10 Amendments of Aldo PATRICIELLO related to 2014/0091(COD)
Amendment 32 #
Proposal for a directive
Recital 6
Recital 6
(6) Despite the entry into force of Directive 2003/41/EC important prudential barriers remain which make it more expensive for institutions to operate pension schemes across borders. Moreover, the current minimum level of protection for members and beneficiaries needs to be increased. This is all the more important as the number of Europeans relying on schemes that shift longevity and market risks from the institution or the undertaking offering the occupational scheme ("sponsoring undertaking") to the individual has increased significantly. In addition, the current minimum level of information provision to members and beneficiaries needs to be increased to ensure greater ease of access to information. Those developments warrant an amendment of the Directive.
Amendment 320 #
Proposal for a directive
Recital 10
Recital 10
(10) National rules concerning the participation of self-employed persons in institutions for occupational retirement provision differ. In some Member States, institutions for occupational retirement provision can operate on the basis of agreements with trade or trade groups whose members act in a self-employed capacity or directly with self-employed and employed persons. In some Member States a self-employed person can also become a member of an institution when the self- employed person acts as employer or provides professional services to an undertaking. In some Member States self- employed persons cannot join an institution for occupational retirement provision unless certain requirements, including those imposed by social and labour law, are met. The Union needs to produce guidelines in order to deal with these differences and make the system more uniform. Cooperation between the Commission and the Member States is provided for in Article 21 of this Directive.
Amendment 321 #
Proposal for a directive
Recital 11
Recital 11
(11) Institutions managing social-security schemes, which are already coordinated at Union level, should be excluded from the scope of this Directive. (The new legislation on the coordination of social security schemes has been in force in the Union since 1 May 2010 and comprises the following consolidated Regulations: Regulation (EC) No 883/2004 and the act implementing it, Regulation (EC) No 987/2009). Account should nevertheless be taken of the specificity of institutions which, in a single Member State, manage both social-security schemes and occupational pension schemes.
Amendment 327 #
Proposal for a directive
Recital 15
Recital 15
(15) Giving Member States the possibility to exclude from the scope of national implementing legislation institutions managing schemes which together have less than 100 members in total can facilitate supervision in some Member States, without undermining the proper functioning of the internal market in this field. Supervision in this field is carried out by the competent authorities of Member States, which should be coordinated at European level by an appropriate body so as to make for a more consistent system of supervision. However, this should not undermine the right of such institutions to appoint for the management of their investment portfolio and the custody of their assets investment managers and custodians established in another Member State and duly authorised.
Amendment 328 #
Proposal for a directive
Recital 16
Recital 16
(16) Institutions such as “Unterstützungskassen” in Germany, where the members have no legal rights to benefits of a certain amount and where their interests are protected by a compulsory statutory insolvency insurance, should be excluded from the scope of the Directive. More generally, it is necessary to differentiate between “compulsory insurance” and “retirement benefits for biometrical risks” as referred to in Article 6(d) and (h) of this Directive.
Amendment 351 #
Proposal for a directive
Recital 23
Recital 23
(23) The exercise of the right of an institution in one Member State to manage an occupational pension scheme contracted in another Member State should fully respect the provisions of the social and labour law in force in the host Member State insofar as it is relevant to occupational pensions, for example the definition and payment of retirement benefits and the conditions for transferability of pension rights. The scope of prudential rules should be clarified in order to ensure legal certainty for the cross- border activities of the institutions. The above provisions should in every case be without prejudice to the fundamental rights and general principles common to all Member States.
Amendment 355 #
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. Technical provisions should be calculated on the basis of recognised actuarial methods and certified by qualified persons. A basic minimum level of technical provisions should be available at all times. 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 383 #
Proposal for a directive
Recital 35
Recital 35
(35) Institutions should be allowed to invest in other Member States in accordance with the rules of their home Member States in order to reduce the cost of cross-border activity. Therefore the host Member States should not be allowed to impose additional investment requirements on institutions located in other Member States. If two conflicting requirements are imposed under Member State rules, the disagreement should be resolved by the competent authorities.
Amendment 387 #
Proposal for a directive
Recital 36
Recital 36
(36) Some risks cannot be reduced through quantitative requirements reflected in the technical provisions and funding requirements but can only be properly addressed through governance requirements. Ensuring an effective system of governance, both internally and coordinated at European level, is therefore essential for the adequate management of risk. Those systems should be proportionate to the nature, scale and complexity of the activities.
Amendment 415 #
Proposal for a directive
Recital 47
Recital 47
(47) Before joining a scheme, prospective members should be given all the necessary information to make an informed choice such as possibilities to opt out, contributions, costs and investment options, where applicable. Such information should invariably be produced in writing and registered in order to protect both the institution and prospective members.