Activities of Liisa JAAKONSAARI related to 2017/0143(COD)
Plenary speeches (1)
Pan-European Personal Pension Product (debate) FI
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on a pan-European Personal Pension Product (PEPP)
Amendments (87)
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 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 181 #
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 threor creating partnerships among authorised PEPP providers to comply with this requirement will apply five 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 consumers. Moreover, when portability within a PEPP from a provider or its partners is not yet available, the PEPP saver should be allowed to switch free of charge to ensure portability.
Amendment 191 #
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, the proportion of ESG investments, 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 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 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 221 #
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 five years) or in case of justified reasons, such as breaches of law or proven negligence, 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 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 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 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 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 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 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 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 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 355 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Without prejudice to the deadline under Article 13(3), PEPP providers shall ensure that within each individual PEPP account a new compartment or partnership could be opened, corresponding to the legal requirements and conditions for using incentives fixed at national level for the PEPP by the Member State to which the PEPP saver moves.
Amendment 358 #
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Article 14a Partnerships between authorised PEPP providers for the provision of national compartments 1. PEPP providers, as listed in Article 5, may form cross-border partnerships for the provision of national compartments in order to fulfil the obligations laid down in Article 13. 2. EIOPA shall be informed about cross- border partnership agreements between PEPP providers.
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 369 #
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. Before concluding a request for transfer, the PEPP provider shall inform the PEPP saver about all the implications of this asset-transfer and on applicable national transfer taxes or fees.
Amendment 370 #
Proposal for a regulation
Article 17 – title
Article 17 – title
Provision of information on portability to the nationalcompetent authorities
Amendment 371 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. All contractual arrangements for providing the portability service shall be notified by the PEPP provider to the respective national authority exercising prudential supervision over itEIOPA.
Amendment 375 #
Proposal for a regulation
Article 17 – paragraph 2 – introductory part
Article 17 – paragraph 2 – introductory part
2. The information under paragraph 1 shall be filed electronically in a central database held with the national supervisory EIOPA and accessible to the competent national authorityies, within one month of opening the new compartment andor partnership. The respective competent national authorities shall be informed automatically of any changes concerning the national compartment or partnership. The database shall contain at least:
Amendment 378 #
Proposal for a regulation
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) identification of the compartment or partnership (name of the PEPP saver; applicable national legislation; date of opening the compartment or partnership);
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 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 404 #
Proposal for a regulation
Article 23 – paragraph 3 – point v
Article 23 – paragraph 3 – point v
(v) general information on the switching service, and a reference to the specific information about the switching service available under Article 50;
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 440 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 b (new)
Article 25 – paragraph 1 – subparagraph 1 b (new)
Advice shall aim at assessing the risk aversion and the financial knowledge of a PEPP saver, their ability to bear losses, as well as, facilitating the saver to be able to choose the investment option which best corresponds to their risk profile.
Amendment 441 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 c (new)
Article 25 – paragraph 1 – subparagraph 1 c (new)
Through advice, the PEPP saver shall be informed of the main features of the product.
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 457 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Article 26a PEPP Contract The PEPP contract should include the following: – Detailed information about all costs related to the PEPP product. – Information and procedure for opening a new national compartment – Conditions and options for out- payment: (a) default option at least 70 % of out- payments shall be in form of annuities; on request by the saver, a maximum of 30 % can be paid out in for of a lump sum during the decumulation phase. (b) other investment options – Conditions for supplementary provisions such as biometric risk – Terms for switching provider
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 469 #
(a) personal details of the PEPP saver, name of the PEPP provider, information on pension benefit projections, information on accrued entitlements or accumulated capital by compartment, 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 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 518 #
Proposal for a regulation
Article 33 – paragraph 1 – point c
Article 33 – paragraph 1 – point c
(c) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levelnot exceed 20% of the total assets;
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 566 #
Proposal for a regulation
Article 44 – paragraph 1 a (new)
Article 44 – paragraph 1 a (new)
1a. PEPP providers or distributors shall have to participate in the ADR schemes.
Amendment 567 #
Proposal for a regulation
Article 44 – paragraph 2 a (new)
Article 44 – paragraph 2 a (new)
2a. PEPP savers shall have the right to collective redress under this Regulation.
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 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 599 #
Proposal for a regulation
Article 48 – paragraph 4
Article 48 – paragraph 4
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.