105 Amendments of Lucy ANDERSON related to 2017/0143(COD)
Amendment 154 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
Amendment 157 #
Proposal for a regulation
Recital 4 a (new)
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
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, and might thus help partially to address the demographical challenge, complement the existing pension products and schemes, and support the cost- efficiency of personal pensions by offering good opportunities for long-term investment of pension savings”. _________________ 32 COM(2017) 292 final, p. 6.
Amendment 160 #
Proposal for a regulation
Recital 10 a (new)
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 163 #
Proposal for a regulation
Recital 11
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 166 #
Proposal for a regulation
Recital 11 a (new)
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 170 #
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”), on the basis of a single set of rules and in cooperation with national competent authorities.
Amendment 190 #
Proposal for a regulation
Recital 22
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 208 #
Proposal for a regulation
Recital 32
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 210 #
Proposal for a regulation
Recital 33
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 216 #
Proposal for a regulation
Recital 35
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 tomay allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long- term economic benefits, in particular to infrastructure projects and corporates.
Amendment 218 #
Proposal for a regulation
Recital 36
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 222 #
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 fivthree 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 225 #
Proposal for a regulation
Recital 39
Recital 39
(39) The default investment option should allow the PEPP saver to recoup the real invested capital. The PEPP providers could in addition include an inflation indexation mechanism to at least partly cove before the accumulated fees and costs are deducted and after accounting for inflation.
Amendment 231 #
Proposal for a regulation
Recital 42
Recital 42
(42) Transparency and fairness of costs and fees isare 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 234 #
Proposal for a regulation
Recital 46 a (new)
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 245 #
Proposal for a regulation
Recital 54
Recital 54
(54) PEPP providers should be allowed to make available to PEPP savers a widesufficient 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.
Amendment 246 #
Proposal for a regulation
Recital 54 a (new)
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 255 #
Proposal for a regulation
Recital 67 a (new)
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 260 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down uniform rules on the authorisation, its withdrawal, manufacturing, distribution and supervision of personal pension products that are distributed in the Union under the designation “pan- European Personal Pension product” or “PEPP”.
Amendment 262 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point a
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 264 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 – point c
Article 2 – paragraph 1 – point 1 – point c
(c) provides for capital accumulation until retirement with only limited possibilities for early withdrawal before retirement;
Amendment 267 #
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 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 strictly limited redeemability;
Amendment 269 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) “PEPP provision” means the manufacturing, and distributiondjustment, optimisation, distribution and customer service of a PEPP;
Amendment 274 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20 a (new)
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
Article 2 – paragraph 1 – point 21
(21) “capital” means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible afterbefore deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
Amendment 276 #
Proposal for a regulation
Article 2 – paragraph 1 – point 21 a (new)
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 294 #
Proposal for a regulation
Article 5 – paragraph 1 – point f
Article 5 – paragraph 1 – point f
Amendment 297 #
Proposal for a regulation
Article 5 – paragraph 2 – point b
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
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 301 #
Proposal for a regulation
Article 5 – paragraph 2 – point e
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 305 #
Proposal for a regulation
Article 5 – paragraph 4
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 313 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the proposed PEPP is based on an investment strategy that allows forcreates the necessary conditions to ensure the retirement outcome contained in the proposed contractual rules.
Amendment 315 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
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 318 #
Proposal for a regulation
Article 6 – paragraph 2
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 324 #
Proposal for a regulation
Article 6 – paragraph 4
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)
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)
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)
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 329 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPA shall, on a quarterly basiswithout delay, inform the competent authorities of the financial undertakings listed in Article 5(1) of decisions to grant, refuse or withdraw authorisations pursuant to this Regulation.
Amendment 332 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. EAt the request of the saver, existing personal pension products may be converted into “PEPPs” following authorisation by EIOPA.
Amendment 336 #
Proposal for a regulation
Article 7 – paragraph 3 a (new)
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 338 #
Proposal for a regulation
Article 8 – paragraph 1
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 340 #
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, 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
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 344 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
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 346 #
Proposal for a regulation
Article 13 – paragraph 1
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 348 #
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 available, either directly from the PEPP provider or through registered cross-border partners.
Amendment 350 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. ThreFive years at the latest after the entry into application of this Regulation, each PEPP shall offer national compartmentPEPP providers shall offer portability of their PEPP products either through national compartments or through partnerships for all Member States upon request addressed to the PEPP provider.
Amendment 354 #
Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 1 (new)
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 361 #
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 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 367 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Not later than threone months following the reception of the request under paragraph 2, the PEPP provider shall provide the PEPP saver with complete information and advice both free of charge and advice, under Chapter IV, Sections II and III regarding the conditions applicable to the new compartment.
Amendment 368 #
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 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 385 #
Proposal for a regulation
Article 21 – paragraph 1
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 reprodufree of charge to the PEPP customer through a format of their choice, either electiron of the information stored. Upon request, PEPP providers and distributors shall provide free of charge those documents and information also on another durable mediumically or in writing, or upon request, in accessible formats.
Amendment 386 #
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 5
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 388 #
Proposal for a regulation
Article 23 – paragraph 1
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 397 #
Proposal for a regulation
Article 23 – paragraph 3 – point i
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 400 #
Proposal for a regulation
Article 23 – paragraph 3 – point iii
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 402 #
Proposal for a regulation
Article 23 – paragraph 3 – point iv
Article 23 – paragraph 3 – point iv
(iv) general information on the portability service, including information on the compartments and tax treatment of compartments;
Amendment 406 #
Proposal for a regulation
Article 23 – paragraph 3 – point vi
Article 23 – paragraph 3 – point vi
(vi) availablell information related to the performance of the investment policy in terms of environmental, social and governance factors;
Amendment 410 #
Proposal for a regulation
Article 23 – paragraph 4
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 413 #
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 fiveten years, or, where the scheme has been operating for fewer than fiveten years, covering all the years that the scheme has been operating, as well as with information on the structure of costs borne by PEPP savers and PEPP beneficiaries free of charge.
Amendment 434 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. In good time before the conclusion of a PEPP-related contraWhen a potential PEPP saver expresses interest in a PEPP product, PEPP providers or distributors referred to in Article 19(c) of this Regulation shall immediately provide PEPP savers or potential PEPP savers with at least the key information document and 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.
Amendment 435 #
Proposal for a regulation
Article 24 – paragraph 2
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 reasonably able to understand the nature and risks and costs concerning the PEPP offered and, consequently, to take investment decisions on an informed basis.
Amendment 439 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 a (new)
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 442 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2
Article 25 – paragraph 1 – subparagraph 2
Any contract proposed shall be consistent with the PEPP savers’ retirement demands and needs. and understanding of the product.
Amendment 444 #
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, 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’s demands and needs, also consistent with their ability to bear risk.
Amendment 445 #
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, 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’s demands and needs.
Amendment 448 #
Proposal for a regulation
Article 25 – paragraph 4
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 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 most adequate to meet the PEPP saver’s needs. Such advice must not be limited to PEPP-related contracts provided by the PEPP provider or distributor itself, by entities having close links with the PEPP provider or distributor or by other entities with which the PEPP provider or distributor has close legal or economic relationships, including contractual relationships, as to pose a risk of impairing the independent basis of the advice provided.
Amendment 454 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1
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 456 #
Proposal for a regulation
Article 26 – paragraph 2 – point c
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 459 #
Proposal for a regulation
Article 27 – paragraph 1 a (new)
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 463 #
Proposal for a regulation
Article 27 – paragraph 3 – point d
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 468 #
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, address and contact details of the PEPP provider and PEPP distributors, 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;
Amendment 471 #
(aa) detailed data of the pension plan portfolio including composition and weight of assets.
Amendment 487 #
Proposal for a regulation
Article 28 – paragraph 1 – point d a (new)
Article 28 – paragraph 1 – point d a (new)
(da) a summary of the PEPP provider's investment-policy principles.
Amendment 490 #
Proposal for a regulation
Article 28 – paragraph 1 – point e
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 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 501 #
Proposal for a regulation
Article 29 – paragraph 1 – point c
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 511 #
Proposal for a regulation
Article 30 – paragraph 1 a (new)
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 513 #
Proposal for a regulation
Article 32 – paragraph 1 – point a
Article 32 – paragraph 1 – point a
(a) to assess the system of governance applied by the PEPP providers,; this shall include an assessment of the internal governance structure, which shall be proportionate to the size and complexity of the provider, and whether it permits engaged consultation with the PEPP saver and wider stakeholders who are affected by the decision-making process of the PEPP provider's investment. It shall also include an assessment of the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, and their capital structure, needs and management;. Furthermore, the assessment will cover the environmental, social and governance factors considered as part of the supervisory review process.
Amendment 520 #
Proposal for a regulation
Article 33 – paragraph 1 – point g a (new)
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
Article 34 – paragraph 1
1. PEPP providers shall offer up to fand PEPP distributors shall offer first a safe, simple and cost-effective default investment option. PEPP providers may offer additional alternative investment options to PEPP savers.
Amendment 523 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
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
Article 34 – paragraph 2
Amendment 526 #
Proposal for a regulation
Article 34 – paragraph 3 a (new)
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)
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
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
Article 36 – paragraph 1
1. The PEPP saver shall be able to opt for a different investment option once every five years ofduring the accumulation in the PEPPphase.
Amendment 530 #
Proposal for a regulation
Article 36 – paragraph 2 a (new)
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 533 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensureguarantee for the PEPP saver real capital protection befor the PEPP saver,e accumulated fees and costs are deducted and after inflation is accounted for on the basis of a risk- mitigation technique that results in a safe investment strategy, according to the draft regulatory technical standards established by EIOPA.
Amendment 537 #
Proposal for a regulation
Article 37 – paragraph 2
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 541 #
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
1. If PEPP providers offer alternative investment options, at least onell of them shall offer a cost-effective investment option to PEPP savers.
Amendment 544 #
Proposal for a regulation
Article 38 – paragraph 2
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 554 #
Proposal for a regulation
Article 40 – paragraph 2 a (new)
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 557 #
Proposal for a regulation
Article 42 – paragraph 1
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 572 #
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 574 #
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver may switch PEPP providers no more frequently thanfree of charge once every five years after conclusion of the PEPP contract. PEPP providers and PEPP savers may agree on more frequent switching. The terms for switching shall be written in the PEPP contract.
Amendment 575 #
Proposal for a regulation
Article 45 – paragraph 2 a (new)
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 579 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 2
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 594 #
Proposal for a regulation
Article 48 – paragraph 3
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 1,0,25 % of the positive balance to be transferred to the receiving PEPP provider.
Amendment 602 #
Proposal for a regulation
Article 49 – paragraph 2
Article 49 – paragraph 2
2. Liability under paragraph 1 shall not apply in cases of abnormal and unforeseeable circumstances beyond the control of the PEPP provider pleading for the application of those circumstances, the consequences of which would have been unavoidable despite all efforts to the contrary, or where a PEPP provider is bound by other legal obligations covered by Union or national legislative acts.
Amendment 603 #
Proposal for a regulation
Article 49 – paragraph 5
Article 49 – paragraph 5
5. The PEPP savUnless otherwise explicitly and separately agreed between the receiving PEPP provider and the PEPP saver, the PEPP provider shall bear the costs and any risk of financial loss connected with the capital protection provided by the transferring PEPP provider. This capital protection, allowing the PEPP saver to recoup the capital invested and providing an inflation indexation mechanism, shall be consumed atfter the mcomentpletion of switching providers.
Amendment 616 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
Amendment 618 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
2. EIOPA shall monitor pension schemeproducts 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 626 #
Proposal for a regulation
Article 56 – paragraph 3
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 mayshall adopt an individual decision addressed to the PEPP provider or PEPP distributor requiring the necessary action to comply with its obligations under Union law, including the cessation of any practice.