Activities of Marian HARKIN related to 2014/0091(COD)
Plenary speeches (1)
Activities and supervision of institutions for occupational retirement provision (A8-0011/2016 - Brian Hayes)
Amendments (11)
Amendment 89 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In order to further facilitate the mobility of workers between Member States, this Directive aims to ensure good governance, information to scheme members, transparency and safety of the occupational retirement provision.
Amendment 92 #
Proposal for a directive
Recital 3
Recital 3
(3) Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a European scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the European Union and for tackling the challenge of an ageing European society. Therefore, the role of social dialogue is important. The Directive, dating from 2003, has not been substantially amended to introduce a modern risk-based governance system also for institutions for occupational retirement provision.
Amendment 152 #
Proposal for a directive
Article 41 – paragraph 2 – subparagraph 1 a (new)
Article 41 – paragraph 2 – subparagraph 1 a (new)
Member States shall ensure that all supplementary relevant information shall be easily available and accessible upon request by the members.
Amendment 275 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In view of changing work patterns and increasing worker mobility, new individualised pensions solutions are being developed within collective systems. The rules should facilitate the development of new, innovative pension products, so as to guarantee adequate retirement provisions for all, regardless of career patterns or place of work.
Amendment 282 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) The activities of the institutions for occupational retirement provision should safeguard the intergenerational balance by ensuring equitable spread of risks and benefits between generations.
Amendment 290 #
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such as occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the futureto complement future retirement savings. Institutions for occupational retirement provision play an important role in providing secure retirement benefits. Their activities should ensure the intergenerational balance in occupational pension provision and reflect changing labour markets' patterns. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 343 #
Proposal for a directive
Recital 20
Recital 20
(20) Institutions for occupational retirement provision are financial service providers which bear a heavy responsibility for the provision of occupational retirement benefits and therefore should. They also serve a social function. Therefore, it is essential for them to meet certain minimum prudential standards with respect to their activities and conditions of operation.
Amendment 357 #
Proposal for a directive
Recital 25
Recital 25
(25) A prudent calculation of technical provisions is an essential condition to ensure that obligations to pay retirement benefits can be met both in the short and in the long-term. Technical provisions should be calculated on the basis of recognised actuarial methods and certified by qualified persons. The maximum interest rates should be chosen prudently according to any relevant national rules. The minimum amount of technical provisions should both be sufficient for benefits already in payment to beneficiaries to continue to be paid and reflect the commitments that arise out of members' accrued pension rights.
Amendment 371 #
Proposal for a directive
Recital 30
Recital 30
(30) Institutions are very long-term investors. Redemption of the assets held by these institutions cannot, in general, be made for any purpose other than providing retirement benefits. Furthermore, in order to protect adequately the rights of members and beneficiaries and ensure the intergenerational balance in occupational pension provision, institutions should be able to opt for an asset allocation that suits the precise nature and duration of their liabilities. These aspects call for efficient supervision and an approach towards investment rules allowing institutions sufficient flexibility to decide on the most secure and efficient investment policy and obliging them to act prudently. Compliance with the ‘prudent person’ rule therefore requires an investment policy geared to the membership structure of the individual institution for occupational retirement provision.
Amendment 403 #
Proposal for a directive
Recital 41
Recital 41
(41) In order to ensure intergenerational balance in occupational pension provision, it is essential that institutions improve their risk management so that potential vulnerabilities in relation to the sustainability of the pension scheme can be properly understood and discussed with the competent authorities. Institutions should, as part of their risk management system, produce a risk evaluation for their activities relating to pensions. That risk evaluation should also be made available to the competent authorities. In that evaluation institutions should provide among others a qualitative description of key elements determining their funding position in accordance with national law, the effectiveness of their risk-management system and the ability to comply with the requirements regarding technical provisions. This risk evaluation should include new or emerging risks, such as risks related to climate change, resource use or the environment.
Amendment 605 #
Proposal for a directive
Article 29 – paragraph 4
Article 29 – paragraph 4
4. The risk evaluation for pensions shall take into account the need to ensure intergenerational balance and long-term sustainability of occupational pension provision. It shall be an integral part of the operational strategy and shall be taken into account in the strategic decisions of the institution.