Activities of Brian HAYES related to 2017/0143(COD)
Plenary speeches (2)
Pan-European Personal Pension Product (debate)
Pan-European Personal Pension Product (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on a Pan-European Personal Pension Product (PEPP) PDF (1 MB) DOC (286 KB)
Amendments (130)
Amendment 231 #
Proposal for a regulation
Recital 14
Recital 14
(14) PEPP providers should have access to the whole Union market with one single product authorisation issued by the European Insurance and Occupational Pensions Authority (“EIOPA”)national competent authorities, on the basis of a single set of rules.
Amendment 243 #
Proposal for a regulation
Recital 19
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 providershile continuing to contribute to a PEPP, whereas the switching of PEPP providers does not necessarily involve a change of residence.
Amendment 246 #
Proposal for a regulation
Recital 20
Recital 20
(20) A PEPP shouldmay comprise national compartments, each of them accommodating personal pension product features allowing that contributions to the PEPP qualify for incentives. At the level of the individual PEPP saver, a first compartment should be created upon opening of a PEPP granted by the PEPP provider.
Amendment 248 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply three years 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 consumersUpon launching a PEPP, the provider should provide information on which national compartments are immediately available. If a PEPP provider cannot offer a national compartment in a certain Member State, it should provide the PEPP saver with alternative portability options, such as the possibility to continue saving into a PEPP through a partnership arrangement.
Amendment 259 #
Proposal for a regulation
Recital 24
Recital 24
(24) In order to ensure optimal product transparency, PEPP manufacturproviders 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. The PEPP key information document should replace and adapt the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 of the European Parliament and of the Council33 which would not have to be provided for PEPPsbe tailored to the requirements of the PEPP product. __________________ 33 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), OJ L 352, 9.12.2014, p. 1.
Amendment 292 #
Proposal for a regulation
Recital 38
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), so that sufficient stability is offered to providers for their long-term investment strategy whilst at the same time investor protection is ensured.
Amendment 296 #
Proposal for a regulation
Recital 39
Recital 39
(39) The default investment option should allow the PEPP saver to recoup the invested capital. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cover inflationBasic PEPP shall be a simple and safe product that can be easily acquired in each Member State. The risk mitigation techniques applied to the Basic PEPP may take the form of capital protection or de-risking investment strategies.
Amendment 303 #
Proposal for a regulation
Recital 41
Recital 41
(41) Where the PEPP provider is an institution for occupational retirement provision or an investment firm, it shouldmay appoint a depositary in relation to the safe- keeping of its assets. This is necessary for protecting consumers, since the sectorial legislation applicable to institutions for occupational retirement provision and investment firms does not provide for the appointment of a depositary.
Amendment 305 #
Proposal for a regulation
Recital 44
Recital 44
Amendment 312 #
Proposal for a regulation
Recital 53
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 fivthree years thereafter, in order to be able to best adapt their pay-out choice to their needs when they near retirement.
Amendment 318 #
Proposal for a regulation
Recital 54
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 331 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the authorisation, manufacturing, distributprovision and supervision of personal pension products that are distributed in the Union under the designation “pan- European Personal Pension product” or “PEPP”.
Amendment 336 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point b
Article 2 – paragraph 1 – point 1 – point b
Amendment 337 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point c
Article 2 – paragraph 1 – point 1 – point c
(c) provides for long-term capital accumulation until retirement with only with the explimcited possibilities for early withdrawal before objective of providing income on retirement;.
Amendment 338 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point d
Article 2 – paragraph 1 – point 1 – point d
Amendment 341 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
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 authorisregulated 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;
Amendment 346 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – introductory part
Article 2 – paragraph 1 – point 3 – introductory part
(3) “PEPP saver” means: any natural person;
Amendment 347 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Amendment 349 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Amendment 351 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) “PEPP scheme” means a contract, an agreement, or a trust deed or rulesbetween a PEPP saver and a PEPP provider stipulating which retirement benefits are granted and under which conditions on the basis of an individual retirement savings plan agreed with a PEPP provider;
Amendment 352 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
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 his retirement and the PEPP beneficiary to receive his retirement benefits;
Amendment 353 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
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
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 pensionPEPP contracts in accordance with criteria selected by PEPP customers through a website or other media and the compilation of a pensionPEPP product ranking list, including price and product comparison, or a discount on the price of a pensionPEPP contract, when the PEPP customer is able to directly or indirectly conclude a pensionPEPP contract using a website or other media;
Amendment 356 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
(10) “accumulation phase” means the period during which assets (in-payments) are accumulated in a PEPP account and normally runs until the age of retirement of the PEPP beneficiary;
Amendment 357 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
(11) “decumulation phase” means the period during which assets accumulated in a PEPP account are drawn upon to fundreceive retirement or other income requiremenbenefits;
Amendment 360 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) “annuity” means a fixed or variable sum payable at specific intervals over a period, such as the PEPP beneficiary’s life or a certain number of years, in return for an investment;
Amendment 362 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13
Article 2 – paragraph 1 – point 13
(13) “drawdown payments” means the possibility for the PEPP beneficiaries to draw discretionary amounts, up to a certain limit on a periodic basiswithdrawal of funds by a PEPP beneficiary during the decumulation phase;
Amendment 364 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15
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, as well as an insurance, reinsurance or ancillaryor an insurance intermediary;
Amendment 367 #
Proposal for a regulation
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) “home Member State of the PEPP provider” means the Member State in which the PEPP provider has its registered officebeen authorised;
Amendment 371 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20
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 and conditions for using incentives fixed at national level for investing in a PEPP byof the Member State of the PEPP saver’s domicilplace of residence. Accordingly, an individual may be a PEPP saver or a PEPP beneficiary in each compartment, depending on the respective legal requirements for the accumulation and decumulation phases;
Amendment 372 #
Proposal for a regulation
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) “capital” means aggregate capitfinancial contributions and uncalled committed capitalthe investment return on those contributions, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
Amendment 375 #
Proposal for a regulation
Article 2 – paragraph 1 – point 23
Article 2 – paragraph 1 – point 23
Amendment 376 #
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
Amendment 378 #
Proposal for a regulation
Article 2 – paragraph 1 – point 26
Article 2 – paragraph 1 – point 26
(26) “switching providers” means, upon a PEPP customer’s request, transferring from one PEPP provider to another any positivthe balance from one PEPP account to the other, with or without closing the former PEPP account;
Amendment 379 #
Proposal for a regulation
Article 2 – paragraph 1 – point 27
Article 2 – paragraph 1 – point 27
(27) “advice” means the provision of a personal recommendation to a PEPP savcustomer, 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 382 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
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 387 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) where authorised by this Regulation, the provisions of the contract for the provision of a PEPP concluded between a PEPP saver and a PEPP providerrules of a PEPP scheme,
Amendment 394 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by EIOPAthe competent authority of the home Member State of the PEPP provider in accordance with this Regulation.
Amendment 398 #
Proposal for a regulation
Article 4 – paragraph 2
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 EIOPA.
Amendment 418 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakings listed in paragraph 1 shall submit their applications for authorisation of a PEPP to EIOPAtheir competent authority. The application shall include the following:
Amendment 421 #
Proposal for a regulation
Article 5 – paragraph 2 – point b a (new)
Article 5 – paragraph 2 – point b a (new)
(ba) the value of the applicant’s assets under management;
Amendment 432 #
Proposal for a regulation
Article 5 – paragraph 2 – point f
Article 5 – paragraph 2 – point f
(f) a list of Member States where the applicant PEPP initially intends to market the PEPP;
Amendment 434 #
Proposal for a regulation
Article 5 – paragraph 2 – point i
Article 5 – paragraph 2 – point i
Amendment 435 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. EIOPAThe competent authority may request clarification and additional information as regards the documentation and information provided under paragraph 1.
Amendment 437 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 440 #
Proposal for a regulation
Article 5 – paragraph 5
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 EIOPAthe competent authority.
Amendment 444 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPAthe competent authority of the PEPP provider shall grant authorisation of the PEPP only where EIOPAthe competent authority is fully satisfied that the following conditions are met:
Amendment 452 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 457 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPAThe competent authority shall communicate to the applicant the reasons for any refusal to grant authorisation of a PEPP.
Amendment 460 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPAThe competent authority shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled.
Amendment 466 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPAThe competent authority shall, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1) ofEIOPA of the decisions to grant, refuse or withdraw authorisations pursuant to this RegulationArticle.
Amendment 468 #
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
Amendment 473 #
Proposal for a regulation
Article 7 – paragraph 1
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 EIOPA to be distributed under the designation “PEPP”the competent authority of the PEPP provider in accordance with this Regulation.
Amendment 475 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPAthe competent authority of the PEPP provider.
Amendment 479 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Without prejudice to this Regulation, PEPP providers and PEPP distributors shall comply at all times with the provisions of this Regulation, as well as with the relevant prudential regime applicable to them in accordance with the legislative acts referred to in Articles 5(1) and 8(2).
Amendment 483 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
EIOPA shall keep a central public register identifying each PEPP authorised under this Regulation, the provider of this PEPP, 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 487 #
Proposal for a regulation
Article 11 – paragraph 1
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
Article 12 – paragraph 1
1. The portability service allowsFor the purposes of this Section, the portability service is defined as the right of PEPP savers to continue contributing to thea PEPP which they have already contracted with its provider, while changing their domicilplace of residence by moving to another Member State.
Amendment 490 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
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 493 #
Proposal for a regulation
Article 13 – paragraph 2
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 availableportability options, including the national compartments they offer.
Amendment 498 #
Proposal for a regulation
Article 13 – paragraph 2 a (new)
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
Article 13 – paragraph 3
Amendment 517 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure thahere a PEPP provider opens a new national compartment within eachan individual PEPP account a new compartment could be opened,, it shall ensure that this compartment correspondings to the legal requirements and conditions for using incentives fixed at national level for thefor a PEPP byof the Member State to which the PEPP saver moves their place of residence.
Amendment 524 #
Proposal for a regulation
Article 15 – paragraph 1
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 StatesImmediately after receiving the PEPP saver’s request to use the portability service, the PEPP provider shall inform the PEPP saver about the possirtability to open a new compartment withoptions available to him or her, including the PEPP saver’s individual acpossibility to count and about the deadline within which such compartment could be openedinue saving in a new compartment or through a partnership.
Amendment 529 #
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. To make use of this possibility, the PEPP saver shall send to the PEPP provider a request, which shall includeWhere a PEPP saver signals their intention to avail of a compartment in another Member State, as offered by the PEPP provider, the PEPP provider shall obtain the following information:
Amendment 530 #
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the PEPP saver’s new Member State of domicilresidence;
Amendment 531 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) the date from which the investmentcontributions should be directed to the newly-opened compartment;
Amendment 532 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Not later than three months following the reception of the request underafter obtaining the information referred to in paragraph 2, the PEPP provider shall provide the PEPP saver with complete information free of charge and advice under Chapter IV, Sections II and III regarding the conditions applicable to the new compartment.
Amendment 535 #
Proposal for a regulation
Article 16 – title
Article 16 – title
Transfer of accumulated righassets between the compartments of the PEPP
Amendment 536 #
Proposal for a regulation
Article 16 – paragraph 1
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 between different compartments of the individual PEPP account, so that all assets could be consolidated in one compartmeand, where applicable, the surrender value, to other compartments of the PEPP account.
Amendment 538 #
Proposal for a regulation
Article 17 – title
Article 17 – title
Provision of information on portability to the nationalcompetent authorities
Amendment 541 #
Proposal for a regulation
Article 17 – paragraph 1
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 itEIOPA.
Amendment 547 #
Proposal for a regulation
Article 17 – paragraph 2 – introductory part
Article 17 – paragraph 2 – introductory part
2. The information under paragraph 1 shall be filed electronically in a central database held with the national supervisory authorityEIOPA within one month of opening the new compartment and. The database shall be accessible to the competent authorities. The database shall contain at least:
Amendment 549 #
Proposal for a regulation
Article 18 – paragraph 1
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
Article 19 – title
Distribution regime applicable to different types of PEPP providers and PEPP distributors (This amendment applies throughout the text.)
Amendment 568 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1
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
Article 22 – paragraph 1 – subparagraph 3
Amendment 575 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. The PEPP providers and PEPP distributors shall comply with Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014key 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 577 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
Amendment 601 #
Proposal for a regulation
Article 23 – paragraph 3 a (new)
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 605 #
Proposal for a regulation
Article 23 – paragraph 4 a (new)
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
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 five years, or, where the scheme has been operating for fewer than five years, coverThe PEPP key information document shall be written in a concise manner, using clear, succinct and comprehensible language and shall contain the key information that PEPP savers require. The key information document should be presented ing all the years that the scheme has been operating, as well as with information way that is easy to read and shall consist of a maximum onf three structure of costs borne by PEPP savers and PEPP beneficiariesides of A4-sized paper when printed.
Amendment 612 #
Proposal for a regulation
Article 23 – paragraph 5 a (new)
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 617 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 1
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 implementingregulatory technical standards specifying the details of the presentation and the content of each of the elements of information referred to in paragraphs 3 and 4, together with the requirements needed to present that information in a standardised format allowing for comparison. (This amendments applies throughout Article 23, paragraph 6)
Amendment 620 #
Proposal for a regulation
Article 23 – paragraph 6 – subparagraph 3
Article 23 – paragraph 6 – subparagraph 3
The ESAs shall submit those draft implementingregulatory technical standards to the Commission by … .[OJ please insert date: 6 months after the date of entry into force of this Regulation]
Amendment 625 #
Proposal for a regulation
Article 23 a (new)
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)
Article 23 b (new)
Amendment 628 #
Proposal for a regulation
Article 23 c (new)
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)
Article 23 d (new)
Amendment 630 #
Proposal for a regulation
Article 23 e (new)
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
Article 24 – paragraph 1
1. In good time before the conclusion of a PEPP-related contract, PEPP providers or distributors referred to in Article 19(c) of this Regulation shall provide PEPP savers or potential PEPP savers with at least the information in relation to the PEPP contract and themselves set out in Article 19 and in points (a) and (c) of the first subparagraph of Article 29(1) of Directive (EU) 2016/97 in relation to insurance contracts and insurance intermediaries. (This amendment applies throughout the text.)
Amendment 647 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Where advice is provided prior to the conclusion of any specific contract, tThe 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’s demands and needs.
Amendment 660 #
Proposal for a regulation
Article 26
Article 26
Amendment 671 #
Proposal for a regulation
Article 27 – paragraph 1
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, labour and tax lawlegislation (“PEPP Benefit Statement”). The title of the document shall contain the words “PEPP Benefit Statement”.
Amendment 674 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. For tThe exact date to which the information in the PEPP Benefit Statement refers to, the format of information contained in the PEPP Benefit Statement, and the treatment of any material shall be stated prominently. PEPP providers shall ensure that the information contained in the PEPP Benefit Statement is accurate, updated and made available to each PEPP saver and beneficiary free of chanrge to the information, Article 38, paragraphs 2-4 of Directive 2016/2341/EU shall be applied accordingly, where for the purposes of this Regulation “Pension Benefit Statement” means PEPP Benefit Statementhrough 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 members on request in addition to any information through electronic means. Any material change to the information contained in the PEPP Benefit Statement compared to the previous year shall be clearly indicated.
Amendment 680 #
Proposal for a regulation
Article 28 – paragraph 1 – point a
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 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 and the name of the PEPP provider and its contact address;
Amendment 683 #
Proposal for a regulation
Article 28 – paragraph 1 – point a a (new)
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)
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)
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)
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 698 #
Proposal for a regulation
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) further practical information as set out in Article 40, paragraph 1(a) of Directive 2016/2341/EUbout the PEPP saver’s options provided under the PEPP scheme, including the portability options;
Amendment 701 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. PEPP savers shall receive information duringIn addition to the PEPP Benefit Statement, PEPP providers shall provide each PEPP saver, at least one year before the pre-retirement phasage as set outpecified in Article 42 of Directive 2016/2341/EU. 28, paragraph 1 (a a), or at the request of the PEPP saver, with information about the benefit pay-out options available in taking their retirement benefits.
Amendment 703 #
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. PEPP providers shall periodically provide PEPP beneficiaries with information, as set out in Article 43 of Directive 2016/2341/EU, where the “pay- out” means the decumulation for the purposes of this Regulationbout the benefits due to them and information about the status of their PEPP account.
Amendment 705 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. PEPP providers shall submit to the competent authoritiesy of the home Member State, and, where appropriate, to the competent authority of the host Member State, 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 712 #
Proposal for a regulation
Article 33 – paragraph 1 – point a
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 733 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to fand PEPP distributors shall offer a basic PEPP and may offer alternative investment options to PEPP savers.
Amendment 738 #
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
Amendment 751 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. The PEPP saver shall be able to optterms for a modifferentication of the investment option once every five years of accumulationshall be listed in the PEPP contract.
Amendment 757 #
Proposal for a regulation
Article 36 – paragraph 2
Article 36 – paragraph 2
Amendment 759 #
Proposal for a regulation
Article 37 – title
Article 37 – title
Amendment 760 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensureBasic PEPP shall be a safe product that can be easily acquired, including through digital channels, in each Member State. The risk mitigation techniques applied to the Basic PEPP may take the form of capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategyinvestment strategies which gradually decrease investment risks (de-risking investment strategies). Regardless of the investment strategy, the PEPP provider shall always aim at ensuring capital protection for the PEPP saver, including costs and fees.
Amendment 775 #
Proposal for a regulation
Article 37 – paragraph 1 a (new)
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 805 #
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) the risk-mitigation technique to ensure capital protection under the default investment options under Article 37(1a);
Amendment 821 #
Proposal for a regulation
Article 41 – paragraph 1
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 shallmay appoint one or more depositaries for the safe-keeping of assets and oversight duties.
Amendment 828 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2 a (new)
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)
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 833 #
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver may switch PEPP providers no more frequently than once every fivthree years after conclusion of the PEPP contract.
Amendment 838 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 1
Article 46 – paragraph 2 – subparagraph 1
The receiving PEPP provider shall initiate the switching service upon receipt of the authorisationrequest from the PEPP saver. (This amendment applies throughout this Chapter.)
Amendment 839 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 3
Article 46 – paragraph 2 – subparagraph 3
The authorisation shall allow the PEPP saver torequest shall provide specific consent to the performance by the transferring PEPP provider of each of the tasks referred to in paragraph 3 and to provide specific consent to the performance by the receiving PEPP provider of each of the tasks referred to in paragraph 5.
Amendment 840 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 4
Article 46 – paragraph 2 – subparagraph 4
The authorisation shall allow the PEPP saver to specifically identify asset portfolios and/or amounts that are to be switched. The authorisationrequest shall also allow PEPP savers to specify the date from which payments are to be executed to the PEPP account opened with the receiving PEPP provider. That date shall be at least six working days after the date on which the receiving PEPP provider receives the documents transferred from the transferring PEPP provider pursuant to paragraph 4. Member States may require the authorisationrequest from the PEPP saver to be in writing and that a copy of the authorisation be provided to the PEPP saver.
Amendment 863 #
Proposal for a regulation
Article 52 – paragraph 1 – point b
Article 52 – paragraph 1 – point b
Amendment 885 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
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 891 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
2. EIOPA 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 theyInstitutions for Occupation Retirement Provision established in the Union to verify that they do not use the designation “PEPP” for pension schemes which they operate or suggest that those pension schemes are a PEPP unless they are authorised under, and comply with, this Regulation.
Amendment 894 #
Proposal for a regulation
Article 53 – paragraph 3
Article 53 – paragraph 3
Amendment 897 #
Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 1
Article 56 – paragraph 1 – subparagraph 1
Where athe competent authorityies of a PEPP provider or a PEPP distributor disagrees about the procedure orwith the content of an action or inaction of a competent authority of another Member State regarding the application of this Regulation, EIOPA, at the request of one or more of the competent authorities concerned, may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraphs 2 to 4Article 19 of Regulation (EU) No 1094/2010. In that case, EIOPA may act in accordance with the powers conferred on it by that Article.
Amendment 898 #
Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 2
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 the procedure set out in paragraphs 2 to 4Article 19 of Regulation (EU) No 1094/2010. In that case, EIOPA may act in accordance with the powers conferred on it by that Article.
Amendment 899 #
Proposal for a regulation
Article 56 – paragraph 2
Article 56 – paragraph 2
Amendment 900 #
Proposal for a regulation
Article 56 – paragraph 3
Article 56 – paragraph 3
Amendment 901 #
Proposal for a regulation
Article 56 – paragraph 4
Article 56 – paragraph 4
Amendment 902 #
Proposal for a regulation
Article 56 – paragraph 5
Article 56 – paragraph 5