation to mitigate the financial risks of investments for cohorts corresponding to the remaining duration;
Amendment 549 #
Proposal for a regulation Article 39 – paragraph 1 – point b b (new) (bb) provisions establishing reserves from contributions or investment returns, which shall be allocated to PEPP savers in a fair and transparent manner, to mitigate investment losses;
Amendment 550 #
Proposal for a regulation Article 39 – paragraph 1 – point b c (new) (bc) provisions for using appropriate financial guarantees to protect against investment losses.
Amendment 551 #
Proposal for a regulation Article 39 – paragraph 1 a (new) In order to establish criteria for effective risk-mitigation techniques that can be applied in a consistent manner, EIOPA shall develop draft regulatory technical standards specifying the details of the provisions for the risk-mitigation techniques. EIOPA shall submit those draft regulatory technical standards to the Commission by … [xxx after the date of entry into force of this Regulation]. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.
Amendment 552 #
Proposal for a regulation Article 40 – paragraph 1 1.
Amendment 553 #
Proposal for a regulation Article 40 – paragraph 2 Amendment 554 #
Proposal for a regulation Article 40 – paragraph 2 a (new) 2a. Member States shall apply the same conditions related to the accumulation phase of PEPP products as to other comparable national products.
Amendment 555 #
Proposal for a regulation Article 41 – paragraph 1 1.
Amendment 556 #
Proposal for a regulation Article 41 – paragraph 1 1.
Amendment 557 #
Proposal for a regulation Article 42 – paragraph 1 PEPP providers may offer PEPPs with an option ensuring the coverage of the risk of biometric risks. For the purpose of this Regulation, "biometric risks" mean risks linked to longevity, disability and death. The provider shall disclose all the costs of this biometric risk coverage separately to the PEPP saver.
Amendment 558 #
Proposal for a regulation Article 43 – paragraph 3 3. PEPP providers and distributors shall make every possible effort to reply
Amendment 559 #
Proposal for a regulation Article 43 – paragraph 3 3. PEPP providers and distributors shall make every possible effort to reply, on paper or by email or, if agreed between the PEPP provider or distributor and the PEPP customer, on another durable medium, to the PEPP customers’ complaints. The reply shall address all points raised, within an adequate timeframe and at the latest within 15 business days of receipt of the complaint. In exceptional situations, if the answer cannot be given within 15 business days for reasons beyond the control of the PEPP provider or distributor, it shall be required to send a holding reply, clearly indicating the reasons for a delay in answering to the complaint and specifying the deadline by which the PEPP customer will receive the final reply. In any event, the deadline for receiving the final reply shall not exceed 35 business days.
Amendment 560 #
Proposal for a regulation Article 43 – paragraph 3 a (new) Amendment 561 #
Proposal for a regulation Article 43 – paragraph 6 a (new) 6a. The competent authority of the main establishment or the single establishment of the provider or the distributor shall be competent to act as lead competent authority for cross-border provision of PEPPs.
Amendment 562 #
Proposal for a regulation Article 43 – paragraph 6 b (new) 6b. In cases that concern more than one Member State, the complainant may choose to lodge his complaint through the competent authority of his own Member State, regardless of where the infringement occurred. To this end, and notwithstanding paragraph 6a, each competent authority shall be competent to handle a complaint lodged with it or a possible infringement of this Regulation, if the subject matter relates to an establishment in its Member State, or if it substantially affects PEPP savers in its Member State. In these cases, the competent authority shall inform the lead competent authority without delay of that matter.
Amendment 563 #
Proposal for a regulation Article 43 – paragraph 6 c (new) 6c. In case there is no agreement between the competent authorities concerned, the dispute resolution procedure foreseen in Article 56 shall apply.
Amendment 564 #
Proposal for a regulation Article 44 Amendment 565 #
Proposal for a regulation Article 44 – paragraph 1 1. Adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between PEPP customers and PEPP providers or distributors concerning the rights and obligations arising under this Regulation shall be established in accordance with Directive 2013/11/EU of the European Parliament and the Council49 , using existing competent bodies where appropriate. Such ADR procedures shall be applicable, and the relevant ADR body’s competence shall effectively extend, to PEPP providers or distributors against whom the procedures are initiated.
Amendment 566 #
Proposal for a regulation Article 44 – paragraph 1 a (new) 1a. PEPP providers or distributors shall have to participate in the ADR schemes.
Amendment 567 #
Proposal for a regulation Article 44 – paragraph 2 a (new) 2a. PEPP savers shall have the right to collective redress under this Regulation.
Amendment 568 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 1 a (new) At the age of 65 years the PEPP saver must chose the Member State where the PEPP pension will be paid out. After this age switching of PEPP providers will no longer be possible to avoid problems with divergences in national regulations. At this time assets must be consolidated into one compartment. If the PEPP saver does not change PEPP providers at this latest moment the last country of residence will be chosen automatically.
Amendment 569 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 The
Amendment 570 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 The switching service may be provided by PEPP providers established in the same Member State (domestic switching) or in different Member States (cross-border switching), without costs for savers.
Amendment 571 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver
Amendment 572 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver may switch PEPP providers no more frequently than once every
Amendment 573 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver
Amendment 574 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP saver may switch PEPP providers
Amendment 575 #
Proposal for a regulation Article 45 – paragraph 2 a (new) 2a. In cases of justified reasons, PEPP savers shall be able to switch any time and free of charge.
Amendment 576 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 1 The re
Amendment 577 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 1 a (new) Where the saver holds different compartments, the request shall indicate for which compartments the switching service is requested.
Amendment 578 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 2 Amendment 579 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 2 The authorisation shall be drawn up in an official language of the Member State where the switching service is being initiated, in the official language of the Member State of the transferring PEPP provider, or in any other language agreed between the parties.
Amendment 580 #
Proposal for a regulation Article 46 – paragraph 2 – subparagraph 4 Amendment 581 #
Proposal for a regulation Article 46 – paragraph 3 – introductory part 3. Within
Amendment 582 #
(a) transmit to the receiving PEPP provider and, if specifically requested by the PEPP saver
Amendment 583 #
Proposal for a regulation Article 46 – paragraph 3 – point b (b) transfer any remaining positive balance to the PEPP account opened or held with the receiving PEPP provider
Amendment 584 #
Proposal for a regulation Article 46 – paragraph 4 – introductory part 4. Upon receipt of a request from the receiving PEPP provider, the transferring PEPP provider shall carry out the following tasks
Amendment 585 #
Proposal for a regulation Article 46 – paragraph 4 – point b (b) where the transferring PEPP provider does not provide a system for automated redirection of the incoming payments to the PEPP account opened by the PEPP saver with the receiving PEPP provider, stop accepting incoming payments on the PEPP account with effect from the date specified
Amendment 586 #
Proposal for a regulation Article 46 – paragraph 4 – point c (c) transfer the remaining positive balance from the PEPP account to the new PEPP account opened with the receiving PEPP provider on the date specified
Amendment 587 #
Proposal for a regulation Article 46 – paragraph 4 – point d (d) close the PEPP account on the date specified
Amendment 588 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 1 – introductory part Within five working days of receipt of the information
Amendment 589 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 1 – point a (a) make any necessary preparations to accept incoming payments and accept them with effect from the date specified
Amendment 590 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 1 – point b (b) inform payers specified in the authorisation of the details of the PEPP saver’s PEPP account with the receiving PEPP provider and transmit to the payers a copy of the PEPP saver’s a
Amendment 591 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 3 Where the PEPP savers chooses to personally provide the information referred to in point (b) of the first subparagraph to the payers rather than provide specific consent in accordance with paragraph 2 to the receiving PEPP provider to do so, the receiving PEPP provider shall provide the PEPP saver with standard letters providing details of the PEPP account and the starting date specified
Amendment 592 #
Proposal for a regulation Article 48 – paragraph 3 Amendment 593 #
Proposal for a regulation Article 48 – paragraph 3 3.
Amendment 594 #
Proposal for a regulation 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
Amendment 595 #
Proposal for a regulation 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 the effectively incurred costs, but in any case no more than
Amendment 596 #
Proposal for a regulation 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
Amendment 597 #
Proposal for a regulation 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
Amendment 598 #
Proposal for a regulation Article 48 – paragraph 4 Amendment 599 #
Proposal for a regulation Article 48 – paragraph 4 Amendment 600 #
Proposal for a regulation Article 48 – paragraph 4 4.
Amendment 601 #
Proposal for a regulation Article 48 – paragraph 4 4.
Amendment 602 #
Proposal for a regulation Article 49 – paragraph 2 2. Liability under paragraph 1 shall not apply in cases
Amendment 603 #
Proposal for a regulation Article 49 – paragraph 5 5.
Amendment 604 #
Proposal for a regulation Article 49 – paragraph 5 a (new) 5a. Member States shall ensure that cross-border complaints and redress mechanisms are set up, allowing for individual as well as collective compensatory redress across borders.
Amendment 605 #
Proposal for a regulation Article 51 – paragraph 1 1.
Amendment 606 #
Proposal for a regulation Article 51 – paragraph 2 2. Such conditions may include in particular the setting of the retirement age, of a mandatory link between reaching the retirement age and commencing the decumulation phase, of a minimum period of belonging to a PEPP
Amendment 607 #
Proposal for a regulation Article 51 – paragraph 2 a (new) 2a. PEPP savers shall choose the form of out-payments for the decumulation phase upon conclusion of a PEPP contract.
Amendment 608 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1.
Amendment 611 #
Proposal for a regulation Article 52 – paragraph 1 – point c Amendment 612 #
Proposal for a regulation Article 52 – paragraph 1 – point d Amendment 613 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1a. In case of a default investment option at least 50% of the redemption shall be paid as annuities.
Amendment 614 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 615 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once in every five years period thereafter during the accumulation phase, on a yearly basis in the five years prior to the official retirement age, and also upon starting decumulation, if applicable
Amendment 616 #
Proposal for a regulation Article 52 – paragraph 2 a (new) Amendment 617 #
Proposal for a regulation Article 53 – paragraph 2 2. EIOPA shall
Amendment 618 #
Proposal for a regulation Article 53 – paragraph 2 2. EIOPA shall monitor pension
Amendment 619 #
Proposal for a regulation Article 53 – paragraph 2 2. EIOPA shall monitor
Amendment 620 #
Proposal for a regulation Article 55 – title Cooperation
Amendment 621 #
Proposal for a regulation Article 55 – paragraph 1 1. E
Amendment 622 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 1 In order to ensure consistent application of this Article, EIOPA shall develop draft implementing technical standards specifying the details of the mechanism for consistency, cooperation and exchange of information, together with the requirements needed to present the information above in a standardised format allowing for comparison.
Amendment 623 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 2 EIOPA shall submit those draft implementing technical standards to the Commission by … [within
Amendment 624 #
Proposal for a regulation Article 56 – paragraph 1 – subparagraph 2 In cases involving cross-border situations, and where on the basis of objective criteria disagreement between competent authorities from different Member States can be identified, EIOPA
Amendment 625 #
Proposal for a regulation Article 56 – paragraph 2 – subparagraph 2 If the competent authorities concerned fail to reach an agreement within the conciliation phase referred to in paragraph 2, EIOPA
Amendment 626 #
Proposal for a regulation Article 56 – paragraph 3 3. Without prejudice to the powers of the Commission under Article 258 TFEU, where a competent authority does not comply with the decision of EIOPA, and thereby fails to ensure that a PEPP provider or PEPP distributor complies with requirements directly applicable to it by virtue of this Regulation, EIOPA
Amendment 627 #
Proposal for a regulation Article 57 – paragraph 2 – point d (d)
Amendment 628 #
Proposal for a regulation Article 57 – paragraph 2 – point d (d) maximum administrative fines of
Amendment 629 #
Proposal for a regulation Article 57 – paragraph 2 – point e Amendment 630 #
Proposal for a regulation Article 57 – paragraph 2 – point f Amendment 631 #
Proposal for a regulation Article 61 – paragraph 1 With regard to the processing of personal data within the framework of this Regulation, PEPP providers and competent authorities shall carry out their tasks for the purpose of this Regulation in accordance with Regulation (EU) 2016/679, and a Regulation on the respect for private life and the protection of personal data in electronic communications and repealing Directive 2002/58/EC (Regulation on Privacy and Electronic Communications) . With regard to the processing of personal data by EIOPA within the framework of this Regulation, EIOPA shall comply with Regulation (EC) No 45/2001.
Amendment 632 #
Proposal for a regulation Article 63 – paragraph 1 Amendment 633 #
Proposal for a regulation Article 63 – paragraph 2 Amendment 634 #
Proposal for a regulation Article 63 – paragraph 2 – point a (new) (a) development of the compartments and partnerships;
Amendment 636 #
Proposal for a regulation Article 63 – paragraph 2 – point c (new) (c) the switching mechanism;
Amendment 637 #
Proposal for a regulation Article 63 – paragraph 2 – point d (new) (d) the complains procedure;
Amendment 638 #
Proposal for a regulation Article 63 – paragraph 2 – point e (new) (e) the application throughout the Union.
Amendment 639 #
Proposal for a regulation Article 63 – paragraph 2 a (new) The Commission shall set up a panel with relevant stakeholders to continuously monitor the development and implementation of the PEPP. That panel shall include at least EIOPA, the national supervisors, industry and consumer representatives and independent experts. The secretariat of the panel shall be EIOPA.
Amendment 640 #
Proposal for a regulation Annex I a (new) Amendment 641 #
Proposal for a regulation Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table A (new) Annex - 1 – PEPP KEY INFORMATION DOCUMENT AND PEPP BENEFIT STATEMENT – TABLE A Type of information Description 1 Name of the PEPP 2 Name of the provider 3 Type of PEPP 4 Investment options - Default option - Alternative option 1 - Alternative option 2 - Alternative option 3 - Alternative option 4 5 Costs and charges 6 Guarantee (if any) 7 Decumulation phase 8 Past performances - Pay-out option 1 - Pay-out option 2 - Pay-out option 3 9 Portability service 10 Switching service 11 Applicable law 12 Minimum investment period 13 Target retirement age 14 Conditions for modification of the chosen investment option 15 Depository (if any) 16 Applicable national social and tax law(s) 17 Early withdrawal 18 Competent authority 19 Mediation mechanisms
Amendment 642 #
Proposal for a regulation Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table B (new) Annex - 1 – PEPP KEY INFORMATION DOCUMENT AND PEPP BENEFIT STATEMENT – TABLE B Type of information Description 1 Personal details of PEPP saver 2 Name of the provider 3 Information on pension benefit projections 4 Pay-out option 5 Accrued entitlements or accumulated capital 6 Contributions 7 Funding level of the PEPP scheme 8 The Member State in which the PEPP is authorised or registered 9 Name of the national competent authority 10 Information on full or partial guarantees under the PEPP product 11 Past performance 12 Costs
source: 621.961
2018/05/04
EMPL
487 amendments...
Amendment 100 #
Proposal for a regulation Recital 22 a (new) (22a) Detailed information on the nature of the investment product must be provided in a prospectus to be cosigned by the investor prior to the purchase of the new product. The product data contained in the key investor information document must be visible, clearly legible, comprehensible and user-friendly for everyone without exception, including those with disabilities, and intended to provide them with an accurate product description.
Amendment 101 #
Proposal for a regulation 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 102 #
Proposal for a regulation Recital 23 (23) Before joining a PEPP scheme, potential PEPP
Amendment 103 #
Proposal for a regulation Recital 23 a (new) (23a) Investors must be given detailed information about the cost of the product from which they hope to receive additional income. From the first page of the contract, investors must be given an analytical and detailed breakdown of the total cost of the product and in particular: a. entry fee b. administrative costs, c. investment management costs, d. any additional costs.
Amendment 104 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product
Amendment 105 #
Proposal for a regulation Recital 24 (24) In order to ensure optimal product transparency, PEPP
Amendment 106 #
Proposal for a regulation Recital 25 (25) In order to ensure widespread dissemination and availability of PEPP key information documents, this Regulation should provide for publication by the PEPP
Amendment 107 #
Proposal for a regulation Recital 25 a (new) (25a) Key information documents regarding the product must be provided to the investor in hard copy, drafted in a comprehensible manner at no additional cost, before he or she signs the relevant investment contract.
Amendment 108 #
Proposal for a regulation Recital 26 (26) Pension product calculators are already being developed at national level. However, in order for the calculators to be as useful as possible to consumers, they should cover the costs and fees charged by the various PEPP
Amendment 109 #
Proposal for a regulation Recital 26 a (new) (26a) Investors should be given the possibility - by means of a specific appliance - of calculating provision levels during the decumulation period.
Amendment 110 #
Proposal for a regulation Recital 27 Amendment 111 #
Proposal for a regulation Recital 29 (29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP
Amendment 112 #
Proposal for a regulation Recital 29 (29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP savers and beneficiaries, in order to present them with key personal and generic data about the PEPP scheme and to ensure continuous information on it. The Pension Benefit Statement should be clear and comprehensive and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 113 #
Proposal for a regulation Recital 29 (29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP savers, in order to present them with key personal and generic data about the PEPP scheme and to ensure continuous information on it. The Pension Benefit Statement should be clear, updated, simple and comprehensive and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 114 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP
Amendment 115 #
Proposal for a regulation Recital 30 (30) PEPP providers should inform PEPP savers and beneficiaries sufficiently in advance before retirement about their pay-out options, including pay-outs to beneficiaries in the event of death or divorce. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement and beneficiaries should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 116 #
Proposal for a regulation Recital 31 (31) During the phase when supplementary retirement benefits are paid, PEPP beneficiaries should continue to receive information on their benefits and corresponding pay-out options. This is particularly important when a significant level of investment risk is borne by PEPP beneficiaries in the pay-
Amendment 117 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP savers and PEPP beneficiaries, PEPP providers should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities. Therefore, efficient supervision is required as well as an approach to investment rules that allows PEPP providers sufficient flexibility to decide on the most secure and efficient investment policy, while obliging them to act prudently and in alignment with the PEPP saver's needs and preferences. Compliance with the prudent person rule therefore requires an investment policy geared to the customers' structure of the individual PEPP provider.
Amendment 118 #
Proposal for a regulation Recital 32 (32) In order to protect adequately the rights of PEPP
Amendment 119 #
Proposal for a regulation Recital 33 Amendment 120 #
Proposal for a regulation 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 121 #
Proposal for a regulation 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
Amendment 122 #
Proposal for a regulation Recital 34 (34) This Regulation should ensure an appropriate level of investment freedom for PEPP providers. As very long-term investors with low liquidity risks, PEPP providers are in a position to contribute to
Amendment 123 #
Proposal for a regulation Recital 35 (35) In the context of deepening the CMU, the understanding of what constitutes instruments with a long-term economic profile is broad. Such instruments are non-transferable securities and therefore do not have access to the liquidity of secondary markets. They often require fixed term commitments which restrict their marketability and should be understood to include participation and debt instruments in, and loans provided to, non-listed undertakings. Non-listed undertakings include infrastructure projects, unlisted companies seeking growth, real estate or other assets that could be suitable for long term investment purposes. Low carbon and climate resilient
Amendment 124 #
Proposal for a regulation 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
Amendment 125 #
Proposal for a regulation 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
Amendment 126 #
Proposal for a regulation Recital 36 a (new) (36a) One of the objectives of this regulation is channelling capital towards European long-term investments in the real economy. PEPP providers should integrate environmental, social and governance (ESG) factors in their investment decisions. PEPP savings should be invested in line with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights.
Amendment 127 #
Proposal for a regulation Recital 36 b (new) (36b) PEPP providers should engage regularly with their clients to ensure their concerns and preferences, including regarding ESG factors, are properly integrated into the investment decisions.
Amendment 128 #
Proposal for a regulation Recital 36 c (new) (36c) PEPP providers should adopt an investment exclusion policy in order to ensure that savings are not invested in highly controversial and harmful products such as coal-based energy, nuclear weapons, cluster munition, the production of Tobacco or used to support harmful conducts such as serious human rights and labour rights violations, severe environmental, climate damage, corruption and tax avoidance.
Amendment 129 #
Proposal for a regulation Recital 37 (37) In ensuring compliance with their obligation to develop an investment policy in accordance with the prudent person rule, PEPP providers should be prevented
Amendment 130 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to make an investment decision, including the number of investment options they can choose from.
Amendment 131 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options granted to the PEPP savers should be framed, covering the elements which allow investors to align with their customers' preferences and long-term needs, and to make an investment decision, including the number of investment options they can choose from. After the initial choice made upon the subscription of a PEPP, the PEPP saver should have the possibility to modify this choice at reasonable intervals (every five years), so that sufficient stability is offered to providers for their long-term investment strategy whilst at the same time investor protection is ensured.
Amendment 132 #
Proposal for a regulation Recital 38 (38) In view of the long-term retirement objective of the PEPP, the investment options
Amendment 133 #
Proposal for a regulation Recital 39 Amendment 134 #
Proposal for a regulation Recital 39 (39) The default investment option should
Amendment 135 #
Proposal for a regulation Recital 39 (39) The default investment option should allow the PEPP saver to recoup the invested capital. The PEPP providers
Amendment 136 #
Proposal for a regulation Recital 40 (40) The competent authority should exercise its powers having as its prime objectives the protection of the rights of PEPP
Amendment 137 #
Proposal for a regulation Recital 42 (42) Transparency of costs and fees is essential to develop PEPP
Amendment 138 #
Proposal for a regulation Recital 43 (43) In order to
Amendment 139 #
Proposal for a regulation Recital 44 Amendment 140 #
Proposal for a regulation Recital 45 (45) Without prejudice to the right of PEPP customers to bring action in the courts, easily accessible, adequate, independent, impartial, transparent and effective alternative dispute resolution (ADR) procedures should be established between PEPP providers or distributors and PEPP customers and, where relevant, beneficiaries for resolving disputes arising from the rights and obligations set out in this Regulation.
Amendment 141 #
Proposal for a regulation Recital 46 Amendment 142 #
Proposal for a regulation Recital 46 (46) With a view to establishing an efficient and effective dispute resolution procedure, PEPP providers and distributors should put in place an effective complaints procedure that can be followed by their customers and PEPP beneficiaries before the dispute is referred to be resolved in an ADR procedure or before a court. The complaints procedure should contain short and clearly defined timeframes within which the PEPP provider or distributor should reply to a complaint. ADR entities should have sufficient capacity to engage in an adequate and efficient way in cross- border cooperation with regard to disputes concerning rights and obligations pursuant to this Regulation.
Amendment 143 #
Proposal for a regulation 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
Amendment 144 #
Proposal for a regulation 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 145 #
Proposal for a regulation 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
Amendment 146 #
Proposal for a regulation Recital 47 (47) In order to find better conditions for their investments, thus also stimulating the competition among PEPP providers, PEPP
Amendment 147 #
Proposal for a regulation Recital 48 (48) The switching process should be straightforward for the PEPP saver. Accordingly, the receiving PEPP provider should be responsible for initiating and managing the process on behalf of the PEPP saver. PEPP providers should be able to use additional means, such as a technical solution, on a voluntary basis when establishing the switching service. Switching shall be provided free of charge in cases of limited portability, withdrawal of authorisation and upon request of the PEPP saver.
Amendment 148 #
Proposal for a regulation Recital 48 (48) The switching process should be straightforward for the PEPP
Amendment 149 #
Proposal for a regulation Recital 49 (49) Before giving the authorisation for switching, the PEPP
Amendment 150 #
Proposal for a regulation Recital 51 (51) In order to facilitate cross-border switching, the PEPP
Amendment 151 #
Proposal for a regulation Recital 52 (52) PEPP
Amendment 152 #
Proposal for a regulation Recital 53 (53) PEPP
Amendment 153 #
Proposal for a regulation Recital 54 (54) PEPP providers should be allowed to make available to PEPP
Amendment 154 #
Proposal for a regulation Recital 55 (55) Full transparency on costs and fees related to the investment in a PEPP should
Amendment 155 #
Proposal for a regulation Recital 56 (56) Although the ongoing supervision of PEPP providers is to be exercised by the respective competent national authorities, EIOPA should coordinate the supervision with regards to PEPPs, in order to guarantee the consistent application of a unified supervisory methodology, contributing in this way to the pan
Amendment 156 #
Proposal for a regulation Recital 64 (64) In order to detect potential breaches, the competent authorities should have the necessary investigatory powers, and should establish effective mechanisms, to enable reporting of potential or actual breaches. It would also be necessary to introduce cross-border collective redress mechanisms.
Amendment 157 #
Proposal for a regulation Recital 67 Amendment 158 #
Proposal for a regulation Recital 67 a (new) (67a) In the EU, 14.6% of people aged 65 or over is at risk of poverty. Since capital income tends to be concentrated in upper income brackets, tax incentives for private pensions may result in effective tax rates that are negative, and regressive. These foregone tax revenues are better spent enhancing the sustainability and adequacy of first pillar systems. Member States should cap and target tax incentives for private pension products including PEPP at specific groups with limited access to other complementary pension provisions such as low income groups, self-employed workers and people with long gaps in their contribution periods.
Amendment 159 #
Proposal for a regulation Recital 68 Amendment 160 #
Proposal for a regulation Recital 68 (68) This Regulation should not be understood as obliging Member States to apply to PEPPs the same tax rules as they would apply to comparable personal
Amendment 161 #
Proposal for a regulation Recital 69 Amendment 162 #
Proposal for a regulation Recital 69 Amendment 163 #
Proposal for a regulation Recital 69 (69) Following the launch of the PEPP, Member States are strongly encouraged to take into consideration Commission Recommendation (EU) 2017/… and to extend the benefits of the tax advantages they grant to national PPPs also to the PEPP.
Amendment 164 #
Proposal for a regulation Recital 69 a (new) (69a) Member States are encouraged to provide an appropriate PEPP framework.
Amendment 165 #
Proposal for a regulation Recital 70 (70) An evaluation of this Regulation is to be
Amendment 166 #
Proposal for a regulation Recital 70 a (new) (70a) Given the possible long term implications of this Regulation, it is essential to closely monitor the developments during the initial phase of application A panel of stakeholders and experts with at least one ESG expert will be set up for the purpose of monitoring on an ongoing basis all relevant aspects of PEPP, and report to Commission, Parliament and Council any observations they may have.
Amendment 167 #
Proposal for a regulation Recital 71 (71) This Regulation should ensure the respect
Amendment 168 #
Proposal for a regulation Recital 71 (71) This
Amendment 169 #
Proposal for a regulation Recital 72 (72) Since the objective
Amendment 170 #
Proposal for a regulation Article 1 – paragraph 1 This
Amendment 171 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – introductory part (1) “personal pension product” means a
Amendment 172 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point a (a) is based on a contract between an individual saver and an entity on a voluntary and complementary basis;
Amendment 173 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point b (b)
Amendment 174 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 – point d a (new) (da) is a product of questionable security, given its reliance on stock market performances, which may or may not guarantee the issue thereof;
Amendment 175 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 Amendment 176 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) "pan-European Personal Pension Product (PEPP)" means a long-term, sustainable and socially responsible savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP saver or by an independent PEPP savers association on behalf of its members in view of retirement, with no or strictly limited redeemability;
Amendment 177 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) "pan-European Personal Pension Product (PEPP)" means a long-term savings personal pension product, which is provided under an agreed PEPP scheme by a regulated financial undertaking authorised under Union law to manage collective or individual investments or savings, and subscribed to voluntarily by an individual PEPP
Amendment 178 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – introductory part (3) “
Amendment 179 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – introductory part (3)
Amendment 180 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a (a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament
Amendment 181 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b a (new) (ba) an independent association subscribing PEPP products for its members;
Amendment 182 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) “
Amendment 183 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) “
Amendment 184 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) “
Amendment 185 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 (7) “
Amendment 186 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 (8) “
Amendment 187 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 (9) "Supplementary PEPP retirement benefits" means private benefits pa
Amendment 188 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 (9) “
Amendment 189 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 (10) “accumulation phase” means the period during which assets (in-payments) are accumulated in a
Amendment 190 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 (11) “decumulation phase” means the period during which assets accumulated in a
Amendment 191 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 (12) "annuity" means a sum payable at specific intervals over a period, such as the
Amendment 192 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) (12a) "lump sum" means the full payment of the accumulated capital at the end of the accumulation phase;
Amendment 193 #
Proposal for a regulation Article 2 – paragraph 1 – point 13 (13) "drawdown payments" means the possibility for the
Amendment 194 #
Proposal for a regulation Article 2 – paragraph 1 – point 14 (14) "provider of
Amendment 195 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 (15) "distributor of
Amendment 196 #
Proposal for a regulation Article 2 – paragraph 1 – point 16 – point a (a) enables a
Amendment 197 #
Proposal for a regulation Article 2 – paragraph 1 – point 17 (17) "competent authorities"
Amendment 198 #
Proposal for a regulation Article 2 – paragraph 1 – point 18 (18) "home Member State of the
Amendment 199 #
Proposal for a regulation Article 2 – paragraph 1 – point 19 (19) “host Member State of the
Amendment 200 #
Proposal for a regulation Article 2 – paragraph 1 – point 19 a (new) (19a) "home Member State of the PEPP distributor" means the Member State in which the PEPP distributor has its registered office;
Amendment 201 #
Proposal for a regulation Article 2 – paragraph 1 – point 19 b (new) (19b) "host Member State of the PEPP distributor" means a Member State, other than the home Member State, in which a PEPP distributor distributes PEPPs;
Amendment 202 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 Amendment 203 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 (20)
Amendment 204 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) "capital" means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible
Amendment 205 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 (24) "default investment option" means an investment strategy where the PEPP saver recoups at least the capital invested and which is either selected by the PEPP saver or applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account;
Amendment 206 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 (24) "default investment option" means an investment strategy applied when the
Amendment 207 #
Proposal for a regulation Article 2 – paragraph 1 – point 24 (24) "default investment option" means an investment strategy applied when the PEPP
Amendment 208 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 (26) "switching providers" means, upon a
Amendment 209 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 (27) "advice" means the provision of a personal recommendation to a
Amendment 210 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 Amendment 211 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 (28) "PEPP customer" means a PEPP
Amendment 212 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “Environmental, social and governance factors (ESG)” comprise the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights and the UNPRI definitions in which environmental factors include climate change, greenhouse gas (GHG) emissions, resource depletion (including water waste and pollution) and deforestation; social factors include Human Rights, working conditions (including slavery and child labour), local communities (including indigenous communities), conflict, health and safety, employee relations and diversity; and governance factors include executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.
Amendment 213 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) “Life-cycle investment strategy” means a strategy which aims at adjusting a portfolio’s risk profile from the investment date until the investor perceives out-payments after retirement age, by progressively reducing its overall risk exposure over time.
Amendment 214 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) "Biometric risks” means risks associated with longevity, disability and death.
Amendment 215 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 a (new) (28a) "biometric risks" mean risks linked to longevity, disability and death.
Amendment 216 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 b (new) (28b) “partnerships” means cooperation between PEPP providers to offer compartments in different Member States, in the view of portability service as referred to in Article 12. Liability in these partnerships remains in all cases with the primary provider.
Amendment 217 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 b (new) (28b) "compartment partnership" means cooperation between PEPP providers to offer compartments in different Member States as regards the portability service as referred to in Article 12.
Amendment 218 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) where authorised by this Regulation, the provisions of the contract
Amendment 219 #
Proposal for a regulation Article 3 – paragraph 1 – point c – point ii (ii) the provisions of Member States' laws which would apply to a comparable personal pension product manufactured and distributed in accordance with the law of the Member State in which the manufacturer has its registered office, not including those concerning the tax system, the determination of which falls within the exclusive competence of the Member States. .
Amendment 220 #
Proposal for a regulation Article 4 – paragraph 1 1.
Amendment 221 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the
Amendment 222 #
Proposal for a regulation Article 4 – paragraph 1 1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by
Amendment 223 #
Proposal for a regulation Article 4 – paragraph 2 2. Authorisation
Amendment 224 #
Proposal for a regulation Article 4 – paragraph 2 2. Authorisation of a PEPP shall be valid in all Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by
Amendment 225 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. In the case of the cross-border marketing of a PEPP, the national authorities of the host State must be able to exercise control of legality in order to check the conformity of the product with the applicable national law.
Amendment 226 #
Proposal for a regulation Article 4 – paragraph 2 b (new) 2b. In order to guarantee respect for the principle of the right to effective legal remedy, given the diversity and inconsistency of the applicable regimes, the court in the country where the consumer resides should have competence.
Amendment 227 #
Proposal for a regulation Article 4 – paragraph 2 c (new) 2c. Where the national institution vested with the equivalent authority to that of EIOPA does not authorise a PEPP, it cannot be manufactured or distributed in the Member State.
Amendment 229 #
Proposal for a regulation Article 5 – paragraph 1 – introductory part 1.
Amendment 230 #
Proposal for a regulation Article 5 – paragraph 1 – point a (a) all providers entitled under national law to offer individual pension products and credit institutions authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council43; __________________ 43 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
Amendment 231 #
Proposal for a regulation Article 5 – paragraph 1 – point a (a) credit institutions a
Amendment 232 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 233 #
Proposal for a regulation Article 5 – paragraph 1 – point c Amendment 234 #
Proposal for a regulation Article 5 – paragraph 1 – point c (c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45
Amendment 235 #
Proposal for a regulation Article 5 – paragraph 1 – point c a (new) (ca) institutions for occupational retirement provision (IORP) registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45
Amendment 236 #
Proposal for a regulation Article 5 – paragraph 1 – point d Amendment 237 #
Proposal for a regulation Article 5 – paragraph 1 – point e Amendment 238 #
Proposal for a regulation Article 5 – paragraph 1 – point e Amendment 239 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 240 #
Proposal for a regulation Article 5 – paragraph 1 – point f Amendment 241 #
Proposal for a regulation Article 5 – paragraph 1 – point f a (new) (fa) all undertakings, including insurance undertakings, authorised by the Member States to distribute pension products.
Amendment 242 #
Proposal for a regulation Article 5 – paragraph 2 – introductory part 2. Financial undertakings listed in paragraph 1 shall submit their applications for authorisation of a
Amendment 243 #
Proposal for a regulation Article 5 – paragraph 2 – point a (a) information on standard contract terms to be proposed to PEPP
Amendment 244 #
Proposal for a regulation 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 245 #
Proposal for a regulation Article 5 – paragraph 2 – point d (d) information on arrangements regarding portfolio and risk management and administration with regard to the PEPP including the integration of environmental, social and governance factors and risks;
Amendment 246 #
Proposal for a regulation Article 5 – paragraph 2 – point e (e) information about the investment strategies, the risk profile and other characteristics of the PEPP, including the integration of environmental, social and governance factors and in particular how the investment strategy is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 247 #
Proposal for a regulation 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 248 #
Proposal for a regulation Article 5 – paragraph 2 – point e a (new) (ea) information about the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights and the production of weapons;
Amendment 249 #
Proposal for a regulation Article 5 – paragraph 2 – point f Amendment 25 #
Proposal for a regulation – The Committee on Employment and Social Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to propose rejection of the Commission proposal.
Amendment 250 #
Proposal for a regulation Article 5 – paragraph 2 – point f a (new) (fa) information on any partnerships between PEPP providers to offer compartments in different Member States;
Amendment 251 #
Proposal for a regulation Article 5 – paragraph 2 – point h (h) a description of the information to be made available to PEPP savers and beneficiaries, including a description of the arrangements for dealing with complaints submitted by PEPP savers and beneficiaries;
Amendment 252 #
Proposal for a regulation Article 5 – paragraph 3 3. EIOPA and the corresponding national institutions may request clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 253 #
Proposal for a regulation Article 5 – paragraph 3 3.
Amendment 254 #
Proposal for a regulation Article 5 – paragraph 4 Amendment 255 #
Proposal for a regulation Article 5 – paragraph 4 4. EIOPA may ask the competent authority
Amendment 256 #
Proposal for a regulation Article 5 – paragraph 5 5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to
Amendment 257 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1.
Amendment 258 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Within t
Amendment 259 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) the applicant complies with th
Amendment 26 #
Proposal for a regulation Title 1 Proposal for a
Amendment 260 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (ba) the applicant has adopted and published a credible investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons;
Amendment 261 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) the proposed
Amendment 262 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) the proposed PEPP effectively integrates environmental, social and governance factors into its investment strategy and risk management and ensures that its portfolio management is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 263 #
Proposal for a regulation 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 264 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (da) the PEPP complies with the national rules in force in the Member States which will be directly affected by the manufacture and distribution of the PEPP.
Amendment 265 #
Proposal for a regulation Article 6 – paragraph 2 2.
Amendment 266 #
Proposal for a regulation 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 267 #
Proposal for a regulation Article 6 – paragraph 2 2. Before taking a decision on the application, EIOPA shall consult the competent authority of the applicant to verify if there are any objections to the granting of the application.
Amendment 268 #
Proposal for a regulation Article 6 – paragraph 3 3.
Amendment 269 #
Proposal for a regulation Article 6 – paragraph 4 Amendment 27 #
Proposal for a regulation Recital 1 Amendment 270 #
Proposal for a regulation 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 271 #
Proposal for a regulation Article 6 – paragraph 4 4.
Amendment 272 #
Proposal for a regulation 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 273 #
Proposal for a regulation Article 6 – paragraph 5 5.
Amendment 274 #
Proposal for a regulation Article 7 Amendment 275 #
Proposal for a regulation Article 8 – paragraph 1 1.
Amendment 276 #
Proposal for a regulation Article 8 – paragraph 2 2.
Amendment 277 #
Proposal for a regulation Article 9 – paragraph 1 Amendment 278 #
Proposal for a regulation Article 10 – paragraph 1 EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP
Amendment 279 #
Proposal for a regulation Chapter 3 – title CROSS-BORDER
Amendment 28 #
Proposal for a regulation Recital 1 (1) EU households are amongst the highest savers in the world
Amendment 280 #
Proposal for a regulation Chapter 3 – section 1 Amendment 281 #
Proposal for a regulation Article 11 – paragraph 1 PEPP providers may provide and PEPP distributors may distribute PEPPs within the territory of a host Member State under the freedom to provide services or the freedom of establishment, provided they do so in compliance with the relevant rules and procedures established by or under the Union legislative acts applicable to them as referred to in Article 5(1) or 8(2). The competent authorities of each Member State shall be authorised to assess compliance with the relevant rules and procedures laid down by EU law and, where appropriate, to deliver a reasoned opinion to EIOPA calling for the suspension or cessation of the distribution of a PEPP.
Amendment 282 #
Proposal for a regulation Article 12 – paragraph 1 1. The portability service allows
Amendment 283 #
Proposal for a regulation Article 12 – paragraph 1 1. The portability service allows PEPP savers to continue contributing to the PEPP which they have already contracted with its provider, while changing their domicile by moving to another Member State. The Commission should examine waiving the fee for changing providers as an incentive. In any case, costs shall be reasonable and communicated always at time of the contract.
Amendment 284 #
Proposal for a regulation Article 12 – paragraph 1 1. The portability service allows PEPP
Amendment 285 #
Proposal for a regulation Article 12 – paragraph 2 2. In case of using the portability service, PEPP
Amendment 286 #
Proposal for a regulation Article 12 – paragraph 2 a (new) 2a. PEPP receivers shall ensure that beneficiaries can receive PEPP pay-outs irrespective of the Member State in which they reside.
Amendment 287 #
Proposal for a regulation Article 13 – paragraph 1 1.
Amendment 288 #
Proposal for a regulation Article 13 – paragraph 1 1. PEPP providers shall provide the portability service to PEPP
Amendment 289 #
Proposal for a regulation Article 13 – paragraph 2 Amendment 29 #
Proposal for a regulation Recital 1 (1) EU households are amongst the highest savers in the world, but the bulk of these savings are held in bank accounts with short maturities and low returns. Nonetheless, household saving rates differ significantly among EU countries and persistent differences among EU member states may have an impact on investment and growth as household saving is an important financing source for private and public investment. More investment into capital markets can help meet the challenges posed by population ageing
Amendment 290 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP savers with information on which national compartments are immediately available and either from the PEPP provider or from a registered partner.
Amendment 291 #
Proposal for a regulation Article 13 – paragraph 2 2. When proposing a PEPP, the PEPP provider or PEPP distributor shall provide potential PEPP
Amendment 292 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 293 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 294 #
Proposal for a regulation Article 13 – paragraph 3 3. Th
Amendment 295 #
Proposal for a regulation 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
Amendment 296 #
Proposal for a regulation Article 14 Amendment 297 #
Proposal for a regulation Article 14 – paragraph 1 Amendment 298 #
Proposal for a regulation Article 14 – paragraph 1 Amendment 299 #
Proposal for a regulation Article 14 – paragraph 1 Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP
Amendment 30 #
Proposal for a regulation Recital 1 (1) EU households are amongst the highest savers in the world, but the bulk of these savings are held in bank accounts with short maturities. More sustainable and socially responsible investment into capital markets can help meet the challenges posed by population ageing and low interest rates.
Amendment 300 #
Proposal for a regulation Article 14 – paragraph 1 a (new) PEPP providers may enter a compartment partnership with other PEPP providers in order to facilitate provisions to open compartments in all Member States.
Amendment 301 #
Proposal for a regulation Article 15 Amendment 302 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 303 #
Proposal for a regulation Article 15 – paragraph 3 3. Not later than three months following the reception of the request under paragraph 2, the PEPP provider shall provide the PEPP
Amendment 304 #
Proposal for a regulation Article 16 Amendment 305 #
Proposal for a regulation Article 16 – paragraph 1 Amendment 306 #
Proposal for a regulation Article 16 – paragraph 1 1. At the request of the PEPP saver, the PEPP provider shall propose to the PEPP saver to arrange for transfer of accumulated assets between different compartments of the individual PEPP account, so that all assets could be consolidated in one compartment. Costs associated with this transfer must have been stipulated at the time the contract was concluded.
Amendment 307 #
Proposal for a regulation Article 16 – paragraph 2 Amendment 308 #
Proposal for a regulation Article 17 – title Amendment 309 #
Proposal for a regulation Article 17 – paragraph 1 1.
Amendment 31 #
Proposal for a regulation Recital 1 a (new) (1a) A skilfully reworked redistributive (pay-as-you-go) pension scheme with predefined benefits and tripartite funding continues to be the key to sustainable and acceptable pensions in the EU. However, the long-term sustainability of the redistributive system and the social effectiveness of first-pillar pensions are being systematically undermined by unemployment, flexible or atypical forms of work, demographic shifts and uninsured and undeclared work, as well as austerity policies that are limited to quantitative adjustments (increase in retirement age, increase in the amount of insurance contributions, reduction in pension replacement rates) and the policies adopted by the EU Member States. At the same time, the quantitative adjustments, coupled with a shift from redistributive to funded pension schemes, are merely serving to widen inequalities between pensioners without ensuring the sustainability of pensions.
Amendment 310 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to
Amendment 311 #
Proposal for a regulation Article 17 – paragraph 1 1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over it and to EIOPA.
Amendment 312 #
Proposal for a regulation Article 17 – paragraph 2 Amendment 313 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 314 #
Proposal for a regulation Article 17 – paragraph 2 – introductory part 2. The information under paragraph 1 shall be filed electronically in a central database held with
Amendment 315 #
Proposal for a regulation Article 17 – paragraph 2 – point a a (new) (aa) identification of the registered partner if any;
Amendment 316 #
Proposal for a regulation Article 18 – paragraph 1 Amendment 317 #
Proposal for a regulation Article 19 – paragraph 1 – introductory part Amendment 318 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be provided to PEPP customers electronically, provided that the PEPP customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored, as well as on hard copy, irrespective of whether or not the investor has requested it. Upon request, PEPP providers and distributors shall provide free of charge those documents and information also on another durable medium.
Amendment 319 #
Proposal for a regulation Article 21 – paragraph 1 All documents and information under this Chapter shall be provided to PEPP customers electronically, provided that the PEPP customer is enabled to store such information in a way accessible for future reference and for a period of time adequate for the purposes of the information and that the tool allows the unchanged reproduction of the information stored. Upon request, PEPP providers and distributors shall provide free of charge those documents and information also on another durable medium
Amendment 32 #
Proposal for a regulation Recital 1 a (new) Amendment 320 #
Proposal for a regulation Article 22 – paragraph 1 – subparagraph 1 Amendment 321 #
Proposal for a regulation Article 23 – paragraph 1 1.
Amendment 322 #
Proposal for a regulation Article 23 – paragraph 1 1. Before a PEPP is proposed to PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document constituting pre-contractual information in accordance with the requirements of this Chapter and shall publish the document on its website.
Amendment 323 #
Proposal for a regulation Article 23 – paragraph 1 1. Before a PEPP is proposed to PEPP
Amendment 324 #
Proposal for a regulation Article 23 – paragraph 1 a (new) 1a. The key information document shall contain a detailed breakdown of : – costs to the investor expressed as a percentage and total amount; – shall be issued in all EU languages; – shall be simple, accessible and comprehensible even to those without financial expertise; – shall be usable by those with impaired vision or hearing or other disabilities; – shall be made available electronically or on hard copy, whether or not this has been requested by the investor; – shall give a detailed breakdown of all investment risks assumed by the investor; – shall indicate the financial investment products with which the product in question may be linked.
Amendment 325 #
Proposal for a regulation Article 23 – paragraph 2 2. PEPP providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014. The PEPP key information document shall: (a) be a standardised, non- personalised, precontractual standalone document no more than three A4 pages long; (b) be presented and laid out in a way that is clear and easy to read, using characters of a readable size; (c) be no less comprehensible in the event that, having been originally produced in colour, it is printed or photocopied in black and white; (d) be written in the official languages, or in one of the official languages, used in the part of the Member State where the PEPP is offered or, if agreed by the PEPP saver and the PEPP distributor, in another language; (e) be free of charge; (f) not be misleading or inaccurate; (g) have ‘PEPP key information document’ as its heading at the top of the first page.
Amendment 326 #
Proposal for a regulation Article 23 – paragraph 2 2. PEPP providers and PEPP distributors shall
Amendment 327 #
Proposal for a regulation Article 23 – paragraph 3 – point iii (iii)
Amendment 328 #
Proposal for a regulation Article 23 – paragraph 3 – point iv (iv) general information on the portability service, including information on the compartments
Amendment 329 #
Proposal for a regulation Article 23 – paragraph 3 – point iv (iv) general information on the portability service, including information on the compartments and registered partners if any;
Amendment 33 #
Proposal for a regulation 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 330 #
Proposal for a regulation Article 23 – paragraph 3 – point iv (iv)
Amendment 331 #
Proposal for a regulation Article 23 – paragraph 3 – point vii (vii) the law applicable to the
Amendment 332 #
Proposal for a regulation Article 23 – paragraph 3 – point vii a (new) (viia) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 333 #
Proposal for a regulation Article 23 – paragraph 3 – point vii b (new) (viib) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons
Amendment 334 #
Proposal for a regulation Article 23 – paragraph 3 – point vii c (new) (viic) description of the retirement benefits and the extent to which they are guaranteed and the way of outpayment, including a description of the decumulation options and a statement that it may be prudent to consider advice on options before retirement;
Amendment 335 #
Proposal for a regulation Article 23 – paragraph 3 – point vii d (new) (viid) information on any impact the timing of retirement may have on the risks and retirement benefits for the PEPP
Amendment 336 #
Proposal for a regulation Article 23 – paragraph 3 – point vii e (new) (vii e) a description of decumulation options and a statement that it may be prudent to consider advice on options before retirement;
Amendment 337 #
Proposal for a regulation Article 23 – paragraph 3 – point vii f (new) (vii f) the objective of retirement and the means for achieving an optimal result for the PEPP saver, in particular whether the objective is achieved by means of direct or indirect exposure to the underlying investment assets, including a description of the underlying instruments or reference values, a specification of the markets the PEPP invests in and, where applicable, specific environmental or social objectives targeted by the product, as well as how the return is determined;
Amendment 338 #
Proposal for a regulation Article 23 – paragraph 3 – point vii g (new) (vii g) a description of the type of pension saver to whom the PEPP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizon;
Amendment 339 #
Proposal for a regulation Article 23 – paragraph 3 – point vii h (new) (vii h) where the PEPP offers insurance benefits, details of those insurance benefits, including the circumstances that would trigger them;
Amendment 34 #
Proposal for a regulation Recital 1 a (new) (1a) The introduction of a pan- European Personal Pension Product (PEPP) is not intended to be an existential threat to existing pension products in Member States or call successful national old-age insurance systems into question.
Amendment 340 #
Proposal for a regulation Article 23 – paragraph 3 – point vii i (new) (vii i) the term of the PEPP, if known;
Amendment 341 #
Proposal for a regulation Article 23 – paragraph 3 – point vii j (new) (vii j) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PEPP and which are not adequately captured by the summary risk indicator;
Amendment 342 #
Proposal for a regulation Article 23 – paragraph 3 – point vii k (new) (vii k) the possible maximum loss of invested capital
Amendment 343 #
Proposal for a regulation Article 23 – paragraph 3 – point vii l (new) (vii l) appropriate performance and forward-looking scenarios, and the assumptions made to produce them;
Amendment 344 #
Proposal for a regulation Article 23 – paragraph 3 – point vii m (new) (vii m) the integration of environmental, social and governance factors into the PEPP investment strategy and risk mitigation technique;
Amendment 345 #
Proposal for a regulation Article 23 – paragraph 3 – point vii n (new) (vii n) where applicable, information on conditions for returns to PEPP savers or built-in performance caps
Amendment 346 #
Proposal for a regulation Article 23 – paragraph 3 – point vii o (new) (vii o) a statement that the tax legislation of the PEPP saver’s home Member State may have an impact on the actual payout;
Amendment 347 #
Proposal for a regulation Article 23 – paragraph 3 – point vii p (new) (vii p) a brief description of whether the related loss is covered by an investor compensation or guarantee scheme and if so, which scheme it is, the name of the guarantor and which risks are covered by the scheme and which are not
Amendment 348 #
Proposal for a regulation Article 23 – paragraph 3 – point vii q (new) (vii q) the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. The PEPP key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PEPP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the PEPP savers to understand the cumulative effect that these aggregate costs have on the return of the investment;
Amendment 349 #
Proposal for a regulation Article 23 – paragraph 3 – point vii r (new) (vii r) where applicable, whether there is a cooling off period or cancellation period for the PEPP;
Amendment 35 #
Proposal for a regulation Recital 1 b (new) (1b) The supplementary (second-pillar) pension system is also in deep crisis. The destruction of traditional sectors and business activities following the latest financial crisis, the decline of collective bargaining and collective agreements and the investment of a portion of supplementary and occupational pension reserve funds in securities that came crashing down during the last financial crisis has eroded second-pillar assets. However, second-pillar social security benefits, in many countries based on collective agreements between the social partners with bilateral funding from employer and employee contributions, can also continue to be a means of boosting total pension income.
Amendment 350 #
Proposal for a regulation Article 23 – paragraph 3 – point vii s (new) (vii s) an indication of the recommended and, where applicable, required minimum holding period;
Amendment 351 #
Proposal for a regulation Article 23 – paragraph 3 – point vii t (new) (vii t) the ability to make, and the conditions for, any disinvestments before maturity, including all applicable fees and penalties, having regard to the risk and reward profile of the PEPP and the market evolution it targets;
Amendment 352 #
Proposal for a regulation Article 23 – paragraph 3 – point vii u (new) (vii u) information about the potential consequences of cashing in before the end of the term or recommended holding period, such as the loss of capital protection or additional contingent fees;
Amendment 353 #
Proposal for a regulation Article 23 – paragraph 3 – point vii v (new) (vii v) information about how and to whom a PEPP saver can make a complaint about the product or the conduct of the PEPP provider or a person advising on, or selling, the product;
Amendment 354 #
Proposal for a regulation Article 23 – paragraph 3 – point vii w (new) (vii w) a brief indication of any additional information documents to be provided to the PEPP saver at the pre-contractual and/or the post-contractual stage, excluding any marketing material;
Amendment 355 #
Proposal for a regulation Article 23 – paragraph 3 – point vii x (new) (vii x) if applicable, the minimum age in order to be able to start as PEPP saver;
Amendment 356 #
Proposal for a regulation Article 23 – paragraph 3 – point vii y (new) (vii y) information about possibilities and conditions to interrupt a saver’s contribution without being penalised, i.e. job-loss, sickness, family and care-related leaves;
Amendment 357 #
Proposal for a regulation Article 23 – paragraph 3 – point vii z (new) (vii z) information about pay-outs in the event of death of the saver or beneficiary;
Amendment 358 #
Proposal for a regulation Article 23 – paragraph 3 a (new) 3a. 3. The heading ‘PEPP key information document’ at the top of the first page shall be immediately followed by: (i) the type of the PEPP; (ii) the name of the PEPP; (iii) the name, contact details and, if appropriate, authorisation number of the PEPP provider; (iv) the name and contact details of the PEPP provider’s competent authority; (v) the date of the PEPP key information document; (vi) details concerning authorisation in accordance with Article 4. The PEPP provider may insert its logo to the left or right of the heading.
Amendment 359 #
Proposal for a regulation Article 23 – paragraph 4 4. In addition to the PEPP key information document, PEPP providers and
Amendment 36 #
Proposal for a regulation Recital 1 b (new) (1b) The aging of society and falling birth rates are significant demographic challenges for the Union, which threatens both pension adequacy and sustainability as well as intergenerational solidarity. In addition, digitalisation and labour market changes are likely to further exacerbate the problem and put increasing pressure on first and second pillar pensions.
Amendment 360 #
Proposal for a regulation Article 23 – paragraph 4 – subparagraph 1 (new) Amendment 361 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP savers shall also be provided with information on the past performance of investments related to the PEPP scheme covering
Amendment 362 #
Proposal for a regulation Article 23 – paragraph 5 5. Potential PEPP
Amendment 363 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5a. PEPP providers and PEPP distributors shall comply with Articles 9 to 18 of Regulation (EU) No 1286/2014.
Amendment 364 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 1 In order to ensure consistent application of this Article, the European Supervisory Authorities (European Banking Authority, European Securities and Markets Authority and EIOPA) (“ESAs”) shall, through the Joint Committee of the ESAs, develop
Amendment 365 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 2 When developing the
Amendment 366 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 3 Amendment 367 #
Proposal for a regulation Article 23 – paragraph 6 – subparagraph 4 Amendment 368 #
Proposal for a regulation Article 23 a (new) Article 23a Before a contract is concluded, PEPP providers shall give PEPP savers an overview of likely asset performance over the term of the contract, including asset growth, in addition to all expected costs, and assuming an average inflation rate of 4% on which to base the overall calculation.
Amendment 369 #
Proposal for a regulation Article 23 b (new) Article 23b Section on costs: The likely direct and indirect costs associated with a PEPP investment, aggregated and expressed as a percentage of the invested assets in order to ensure direct comparability.
Amendment 37 #
Proposal for a regulation Recital 1 c (new) (1c) According to EIOPA, only 67 million people, or 27% of the total EU population between 25-59 years old, are currently voluntarily subscribed to financial products with a long-term pension objective and that this is concentrated in only a few Member States.
Amendment 370 #
Proposal for a regulation Article 24 Amendment 371 #
Proposal for a regulation Article 24 – paragraph 1 1.
Amendment 372 #
Proposal for a regulation Article 24 – paragraph 3 3. The Commission shall
Amendment 373 #
Proposal for a regulation Article 25 – title Specification of demands
Amendment 374 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Amendment 375 #
Proposal for a regulation Article 25 – paragraph 1 – subparagraph 1 Prior to the conclusion of a PEPP-related contract, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs and preferences, including ESG related preferences of that PEPP saver and shall provide the PEPP saver with objective information about the PEPP in a comprehensible form to allow that PEPP saver to make an informed decision.
Amendment 376 #
Proposal for a regulation 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) Through advice, a PEPP saver shall be informed on the main features of the product.
Amendment 378 #
Proposal for a regulation Article 25 – paragraph 2 2.
Amendment 379 #
Proposal for a regulation Article 25 – paragraph 2 2.
Amendment 38 #
Proposal for a regulation Recital 1 d (new) (1d) Priority should be given to further developing and strengthening the first pillar public pension schemes of Member States as the primary source of income for pensioners. However, in light of the impending reduction of the working population from a ratio of 1:4 to 1:2 a multi-pillar pension approach is crucial. A voluntary, long-term pan-European Personal Pension Product will act as a complement to and strengthen existing pension savings, boosting their adequacy as well as increasing coverage for categories of people previously faced with a lack, or partial lack, of adequate coverage such as women, young people the self-employed and persons in atypical or new forms of employment.
Amendment 380 #
Proposal for a regulation Article 25 – paragraph 3 3. W
Amendment 386 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 1 Without prejudice to Article 25(1),
Amendment 387 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 1 Amendment 388 #
Proposal for a regulation Article 26 – paragraph 1 – subparagraph 2 Amendment 389 #
Proposal for a regulation Article 26 – paragraph 2 Amendment 39 #
Proposal for a regulation Recital 1 e (new) (1e) Portability of the PEPP will increase its attractiveness as a product particularly to young people and help to further facilitate citizens’ right to live and work across the Union.
Amendment 390 #
Proposal for a regulation Article 26 – paragraph 3 – introductory part 3. The Commission shall
Amendment 391 #
Proposal for a regulation Article 27 – paragraph 1 1.
Amendment 392 #
Proposal for a regulation Article 27 – paragraph 1 1. PEPP providers shall draw up a concise, clear and comprehensible personalised document containing key information for each PEPP saver taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (“PEPP Benefit Statement”). The title of
Amendment 393 #
Proposal for a regulation Article 27 – paragraph 1 1. PEPP providers shall draw up a concise personalised document containing key information for each PEPP saver and beneficiary taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (“PEPP Benefit Statement”). The title of the document shall contain the words “PEPP Benefit Statement”.
Amendment 394 #
Proposal for a regulation Article 27 – paragraph 3 – introductory part 3. In addition, the PEPP saver and beneficiaries shall be kept informed throughout the term of the contract of any change concerning the following information:
Amendment 395 #
Proposal for a regulation Article 27 – paragraph 3 – introductory part 3. In addition, the PEPP
Amendment 396 #
Proposal for a regulation 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 397 #
Proposal for a regulation Article 27 – paragraph 3 a (new) 3a. The concise personalised document shall also set out clearly and conspicuously the product purchase and investment costs incurred by the investor. These shall be indicated on the first page in bold type. (a) entry fee (b) administrative costs, (c) investment management costs.
Amendment 398 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall be provided free of charge, annually and include, at least, the following key information for PEPP savers:
Amendment 399 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers, which will be provided annually:
Amendment 40 #
Proposal for a regulation Recital 2 Amendment 400 #
Proposal for a regulation Article 28 – paragraph 1 – introductory part 1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP
Amendment 401 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name
Amendment 402 #
Proposal for a regulation Article 28 – paragraph 1 – point a (a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital, contributions paid by the PEPP saver or any third party and information on the funding level of the PEPP scheme, for which Article 39, paragraphs 1(a), (b), (d), (e), (f) and (h) of Directive 2016/2341/EU shall be applied, where the "member" means the PEPP
Amendment 403 #
Proposal for a regulation Article 28 – paragraph 1 – point b (b) the Member State in which the
Amendment 404 #
Proposal for a regulation Article 28 – paragraph 1 – point e a (new) (ea) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 405 #
Proposal for a regulation 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 406 #
Proposal for a regulation Article 28 – paragraph 1 – point e b (new) (eb) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons.
Amendment 407 #
Proposal for a regulation Article 28 – paragraph 1 – point e c (new) (ec) information on pension benefit projections based on the retirement age as specified in point (b), and a disclaimer that those projections may differ from the final value of the benefits received. These shall be illustrated on the basis of economic scenarios, including a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme.
Amendment 408 #
Proposal for a regulation Article 28 – paragraph 1 – point e d (new) (ed) information on the accrued pension entitlements or accumulated pension capital taking into consideration the specific nature of the PEPP scheme;
Amendment 409 #
Proposal for a regulation Article 28 – paragraph 1 – point e e (new) (ee) Information on what happens in the event of death of the PEPP saver or beneficiary.
Amendment 41 #
Proposal for a regulation Recital 2 (2)
Amendment 410 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 1 EIOPA, after consulting national authorities and after
Amendment 411 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 2 Amendment 412 #
Proposal for a regulation Article 29 – paragraph 3 – subparagraph 3 Amendment 413 #
Proposal for a regulation Article 30 – title Information to be given to PEPP savers and beneficiaries during the pre-retirement phase and to PEPP beneficiaries during the decumulation phase
Amendment 414 #
Proposal for a regulation Article 30 – paragraph 1 1. PEPP savers shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU. This information must be provided at the latest one year prior to the retirement age.
Amendment 415 #
Proposal for a regulation Article 30 – paragraph 1 1. PEPP savers and beneficiaries upon the request of the saver or following a court order, shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU.
Amendment 416 #
Proposal for a regulation 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 417 #
Proposal for a regulation Article 31 a (new) Amendment 418 #
Proposal for a regulation Article 32 – paragraph 1 – introductory part 1.
Amendment 419 #
Proposal for a regulation Article 32 – paragraph 1 – introductory part 1. PEPP providers shall submit to the competent authorities of each Member State, in its official language(s), the information which is necessary for the purposes of supervision. That information shall include at least the information necessary to carry out the following activities when performing a supervisory review process:
Amendment 42 #
Proposal for a regulation Recital 2 (2) Personal pensions are important in linking long-term savers with long-term investment opportunities. A larger, European market for personal pensions will support the supply of funds for institutional investors and investment into the real economy which could help increase job creation across the EU.
Amendment 420 #
Proposal for a regulation Article 32 – paragraph 1 – point a (a) to assess the system of governance applied by the PEPP providers, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, including the integration of ESG related risks, and their capital structure, needs and management;
Amendment 421 #
Proposal for a regulation Article 32 – paragraph 2 – introductory part 2.
Amendment 422 #
Proposal for a regulation Article 32 – paragraph 2 – point b a (new) (ba) to obtain from the PEPP providers any information regarding environmental, social and governance factors in accordance with Article 31a;
Amendment 423 #
Proposal for a regulation Article 32 – paragraph 2 – point c a (new) (ca) to issue reasoned opinions to request that distribution of a PEPP be suspended or halted.
Amendment 424 #
Proposal for a regulation Article 32 – paragraph 7 – subparagraph 1 The Commission shall adopt
Amendment 425 #
Proposal for a regulation Article 32 – paragraph 7 – subparagraph 2 EIOPA, after consulting national authorities and after
Amendment 426 #
Proposal for a regulation Article 32 – paragraph 7 – subparagraph 3 Amendment 427 #
Proposal for a regulation Article 32 – paragraph 7 – subparagraph 4 Amendment 428 #
Proposal for a regulation Article 33 – paragraph 1 – introductory part 1.
Amendment 429 #
Proposal for a regulation Article 33 – paragraph 1 – point b a (new) Amendment 43 #
Proposal for a regulation Recital 2 a (new) (2a) Personal pension products are not intended to replace the statutory pension schemes set up by each Member State.
Amendment 430 #
Proposal for a regulation Article 33 – paragraph 1 – point d Amendment 431 #
Proposal for a regulation Article 33 – paragraph 1 – point d Amendment 432 #
Proposal for a regulation Article 33 – paragraph 1 – point f (f)
Amendment 433 #
Proposal for a regulation Article 34 – paragraph 1 1.
Amendment 434 #
Proposal for a regulation Article 34 – paragraph 1 1. PEPP providers and distributors shall offer up to five investment options to PEPP savers.
Amendment 435 #
Proposal for a regulation Article 34 – paragraph 2 2.
Amendment 436 #
Proposal for a regulation Article 34 – paragraph 3 3. All investment options shall be designed by PEPP providers on the basis of proven risk-mitigation techniques
Amendment 437 #
Proposal for a regulation Article 35 – paragraph 1 The PEPP saver shall opt for
Amendment 438 #
Proposal for a regulation Article 35 – paragraph 1 The PEPP
Amendment 439 #
Proposal for a regulation 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 44 #
Proposal for a regulation Recital 2 b (new) (2b) Personal pension products should be intended to enable pensioners to increase their purchasing power.
Amendment 440 #
Proposal for a regulation Article 36 – paragraph 1 1. The PEPP investor saver shall be able to opt for a different investment option once every five years of accumulation in the PEPP.
Amendment 441 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 442 #
Proposal for a regulation Article 37 – paragraph 1 1. The default investment option shall
Amendment 443 #
Proposal for a regulation Article 37 – paragraph 1 1. The
Amendment 444 #
Proposal for a regulation Article 37 – paragraph 1 – point 1 (new) (1) When a capital guarantee is provided, it should be a long-term guarantee provided at the end of accumulation period and should not apply on investment switches in between.
Amendment 445 #
Proposal for a regulation Article 37 – paragraph 2 2. 2. Capital protection shall
Amendment 446 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the capital invested including fees, cost and inflation.
Amendment 447 #
Proposal for a regulation Article 37 – paragraph 2 2. Capital protection shall allow the PEPP saver to recoup the depreciated capital invested.
Amendment 448 #
Proposal for a regulation Article 38 – paragraph 1 Amendment 449 #
Proposal for a regulation Article 38 – paragraph 1 1. If PEPP providers offer alternative investment options, at least one of them shall offer a more cost-effective investment option to PEPP savers, though all PEPPs must be cost-effective for consumers.
Amendment 45 #
Proposal for a regulation Recital 3 Amendment 450 #
Proposal for a regulation Article 39 – paragraph 1 – introductory part The
Amendment 451 #
Proposal for a regulation Article 39 – paragraph 1 – point a (a) the risk-mitigation technique
Amendment 452 #
Proposal for a regulation Article 40 – paragraph 2 Amendment 453 #
Proposal for a regulation Article 42 – paragraph 1 PEPP providers
Amendment 454 #
Proposal for a regulation Article 43 – paragraph 1 1.
Amendment 455 #
Proposal for a regulation Article 43 – paragraph 2 Amendment 456 #
Proposal for a regulation Article 44 Amendment 457 #
Proposal for a regulation Article 44 – paragraph 1 1.
Amendment 458 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 1 Amendment 459 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 1 PEPP providers shall provide a switching service transferring, upon a request of the PEPP saver, any positive balance from a
Amendment 46 #
Proposal for a regulation Recital 3 (3) Currently, the
Amendment 460 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 The switching service
Amendment 461 #
Proposal for a regulation Article 45 – paragraph 1 – subparagraph 2 The
Amendment 462 #
Proposal for a regulation Article 45 – paragraph 2 2. The PEPP
Amendment 463 #
Proposal for a regulation Article 46 – paragraph 3 – introductory part 3. Within
Amendment 464 #
Proposal for a regulation Article 46 – paragraph 3 – introductory part 3. Within
Amendment 465 #
Proposal for a regulation Article 46 – paragraph 4 – point b (b) where the transferring PEPP provider does not provide a system for automated redirection of the incoming payments to the PEPP account opened by the PEPP saver with the receiving PEPP provider, stop accepting incoming payments on the PEPP account with effect from the date specified in the authorisation. Member States may require the transferring PEPP provider to inform the PEPP
Amendment 466 #
Proposal for a regulation Article 46 – paragraph 4 – point c (fc) transfer the remaining positive
Amendment 467 #
Proposal for a regulation Article 46 – paragraph 4 – point d (d) close the PEPP account on the date specified in the authorisation if the PEPP
Amendment 468 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 1 – introductory part Within five working days of receipt of the information requested from the transferring PEPP provider as referred to in paragraph 3, the receiving PEPP provider shall, as and if provided for in the authorisation and to the extent that the information provided by the transferring PEPP provider or the PEPP
Amendment 469 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 1 – point β (b) inform payers specified in the authorisation of the details of the PEPP saver’s PEPP account with the receiving PEPP provider and transmit to the payers a copy of the PEPP
Amendment 47 #
Proposal for a regulation Recital 3 (3) Currently, the functioning of the internal market for personal pensions is impeded by the high degree of fragmentation between national markets and the limited degree of portability of personal pension products. This can result in difficulties for individuals to make use of their basic freedoms. For instance, they may be prevented from searching for or taking up a job in or retiring
Amendment 470 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 2 If the receiving PEPP provider does not have all the information it needs to inform the payers as referred to in point (b) of the first subparagraph, it shall ask the PEPP
Amendment 471 #
Proposal for a regulation Article 46 – paragraph 5 – subparagraph 3 Where the PEPP
Amendment 472 #
Proposal for a regulation Article 47 – paragraph 1 – introductory part 1. Where a PEPP
Amendment 473 #
Proposal for a regulation Article 47 – paragraph 1 – point b (a) provide the PEPP
Amendment 474 #
Proposal for a regulation Article 47 – paragraph 1 – point b (b) transfer the positive balance remaining on the PEPP account held by the PEPP
Amendment 475 #
Proposal for a regulation Article 47 – paragraph 2 2. If the PEPP
Amendment 476 #
Proposal for a regulation Article 48 – paragraph 1 1. PEPP
Amendment 477 #
Proposal for a regulation Article 48 – paragraph 2 2. The transferring PEPP provider shall provide the information requested by the receiving PEPP provider pursuant to point (a) of Article 46(4) without charging the PEPP
Amendment 478 #
Proposal for a regulation 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
Amendment 479 #
Proposal for a regulation 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
Amendment 48 #
Proposal for a regulation Recital 3 a (new) (3a) The cornerstone of more sustainable first-pillar, second-pillar and occupational pension schemes, which are still limited in scope, should be the implementation of job creation policies and mass employment programmes aimed a tackling unemployment and consolidating the financial resources necessary to provide security for the pensioners of today and tomorrow. The basis of the redistributive pension system is employment, while funded and private pensions schemes rely on returns from financial products and the capital markets.
Amendment 480 #
Proposal for a regulation Article 48 – paragraph 3 3. The total fees and charges applied by the transferring PEPP provider to the PEPP
Amendment 481 #
Proposal for a regulation Article 48 – paragraph 4 4.
Amendment 482 #
Proposal for a regulation Article 50 – paragraph 1 – subparagraph 1 – introductory part Receiving PEPP providers shall give to PEPP savers the following information about the switching service:
Amendment 483 #
Proposal for a regulation Article 51 – paragraph 1 1. In accordance with Article 3, the PEPP conditions related to the decumulation phase shall be determined by Member States unless they are specified in this Regulation; however, the conditions most favourable to the investor must in any case apply.
Amendment 484 #
Proposal for a regulation Article 51 – paragraph 2 Amendment 485 #
Proposal for a regulation Article 51 – paragraph 2 2. Such conditions
Amendment 486 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1.
Amendment 487 #
Proposal for a regulation Article 52 – paragraph 1 – introductory part 1. PEPP providers
Amendment 488 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1a. Member States may stipulate the withdrawal terms they wish to adopt at national level and may choose a withdrawal arrangement or arrangements from among those proposed by this Regulation.
Amendment 489 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every
Amendment 49 #
Proposal for a regulation 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 490 #
Proposal for a regulation Article 52 – paragraph 2 2. The choice of the form of out- payments for the decumulation phase shall be exercised by PEPP savers upon conclusion of a PEPP contract and can be changed once every five years thereafter and during the last year of the accumulation phase
Amendment 491 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. Where Member States have not imposed a mandatory link between reaching retirement age and the start of the decumulation phase, PEPP providers shall give PEPP savers the option to defer the start of the decumulation phase to a date after they have reached retirement age.
Amendment 492 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2a. With regard to the default investment option, a minimum of 25% of out-payments in the form of annuities shall be mandatory.
Amendment 493 #
Proposal for a regulation Article 52 – paragraph 2 b (new) 2b. Where, upon the start of the decumulation phase, the overall value of the assets accumulated in a PEPP account does not exceed an amount to be laid down and revised every year by each Member State, the PEPP saver shall have the right to liquidate the PEPP account and receive a lump sum payment.
Amendment 494 #
Proposal for a regulation Article 53 – paragraph 1 1. The competent authority of the home Member State of the PEPP provider shall supervise compliance with this Regulation on an ongoing basis. It shall also be responsible for supervising compliance with the obligations set out in the rules or instruments of incorporation of the PEPP provider, and the adequacy of its arrangements and organisation with the tasks to be fulfilled when providing a PEPP. By derogation to the first subparagraph, compliance by the PEPP provider and the PEPP distributor with Chapter IV of this Regulation shall be supervised on an ongoing basis by the competent authority of the host Member State of the PEPP provider and the PEPP distributor.
Amendment 495 #
Proposal for a regulation Article 53 – paragraph 1 1.
Amendment 496 #
Proposal for a regulation Article 53 – paragraph 2 Amendment 497 #
Proposal for a regulation Article 55 – paragraph 1 1. EIOPA and the competent authority of the PEPP provider shall cooperate with each other and exchange information for the purpose of carrying out their duties under this Regulation. The competent authorities must cooperate with them and with the European institutions.
Amendment 498 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 1 In order to ensure consistent application of this Article, EIOPA, in cooperation with the national authorities, shall develop
Amendment 499 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 2 Amendment 50 #
Proposal for a regulation Recital 3 a (new) (3a) The reduction in the purchasing power of the working classes is likely to reduce the possibility for many citizens to save, and particularly to save with a view to retirement.
Amendment 500 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 3 Amendment 501 #
Proposal for a regulation Article 55 – paragraph 5 – subparagraph 3 a (new) Where competent authorities issue a reasoned opinion requesting that the distribution of a PEPP be suspended or halted, EIOPA and the competent authorities shall jointly assess the situation and decide on the action to be taken.
Amendment 503 #
Proposal for a regulation Article 62 Amendment 504 #
Proposal for a regulation Article 62 Amendment 505 #
Proposal for a regulation Article 63 – paragraph 1 Amendment 506 #
Proposal for a regulation Article 63 – paragraph 2 Where the evaluation identifies important problems with the functioning of the Regulation, the Report should outline how the Commission is intending to address the identified problems, including steps and timings of the potential revision. Five years after the entry into force of this Regulation, the Commission shall carry out an evaluation of this Regulation and, and after consulting EIOPA, present a Report on the main findings to the European Parliament, the Council and the European Economic and Social Committee. This particular evaluation shall in particular consider the added value of the PEPP in closing the pension gap and the added value to long term investments. More specifically, the evaluation should provide data that allows a verification of whether the creation of a PEPP market has effectively contributed to more European citizens having access to adequate pensions.
Amendment 507 #
Proposal for a regulation Article 63 – paragraph 2 Amendment 508 #
Proposal for a regulation Article 63 – paragraph 2 a (new) The Commission shall set up a panel with relevant stakeholders to continuously monitor the development and implementation of the PEPP. That panel shall include at least EIOPA, the national supervisors, industry and consumer representatives and independent experts, including at least one ESG expert. The secretariat of the panel shall be EIOPA.
Amendment 509 #
Proposal for a regulation Article 63 a (new) Article 63a Transposition 1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [OJ please insert date: three years after the entry into force of the Directive]. They shall immediately communicate the text of those provisions to the Commission. When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made. 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Amendment 51 #
Proposal for a regulation Recital 3 b (new) (3b) Member States should be encouraged to facilitate access to these products for low-income sections of the population in order to limit the fall in their purchasing power when they retire.
Amendment 510 #
Proposal for a regulation Article 64 – paragraph 2 Amendment 511 #
Proposal for a regulation Article 64 a (new) Article 64a Addressees This Directive is addressed to the Member States.
Amendment 52 #
Proposal for a regulation Recital 4 Amendment 53 #
Proposal for a regulation Recital 4 Amendment 54 #
Proposal for a regulation Recital 4 (4) The
Amendment 55 #
Proposal for a regulation 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 56 #
Proposal for a regulation Recital 5 Amendment 57 #
Proposal for a regulation Recital 6 Amendment 58 #
Proposal for a regulation Recital 7 Amendment 59 #
Proposal for a regulation Recital 8 Amendment 60 #
Proposal for a regulation Recital 9 Amendment 61 #
Proposal for a regulation Recital 9 (9) In its Communication Mid-Term Review of the Capital Markets Union Action Plan32 , the Commission announced "a legislative proposal on a pan-European Personal Pension Product (PEPP) by end June 2017. This will lay the foundations
Amendment 62 #
Proposal for a regulation Recital 9 a (new) (9a) People on lower incomes and those who have spent less time on the labour market have less financial room for investing in personal pension products, which leads to an increase in income inequality in old age. This is in particular the case for women in general as a result of the gender pay gap that affects them throughout their professional careers, and since they spend more time outside the labour market to take up caring responsibilities, without any or only a very low income.
Amendment 63 #
Proposal for a regulation Recital 9 a (new) (9a) A successful PEPP will help foster consumer savings for retirement, particularly in the more underdeveloped national pension markets. Believes however, that where domestic providers choose to offer a PEPP it is important to ensure that costs to the consumer are balanced in order to lower or eradicate disincentives to save.
Amendment 64 #
Proposal for a regulation Recital 9 b (new) (9b) When developing policies and legislation regarding pensions, it is essential that statutory or so-called first pillar pensions are adequate, which is at least above poverty level, universally accessible and solidarity-based. Priority must therefore be given to further developing and strengthening the first pillar. It has to be a fundamental principle that a minimum poverty-proof income is guaranteed to all older persons, and that this minimum is provided irrespective of whether or how many years a person has been active on the labour market. Additional schemes can serve as top-up, but cannot constitute substitutes.
Amendment 65 #
Proposal for a regulation Recital 10 Amendment 66 #
Proposal for a regulation Recital 10 Amendment 67 #
Proposal for a regulation Recital 10 (10)
Amendment 68 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP providers. It
Amendment 69 #
Proposal for a regulation Recital 10 (10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP
Amendment 70 #
Proposal for a regulation Recital 10 a (new) (10a) Organising retirement provision will continue to be solely a Member State responsibility. As regards state, occupational and private pension provision arrangements, Member States will remain solely responsible for definitions, all taxation aspects and their relative importance.
Amendment 71 #
Proposal for a regulation Recital 10 b (new) (10b) This PEPP Regulation erects no barriers for Member States to continue to organise funded old-age pension schemes on a collective basis.
Amendment 72 #
Proposal for a regulation Recital 11 Amendment 73 #
Proposal for a regulation Recital 11 Amendment 74 #
Proposal for a regulation Recital 11 (11)
Amendment 75 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be
Amendment 76 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings
Amendment 77 #
Proposal for a regulation Recital 11 (11) A legislative framework for a PEPP will lay the foundations for a successful market in affordable and voluntary retirement-related investments that can be managed on a pan-European scale. By complementing the existing pension products and schemes, it will contribute to meeting the needs of people wishing to enhance the adequacy of their retirement savings, addressing the demographical challenge and the pension gap, and providing a powerful new source of private capital for long-term investment. This framework will not replace or harmonise existing national personal products or occupational pension schemes.
Amendment 78 #
Proposal for a regulation Recital 12 Amendment 79 #
Proposal for a regulation Recital 13 (13) Article 114 TFEU allows the adoption of acts both in the shape of Regulations or Directives. The adoption of a Regulation has been preferred as it would become directly applicable in all Member States. The
Amendment 80 #
Proposal for a regulation Recital 13 (13) Article 114 TFEU allows the adoption of acts
Amendment 81 #
Proposal for a regulation Recital 14 Amendment 82 #
Proposal for a regulation 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 83 #
Proposal for a regulation Recital 14 a (new) (14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different supervision on national level. In particular, prudential supervision of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities. In order not to jeopardise financial stability and to take into account the different organisational structure and supervision, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised and adequately supervised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring- fenced, managed and organised separately from the other activities of occupational retirement provision business, without any possibility of transfer.
Amendment 84 #
Proposal for a regulation Recital 14 a (new) (14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different regulation on national level. In particular, prudential regulation of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities. In order not to jeopardise financial stability and to take into account the different organisational structure and regulation, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring- fenced, managed and organised separately from the other activities of occupational retirement provision, without any possibility of transfer for the provider.
Amendment 85 #
Proposal for a regulation Recital 14 a (new) (14a) The introduction of the PEPP is targeted at a limited number of social categories, primarily mobile professionals whose country of employment frequently changes and to self-employed people in the middle and high income brackets. The proposal, if implemented, will therefore further widen the already substantial pension inequalities, favouring the higher income brackets. At the same time, it will pave the way for pension privatization and the transfer of funding from the second to the third pillar. Instead of legislating in favour of better private pensions for the few, the Commission, following the social shift flagged by the European Pillar of Social Rights, should focus more on underpinning employment policies that will help consolidate pension systems, especially for those in the lower income brackets, workers with precarious, intermittent or zero-hour contracts and seasonal workers.
Amendment 86 #
Proposal for a regulation 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 87 #
Proposal for a regulation Recital 16 Amendment 88 #
Proposal for a regulation Recital 17 Amendment 89 #
Proposal for a regulation Recital 18 (18) The competent authorities of the Member States should have at their disposal all means necessary to ensure the orderly pursuit of business by PEPP providers and distributors throughout the Union, whether pursued in accordance with the freedom of establishment or the
Amendment 90 #
Proposal for a regulation Recital 19 (19) The pan-European dimension of the PEPP can be developed not only at the level of the provider, through the possibilities for its cross-border activity, but also at the level of the PEPP
Amendment 91 #
Proposal for a regulation Recital 20 (20) A PEPP should comprise national compartments, each of them accommodating personal pension product features
Amendment 92 #
Proposal for a regulation Recital 20 a (new) (20a) Uniform tax incentives should be provided for individual national investment products so as to avoid creating unfair competition on the national insurance market. Given that, in many countries, tax incentives are not provided for the third pillar, but only, to a certain extent, for collective occupational pension schemes, implementation of the PEPP is not a practical proposition.
Amendment 93 #
Proposal for a regulation Recital 21 (21)
Amendment 94 #
Proposal for a regulation Recital 21 (21)
Amendment 95 #
Proposal for a regulation Recital 21 (21)
Amendment 96 #
Proposal for a regulation Recital 21 (21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for
Amendment 97 #
Proposal for a regulation Recital 21 a (new) (21a) In order to facilitate provisions to open national compartments in all Member States, PEPP providers should be able to enter partnerships with other PEPP providers.
Amendment 98 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about
Amendment 99 #
Proposal for a regulation Recital 22 (22) Taking into account the nature of the pension scheme established and the administrative burden involved, PEPP providers and distributors should provide clear and adequate information to potential PEPP savers and PEPP beneficiaries to support their decision-making about their retirement. For the same reason, PEPP providers and distributors should equally 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,
source: 621.104
|
History
(these mark the time of scraping, not the official date of the change)
2023-08-03Show (16) Changes | Timetravel
| docs/1 |
|
| docs/11 |
|
| docs/12/docs/0/url |
/oeil/spdoc.do?i=31464&j=0&l=en
|
| docs/14 |
|
| docs/14 |
|
| docs/15 |
|
| docs/15 |
|
| docs/16 |
|
| docs/16 |
|
| docs/17 |
|
| docs/17 |
|
| events/0 |
|
| events/6 |
|
| events/7 |
|
| events/7/date |
Old
2019-02-26T00:00:00New
2019-02-25T00:00:00 |
| links/Research document/url |
Old
http://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2017)608740New
https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2017)608740 |
2021-12-18Show (43) Changes | Timetravel
| committees/0/shadows/3 |
|
| docs/0 |
|
| docs/0/docs/0/url |
https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:[%SECTOR]2017[%DESCRIPTOR]4393:EN:NOT
|
| docs/1 |
|
| docs/2 |
|
| docs/3 |
|
| docs/4 |
|
| docs/4 |
|
| docs/4/docs/0/url |
Old
https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:3297)(documentyear:2017)(documentlanguage:EN)New
https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:3297)(documentyear:2017)(documentlanguage:EN) |
| docs/5 |
|
| docs/5 |
|
| docs/5/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE618.225New
https://www.europarl.europa.eu/doceo/document/ECON-PR-618225_EN.html |
| docs/6 |
|
| docs/6 |
|
| docs/6/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE621.054New
https://www.europarl.europa.eu/doceo/document/ECON-AM-621054_EN.html |
| docs/7 |
|
| docs/7 |
|
| docs/7/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE621.055New
https://www.europarl.europa.eu/doceo/document/ECON-AM-621055_EN.html |
| docs/8 |
|
| docs/8 |
|
| docs/8/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE621.113New
https://www.europarl.europa.eu/doceo/document/ECON-AM-621113_EN.html |
| docs/9 |
|
| docs/9 |
|
| docs/9/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE620.734&secondRef=02New
https://www.europarl.europa.eu/doceo/document/EMPL-AD-620734_EN.html |
| docs/10 |
|
| docs/10/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE618.145&secondRef=03New
https://www.europarl.europa.eu/doceo/document/IMCO-AD-618145_EN.html |
| events/0 |
|
| events/0 |
|
| events/0/type |
Old
Committee referral announced in Parliament, 1st reading/single readingNew
Committee referral announced in Parliament, 1st reading |
| events/1 |
|
| events/1 |
|
| events/1/type |
Old
Vote in committee, 1st reading/single readingNew
Vote in committee, 1st reading |
| events/2 |
|
| events/3 |
|
| events/4 |
|
| events/4 |
|
| events/5 |
|
| events/7 |
|
| events/8 |
|
| events/8 |
|
| events/8/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20190404&type=CRENew
https://www.europarl.europa.eu/doceo/document/CRE-8-2017-04-04-TOC_EN.html |
| events/9 |
|
| procedure/Notes |
|
2020-01-19Show (4) Changes | Timetravel
| docs/11/body |
EC
|
| events/4/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0278&language=ENNew
http://www.europarl.europa.eu/doceo/document/A-8-2018-0278_EN.html |
| events/8/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2019-0347New
http://www.europarl.europa.eu/doceo/document/TA-8-2019-0347_EN.html |
| events/12/summary |
|
2019-09-17Show (3) Changes | Timetravel
| events/12 |
|
| procedure/final |
|
| procedure/stage_reached |
Old
Procedure completed, awaiting publication in Official JournalNew
Procedure completed |
2019-08-07Show (6) Changes | Timetravel
| committees/0 |
|
| committees/0 |
|
| committees/2 |
|
| committees/2 |
|
| committees/4 |
|
| committees/4 |
|
2019-07-29Show (2) Changes | Timetravel
| docs/11 |
|
| events/6 |
|
2019-07-06Show (4) Changes | Timetravel
| committees/2 |
|
| committees/2 |
|
| committees/4 |
|
| committees/4 |
|
2019-07-06Show (25) Changes | Timetravel
| activities |
|
| commission |
|
| committees/0 |
|
| committees/0 |
|
| committees/1 |
|
| committees/1 |
|
| committees/2 |
|
| committees/2 |
|
| committees/3 |
|
| committees/3 |
|
| committees/4 |
|
| committees/4 |
|
| committees/5 |
|
| committees/5 |
|
| council |
|
| docs |
|
| events |
|
| other |
|
| otherinst |
|
| procedure/Mandatory consultation of other institutions |
European Economic and Social Committee
|
| procedure/Notes |
|
| procedure/dossier_of_the_committee |
Old
ECON/8/10394New
|
| procedure/other_consulted_institutions |
European Economic and Social Committee
|
| procedure/stage_reached |
Old
Awaiting Parliament 1st reading / single reading / budget 1st stageNew
Procedure completed, awaiting publication in Official Journal |
| procedure/subject |
Old
New
|
2018-09-12Show (10) Changes | Timetravel
| activities/1/committees/1/shadows/3 |
|
| activities/1/committees/3/date |
2017-09-25T00:00:00
|
| activities/1/committees/3/rapporteur |
|
| activities/2 |
|
| activities/3 |
|
| activities/4 |
|
| committees/1/shadows/3 |
|
| committees/3/date |
2017-09-25T00:00:00
|
| committees/3/rapporteur |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament 1st reading / single reading / budget 1st stage |
2017-10-14Show (1) Changes | Timetravel
| links/Research document |
|
2017-10-05Show (4) Changes | Timetravel
| activities/1/committees/2/date |
2017-10-03T00:00:00
|
| activities/1/committees/2/rapporteur |
|
| committees/2/date |
2017-10-03T00:00:00
|
| committees/2/rapporteur |
|
2017-09-30Show (6) Changes | Timetravel
| activities/1/committees/1/shadows/1 |
|
| activities/1/committees/1/shadows/3 |
|
| activities/1/committees/1/shadows/4 |
|
| committees/1/shadows/1 |
|
| committees/1/shadows/3 |
|
| committees/1/shadows/4 |
|
2017-09-23Show (2) Changes | Timetravel
| activities/0/commission/0 |
|
| other/0 |
|
2017-09-21Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/0 |
|
| committees/1/shadows/0 |
|
2017-09-17Show (6) Changes | Timetravel
| activities/1/committees/1/date |
2017-07-06T00:00:00
|
| activities/1/committees/1/rapporteur |
|
| activities/1/committees/1/shadows/1 |
|
| committees/1/date |
2017-07-06T00:00:00
|
| committees/1/rapporteur |
|
| committees/1/shadows/1 |
|
2017-09-16Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/1 |
|
| committees/1/shadows/1 |
|
2017-09-14Show (3) Changes | Timetravel
| activities/1 |
|
| procedure/dossier_of_the_committee |
ECON/8/10394
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2017-09-07Show (1) Changes | Timetravel
| committees/3 |
|
2017-09-06Show (1) Changes | Timetravel
| committees/1/shadows |
|
2017-09-02Show (1) Changes | Timetravel
| procedure/Mandatory consultation of other institutions |
European Economic and Social Committee
|
2017-07-26Show (1) Changes | Timetravel
| activities/0/docs/0/text |
|
2017-07-07Show (5) Changes
| activities |
|
| committees |
|
| links |
|
| other |
|
| procedure |
|