24 Amendments of Pervenche BERÈS related to 2017/0143(COD)
Amendment 211 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Priority should be given to further developing, strengthening and reforming the first (public) and second (occupational) pillars of the national pensions systems. These two pillars will remain paramount for the sustainability of national schemes as personal pension products will just represent an additional source of retirement income and will not aim at replacing them.
Amendment 237 #
Proposal for a regulation
Recital 16
Recital 16
(16) In order to ensure a high quality of service and effective consumer protection, home and host Member States should closely cooperate in the enforcement of the obligations set out in this Regulation. Where PEPP providers and distributors pursue business in different Member States under the freedom to provide services, the competent authority of the home Member State should be responsible for ensuring compliance with the obligations set out in this Regulation, because of its closer links with the PEPP provider. In order to ensure fair sharing of responsibilities between the competent authorities from the home and the host Member States, if the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory, it should inform both EIOPA and the competent authority of the home Member State which should then be obliged to take the appropriate measures. Moreover, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 239 #
Proposal for a regulation
Recital 17
Recital 17
(17) In the case of the establishment of a branch or a permanent presence in another Member State, it is appropriate to distribute responsibility for enforcement between home and host Member States. While responsibility for compliance with obligations affecting the business as a whole – such as the rules on professional requirements – should remain with the competent authority of the home Member State under the same regime as in the case of provision of services, the competent authority of the host Member State should assume responsibility for enforcing the rules on information requirements and conduct of business with regard to the services provided within its territory. However, where the competent authority of a host Member State becomes aware of any breaches of obligations occurring within its territory with respect to which this DirectiveRegulation does not confer responsibility on the host Member State, a close cooperation demands that that authority informs both EIOPA and the competent authority of the home Member State so that the latter takes the appropriate measures. Such is the case in particular as regards breaches of the rules on good repute, professional knowledge and competence requirements. Moreover, in view of protecting consumers, the competent authority of the host Member State should be entitled to intervene if the home Member State fails to take appropriate measures or if the measures taken are insufficient.
Amendment 245 #
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 providers, whereas the switching of PEPP providers does not necessarily involve a change of residence. In any case, the place of residence of a PEPP saver shall determine the applicable tax regime for the saver.
Amendment 274 #
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 should also take into consideration the role played by environmental, social and governance factors in the investment process.
Amendment 286 #
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 299 #
Proposal for a regulation
Recital 39
Recital 39
(39) The default investment option - i.e. the ‘basic PEPP’ 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, including fees, costs and inflation.
Amendment 317 #
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. A fixed amount of annuities should be mandatory for the basic PEPP. Furthermore, out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income not allowing him to have good life standards.
Amendment 325 #
Proposal for a regulation
Recital 67 a (new)
Recital 67 a (new)
(67a) The tax regime applied to a PEPP shall be the one of the Member State a PEPP saver is resident in order to prevent any abuse due to the different national taxation systems.
Amendment 426 #
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 430 #
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 decisions;
Amendment 451 #
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 providers risk management system.
Amendment 463 #
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. A competent authority may ask EIOPA to consider the withdrawal of a PEPP authorisation upon providing any relevant information motivating this request.
Amendment 464 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. When a PEPP authorisation is withdrawn, EIOPA shall coordinate the actions needed to safeguard the PEPP savers holding a contract with the PEPP provider of which the authorisation has been withdrawn.
Amendment 641 #
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’s retirement demands and needs as well as with their level of accrued pension rights.
Amendment 642 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 a (new)
Article 25 – paragraph 1 – subparagraph 2 a (new)
Without prejudice to Article 26, advice shall aim at assessing the risk aversion and the financial skills of a PEPP saver as well as at making him able to choose the investment option which better correspond to his risk profile.
Amendment 643 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2 b (new)
Article 25 – paragraph 1 – subparagraph 2 b (new)
Through advice, a PEPP saver shall be informed about the main features of the product.
Amendment 645 #
Proposal for a regulation
Article 25 – paragraph 1 a (new)
Article 25 – paragraph 1 a (new)
1a. Advice shall aim at making a potential PEPP saver be able to choose, the investment option which is better suited to her/him based on her/his level of accrued pensions rights, of financial education and of risk aversion.
Amendment 714 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(ba) within the prudent person rule, PEPP providers shall take into consideration the potential long-term impact of investment decisions on environmental, social, and governance factors.
Amendment 761 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option - i.e. ‘the basic PEPP’ - shall ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategy by providing adequate guarantees taking into account the long-term nature of the PEPP and its associated risks, which shall allow the PEPP saver to recoup the invested capital, including fees, costs and inflation.
Amendment 873 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. The choice of the formFor the basic PEPP a minimum of 50% 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 applicablein the form of annuities shall be mandatory.
Amendment 884 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. Out-payments in the form of annuities shall be mandatory when a PEPP saver has a total pension income which is equal or below the most recent “at-risk-of-poverty threshold” of the Member State where the PEPP saver benefits from the decumulation phase.
Amendment 896 #
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. EIOPA and the competent authority of the PEPP provider shall cooperatentribute to the consistent application of this Regulation throughout the Union, by cooperating with each other and by exchangeing information for the purpose of carrying out their duties under thise present Regulation.
Amendment 909 #
Proposal for a regulation
Article 63 – paragraph 2 – point a (new)
Article 63 – paragraph 2 – point a (new)
(a) the contribution of the PEPP to the CMU, including sustainable finance;