Activities of Jean LAMBERT related to 2017/0143(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on pan-European Personal Pension Product (PEPP)
Amendments (91)
Amendment 30 #
Proposal for a regulation
Recital 1
Recital 1
(1) EU households are amongst the highest savers in the world, but the bulk of these savings are held in bank accounts with short maturities. More sustainable and socially responsible investment into capital markets can help meet the challenges posed by population ageing and low interest rates.
Amendment 62 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) People on lower incomes and those who have spent less time on the labour market have less financial room for investing in personal pension products, which leads to an increase in income inequality in old age. This is in particular the case for women in general as a result of the gender pay gap that affects them throughout their professional careers, and since they spend more time outside the labour market to take up caring responsibilities, without any or only a very low income.
Amendment 64 #
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9b) When developing policies and legislation regarding pensions, it is essential that statutory or so-called first pillar pensions are adequate, which is at least above poverty level, universally accessible and solidarity-based. Priority must therefore be given to further developing and strengthening the first pillar. It has to be a fundamental principle that a minimum poverty-proof income is guaranteed to all older persons, and that this minimum is provided irrespective of whether or how many years a person has been active on the labour market. Additional schemes can serve as top-up, but cannot constitute substitutes.
Amendment 68 #
Proposal for a regulation
Recital 10
Recital 10
(10) Among personal pension products, the development of a PEPP will contribute to increasing choices for retirement saving and establish an EU market for PEPP providers. It willshould provide households with better options to meet their retirement goalwell regulated, safe, socially responsible and sustainable better options to meet their retirement goals, taking due account of their needs and preferences.
Amendment 76 #
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, and assist in addressing the demographical challenge andby providing a powerful new source of private capital for long-term investment, sustainable and socially responsible investment. However, having an adequate income that allows for additional savings, is a prerequisite for this. This framework will not replace or harmonise existing national personal pension schemes.
Amendment 94 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to allow a smooth transition for PEPP providers, the obligation of providing PEPPs comprising compartments for each Member State will apply three years after the entry into force of this Regulation. However, upon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersUpon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumers. When a PEPP saver changes her or his domicile to a Member state, where the PEPP provider or PEPP distributor does not offer a readily available compartment, switching providers shall be offered free of charge. PEPP beneficiaries should be able to receive PEPP pay-outs irrespective of the Member State in which they reside.
Amendment 99 #
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, and costs and the integration of environmental, social and governance factors should be given. Where pProjected levels of retirement benefits are based on economic scenarios, that information should also include an unfavourable scenario, which should be extreme but plausibleshall be based, inter alia, on economic scenarios, including an unfavourable scenario.
Amendment 112 #
Proposal for a regulation
Recital 29
Recital 29
(29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP savers and beneficiaries, in order to present them with key personal and generic data about the PEPP scheme and to ensure continuous information on it. The Pension Benefit Statement should be clear and comprehensive and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 115 #
Proposal for a regulation
Recital 30
Recital 30
(30) PEPP providers should inform PEPP savers and beneficiaries sufficiently in advance before retirement about their pay-out options, including pay-outs to beneficiaries in the event of death or divorce. Where the retirement benefit is not paid out as a lifetime annuity, members approaching retirement and beneficiaries should receive information about the benefit payment products available, in order to facilitate financial planning for retirement.
Amendment 117 #
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. 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 and in alignment with the PEPP saver's needs and preferences. Compliance with the prudent person rule therefore requires an investment policy geared to the customers' structure of the individual PEPP provider.
Amendment 121 #
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 soci, social and environmental progress.
Amendment 123 #
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 to allocate a sufficient part of their asset portfolio to sustainable investments in the real economy with long-term economic, environmental and social benefits, in particular to infrastructure projects and corporates.
Amendment 125 #
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 systemintegrate them in their risk management system. They should conduct assessments of the impact their investments have on direct and long term climate, environmental and social factors, and disclose this information, including according to the Non-Financial Reporting Directive.
Amendment 126 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) One of the objectives of this regulation is channelling capital towards European long-term investments in the real economy. PEPP providers should integrate environmental, social and governance (ESG) factors in their investment decisions. PEPP savings should be invested in line with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights.
Amendment 127 #
Proposal for a regulation
Recital 36 b (new)
Recital 36 b (new)
(36b) PEPP providers should engage regularly with their clients to ensure their concerns and preferences, including regarding ESG factors, are properly integrated into the investment decisions.
Amendment 128 #
Proposal for a regulation
Recital 36 c (new)
Recital 36 c (new)
(36c) PEPP providers should adopt an investment exclusion policy in order to ensure that savings are not invested in highly controversial and harmful products such as coal-based energy, nuclear weapons, cluster munition, the production of Tobacco or used to support harmful conducts such as serious human rights and labour rights violations, severe environmental, climate damage, corruption and tax avoidance.
Amendment 129 #
Proposal for a regulation
Recital 37
Recital 37
(37) In ensuring compliance with their obligation to develop an investment policy in accordance with the prudent person rule, PEPP providers should be prevented tofrom engaging in aggressive tax avoidance strategies and investing in high-risk and non-cooperative jurisdictions identified by the Financial Action Task Force and the Commission delegated regulation identifying high-risk third countries with strategic deficiencies and jurisdictions on the common EU list of third country jurisdictions for tax purposes.
Amendment 131 #
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 align with their customers' preferences and long-term needs, and 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 five 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 140 #
Proposal for a regulation
Recital 45
Recital 45
(45) Without prejudice to the right of PEPP customers to bring action in the courts, easily accessible, adequate, independent, impartial, transparent and effective alternative dispute resolution (ADR) procedures should be established between PEPP providers or distributors and PEPP customers and, where relevant, beneficiaries for resolving disputes arising from the rights and obligations set out in this Regulation.
Amendment 142 #
Proposal for a regulation
Recital 46
Recital 46
(46) With a view to establishing an efficient and effective dispute resolution procedure, PEPP providers and distributors should put in place an effective complaints procedure that can be followed by their customers and PEPP beneficiaries before the dispute is referred to be resolved in an ADR procedure or before a court. The complaints procedure should contain short and clearly defined timeframes within which the PEPP provider or distributor should reply to a complaint. ADR entities should have sufficient capacity to engage in an adequate and efficient way in cross- border cooperation with regard to disputes concerning rights and obligations pursuant to this Regulation.
Amendment 144 #
Proposal for a regulation
Recital 47
Recital 47
(47) In order to find better conditions for their investments, thus also stimulating the competition among PEPP providers, PEPP savers should have the right to switch providers during the accumulation and the decumulation phases, through a clear, quick, low-cost and safe procedure.
Amendment 147 #
Proposal for a regulation
Recital 48
Recital 48
(48) The switching process should be straightforward for the PEPP saver. Accordingly, the receiving PEPP provider should be responsible for initiating and managing the process on behalf of the PEPP saver. PEPP providers should be able to use additional means, such as a technical solution, on a voluntary basis when establishing the switching service. Switching shall be provided free of charge in cases of limited portability, withdrawal of authorisation and upon request of the PEPP saver.
Amendment 158 #
Proposal for a regulation
Recital 67 a (new)
Recital 67 a (new)
(67a) In the EU, 14.6% of people aged 65 or over is at risk of poverty. Since capital income tends to be concentrated in upper income brackets, tax incentives for private pensions may result in effective tax rates that are negative, and regressive. These foregone tax revenues are better spent enhancing the sustainability and adequacy of first pillar systems. Member States should cap and target tax incentives for private pension products including PEPP at specific groups with limited access to other complementary pension provisions such as low income groups, self-employed workers and people with long gaps in their contribution periods.
Amendment 166 #
Proposal for a regulation
Recital 70 a (new)
Recital 70 a (new)
(70a) Given the possible long term implications of this Regulation, it is essential to closely monitor the developments during the initial phase of application A panel of stakeholders and experts with at least one ESG expert will be set up for the purpose of monitoring on an ongoing basis all relevant aspects of PEPP, and report to Commission, Parliament and Council any observations they may have.
Amendment 167 #
Proposal for a regulation
Recital 71
Recital 71
(71) This Regulation should ensure the respects of fundamental rights and observes the principles recognised in particular by the Charter of the Fundamental Rights of the European Union, in particular the rights of the elderly to lead a life of dignity and independence and to participate in social and cultural life, the right to the protection of personal data, the right to property, the freedom to conduct a business, the principle of equality between men and women and the principle of a high level of consumer protection.
Amendment 172 #
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 and an entity on a voluntary and complementary basis;
Amendment 176 #
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, sustainable and socially responsible 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 by an independent PEPP savers association on behalf of its members in view of retirement, with no or strictly limited redeemability;
Amendment 180 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council41 , which means a client who is not a professional client; __________________ 41 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349).
Amendment 181 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b a (new)
Article 2 – paragraph 1 – point 3 – point b a (new)
(ba) an independent association subscribing PEPP products for its members;
Amendment 212 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28a) “Environmental, social and governance factors (ESG)” comprise the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights and the UNPRI definitions in which environmental factors include climate change, greenhouse gas (GHG) emissions, resource depletion (including water waste and pollution) and deforestation; social factors include Human Rights, working conditions (including slavery and child labour), local communities (including indigenous communities), conflict, health and safety, employee relations and diversity; and governance factors include executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.
Amendment 231 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) credit institutions authorised in accordance withnd investment firms subject to the provisions of Directive 2013/36/EU of the European Parliament and of the Council43 and regulation 2013/575/EU of the European Parliament and the Council; __________________ 43 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
Amendment 233 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 236 #
Proposal for a regulation
Article 5 – paragraph 1 – point d
Article 5 – paragraph 1 – point d
Amendment 238 #
Proposal for a regulation
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
Amendment 240 #
Proposal for a regulation
Article 5 – paragraph 1 – point f
Article 5 – paragraph 1 – point f
Amendment 245 #
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 integration of environmental, social and governance factors and risks;
Amendment 246 #
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 integration of environmental, social and governance factors and in particular how the investment strategy is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 248 #
Proposal for a regulation
Article 5 – paragraph 2 – point e a (new)
Article 5 – paragraph 2 – point e a (new)
(ea) information about the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights and the production of weapons;
Amendment 250 #
Proposal for a regulation
Article 5 – paragraph 2 – point f a (new)
Article 5 – paragraph 2 – point f a (new)
(fa) information on any partnerships between PEPP providers to offer compartments in different Member States;
Amendment 251 #
Proposal for a regulation
Article 5 – paragraph 2 – point h
Article 5 – paragraph 2 – point h
(h) a description of the information to be made available to PEPP savers and beneficiaries, including a description of the arrangements for dealing with complaints submitted by PEPP savers and beneficiaries;
Amendment 260 #
Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)
Article 6 – paragraph 1 – point b a (new)
(ba) the applicant has adopted and published a credible investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons;
Amendment 262 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) the proposed PEPP effectively integrates environmental, social and governance factors into its investment strategy and risk management and ensures that its portfolio management is aligned with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 269 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
Amendment 286 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. PEPP receivers shall ensure that beneficiaries can receive PEPP pay-outs irrespective of the Member State in which they reside.
Amendment 327 #
Proposal for a regulation
Article 23 – paragraph 3 – point iii
Article 23 – paragraph 3 – point iii
(iii) the retirement age; information about the state pensionable or retirement age of the Member State which law is applicable;
Amendment 328 #
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 pay-outs in other Member States
Amendment 332 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii a (new)
Article 23 – paragraph 3 – point vii a (new)
(viia) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 333 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii b (new)
Article 23 – paragraph 3 – point vii b (new)
(viib) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons
Amendment 334 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii c (new)
Article 23 – paragraph 3 – point vii c (new)
(viic) description of the retirement benefits and the extent to which they are guaranteed and the way of outpayment, including a description of the decumulation options and a statement that it may be prudent to consider advice on options before retirement;
Amendment 335 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii d (new)
Article 23 – paragraph 3 – point vii d (new)
(viid) information on any impact the timing of retirement may have on the risks and retirement benefits for the PEPP
Amendment 336 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii e (new)
Article 23 – paragraph 3 – point vii e (new)
(vii e) a description of decumulation options and a statement that it may be prudent to consider advice on options before retirement;
Amendment 337 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii f (new)
Article 23 – paragraph 3 – point vii f (new)
(vii f) the objective of retirement and the means for achieving an optimal result for the PEPP saver, in particular whether the objective is achieved by means of direct or indirect exposure to the underlying investment assets, including a description of the underlying instruments or reference values, a specification of the markets the PEPP invests in and, where applicable, specific environmental or social objectives targeted by the product, as well as how the return is determined;
Amendment 338 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii g (new)
Article 23 – paragraph 3 – point vii g (new)
(vii g) a description of the type of pension saver to whom the PEPP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizon;
Amendment 339 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii h (new)
Article 23 – paragraph 3 – point vii h (new)
(vii h) where the PEPP offers insurance benefits, details of those insurance benefits, including the circumstances that would trigger them;
Amendment 340 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii i (new)
Article 23 – paragraph 3 – point vii i (new)
(vii i) the term of the PEPP, if known;
Amendment 341 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii j (new)
Article 23 – paragraph 3 – point vii j (new)
(vii j) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PEPP and which are not adequately captured by the summary risk indicator;
Amendment 342 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii k (new)
Article 23 – paragraph 3 – point vii k (new)
(vii k) the possible maximum loss of invested capital
Amendment 343 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii l (new)
Article 23 – paragraph 3 – point vii l (new)
(vii l) appropriate performance and forward-looking scenarios, and the assumptions made to produce them;
Amendment 344 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii m (new)
Article 23 – paragraph 3 – point vii m (new)
(vii m) the integration of environmental, social and governance factors into the PEPP investment strategy and risk mitigation technique;
Amendment 345 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii n (new)
Article 23 – paragraph 3 – point vii n (new)
(vii n) where applicable, information on conditions for returns to PEPP savers or built-in performance caps
Amendment 346 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii o (new)
Article 23 – paragraph 3 – point vii o (new)
(vii o) a statement that the tax legislation of the PEPP saver’s home Member State may have an impact on the actual payout;
Amendment 347 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii p (new)
Article 23 – paragraph 3 – point vii p (new)
(vii p) a brief description of whether the related loss is covered by an investor compensation or guarantee scheme and if so, which scheme it is, the name of the guarantor and which risks are covered by the scheme and which are not
Amendment 348 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii q (new)
Article 23 – paragraph 3 – point vii q (new)
(vii q) the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment. The PEPP key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PEPP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the PEPP savers to understand the cumulative effect that these aggregate costs have on the return of the investment;
Amendment 349 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii r (new)
Article 23 – paragraph 3 – point vii r (new)
(vii r) where applicable, whether there is a cooling off period or cancellation period for the PEPP;
Amendment 350 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii s (new)
Article 23 – paragraph 3 – point vii s (new)
(vii s) an indication of the recommended and, where applicable, required minimum holding period;
Amendment 351 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii t (new)
Article 23 – paragraph 3 – point vii t (new)
(vii t) the ability to make, and the conditions for, any disinvestments before maturity, including all applicable fees and penalties, having regard to the risk and reward profile of the PEPP and the market evolution it targets;
Amendment 352 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii u (new)
Article 23 – paragraph 3 – point vii u (new)
(vii u) information about the potential consequences of cashing in before the end of the term or recommended holding period, such as the loss of capital protection or additional contingent fees;
Amendment 353 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii v (new)
Article 23 – paragraph 3 – point vii v (new)
(vii v) information about how and to whom a PEPP saver can make a complaint about the product or the conduct of the PEPP provider or a person advising on, or selling, the product;
Amendment 354 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii w (new)
Article 23 – paragraph 3 – point vii w (new)
(vii w) a brief indication of any additional information documents to be provided to the PEPP saver at the pre-contractual and/or the post-contractual stage, excluding any marketing material;
Amendment 355 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii x (new)
Article 23 – paragraph 3 – point vii x (new)
(vii x) if applicable, the minimum age in order to be able to start as PEPP saver;
Amendment 356 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii y (new)
Article 23 – paragraph 3 – point vii y (new)
(vii y) information about possibilities and conditions to interrupt a saver’s contribution without being penalised, i.e. job-loss, sickness, family and care-related leaves;
Amendment 357 #
Proposal for a regulation
Article 23 – paragraph 3 – point vii z (new)
Article 23 – paragraph 3 – point vii z (new)
(vii z) information about pay-outs in the event of death of the saver or beneficiary;
Amendment 373 #
Proposal for a regulation
Article 25 – title
Article 25 – title
Specification of demands and need, needs and preferences and provision of advice
Amendment 375 #
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, the PEPP provider or distributor referred to in Article 19(c) of this Regulation shall specify, on the basis of information obtained from the PEPP saver, the retirement-related demands and the needs and preferences, including ESG related preferences 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 379 #
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, tThe 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 saver’s demands and need, needs, and preferences, including ESG related preferences.
Amendment 384 #
Proposal for a regulation
Article 26
Article 26
Amendment 393 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. PEPP providers shall draw up a concise personalised document containing key information for each PEPP saver and beneficiary taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (“PEPP Benefit Statement”). The title of the document shall contain the words “PEPP Benefit Statement”.
Amendment 394 #
Proposal for a regulation
Article 27 – paragraph 3 – introductory part
Article 27 – paragraph 3 – introductory part
3. In addition, the PEPP saver and beneficiaries shall be kept informed throughout the term of the contract of any change concerning the following information:
Amendment 399 #
Proposal for a regulation
Article 28 – paragraph 1 – introductory part
Article 28 – paragraph 1 – introductory part
1. The PEPP Benefit Statement shall include, at least, the following key information for PEPP savers, which will be provided annually:
Amendment 404 #
Proposal for a regulation
Article 28 – paragraph 1 – point e a (new)
Article 28 – paragraph 1 – point e a (new)
(ea) information related to the investment policy of the PEPP in terms of environmental, social and governance factors including how this policy is compatible with the Union’s climate and sustainability objectives as set out in the Paris agreement, Sustainable Development Goals, and the United Nations Guiding Principles on Business and Human Rights;
Amendment 406 #
Proposal for a regulation
Article 28 – paragraph 1 – point e b (new)
Article 28 – paragraph 1 – point e b (new)
(eb) information on the investment exclusion policy related to severe environmental damage, serious violations of human rights including labour rights, and the production of weapons.
Amendment 407 #
Proposal for a regulation
Article 28 – paragraph 1 – point e c (new)
Article 28 – paragraph 1 – point e c (new)
(ec) information on pension benefit projections based on the retirement age as specified in point (b), and a disclaimer that those projections may differ from the final value of the benefits received. These shall be illustrated on the basis of economic scenarios, including a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP scheme.
Amendment 408 #
Proposal for a regulation
Article 28 – paragraph 1 – point e d (new)
Article 28 – paragraph 1 – point e d (new)
(ed) information on the accrued pension entitlements or accumulated pension capital taking into consideration the specific nature of the PEPP scheme;
Amendment 409 #
Proposal for a regulation
Article 28 – paragraph 1 – point e e (new)
Article 28 – paragraph 1 – point e e (new)
(ee) Information on what happens in the event of death of the PEPP saver or beneficiary.
Amendment 413 #
Proposal for a regulation
Article 30 – title
Article 30 – title
Information to be given to PEPP savers and beneficiaries during the pre-retirement phase and to PEPP beneficiaries during the decumulation phase
Amendment 415 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. PEPP savers and beneficiaries upon the request of the saver or following a court order, shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU.
Amendment 417 #
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Amendment 420 #
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, the business they are pursuing, the valuation principles applied for solvency purposes, the risks faced and the risk-management systems, including the integration of ESG related risks, and their capital structure, needs and management;
Amendment 422 #
Proposal for a regulation
Article 32 – paragraph 2 – point b a (new)
Article 32 – paragraph 2 – point b a (new)
(ba) to obtain from the PEPP providers any information regarding environmental, social and governance factors in accordance with Article 31a;
Amendment 507 #
Proposal for a regulation
Article 63 – paragraph 2
Article 63 – paragraph 2
Amendment 508 #
Proposal for a regulation
Article 63 – paragraph 2 a (new)
Article 63 – paragraph 2 a (new)
The Commission shall set up a panel with relevant stakeholders to continuously monitor the development and implementation of the PEPP. That panel shall include at least EIOPA, the national supervisors, industry and consumer representatives and independent experts, including at least one ESG expert. The secretariat of the panel shall be EIOPA.