Activities of Bernd LUCKE related to 2017/0143(COD)
Plenary speeches (1)
Pan-European Personal Pension Product (debate) DE
Amendments (13)
Amendment 182 #
Proposal for a regulation
Recital 1 a (new)
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 190 #
Proposal for a regulation
Recital 1 b (new)
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 195 #
Proposal for a regulation
Recital 1 c (new)
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 198 #
Proposal for a regulation
Recital 1 d (new)
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 579 #
Proposal for a regulation
Article 23 – paragraph 3 – introductory part
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 608 #
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 ofaverage annual rate of return on total investments related to the PEPP scheme covering a minimum of the last five years, or, where the scheme has been operating for fewer than five years, covering all thefull calendar years that the scheme has been operating, as well as with information. The average annual rate of return shall be calculated net of all relevant costs and shall include changes in the market prices onf the structure of costs borne by PEPP savers and PEPP beneficiariesunderlying capital instruments evaluated at the first and last day of business over the relevant time period. Fixed and one-off costs of the PEPP provider shall be broken down to PEPP schemes in proportion to the market values of the capital instruments at the last day of business in each calendar year. Potential PEPP savers shall be warned that past performance of a PEPP scheme has no predictive power for its performance in the future.
Amendment 636 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1
Article 25 – paragraph 1 – subparagraph 1
Prior to the conclusion of a PEPP-related contract, theEPP providers and distributors may provide advice. Potential PEPP savers may opt for a contract without advice. PEPP provider ors and distributor referred to in Arts shall ensure that the costs of advice are borne by those who seek advice. Where advicle 19(c) of this Regulationis provided 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.
Amendment 640 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2
Article 25 – paragraph 1 – subparagraph 2
Amendment 691 #
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
Amendment 747 #
Proposal for a regulation
Article 36 – paragraph 1
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 PEPPterms for modification of the investment option shall be listed in the PEPP contract and in the Key Information Document.
Amendment 763 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP saver, on thbasic PEPP shall be a simple, low-risk product that can be beasis of a risk-mitigation technique that results in a safe investment strly acquired, including through digital channels, in many Member Stategys.
Amendment 817 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
Amendment 880 #
Proposal for a regulation
Article 52 – paragraph 2
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 applicableor at any later point in time if mutually agreed.