Activities of Dennis de JONG related to 2017/0143(COD)
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 (103)
Amendment 144 #
Proposal for a regulation
–
–
The Committee on [IMCO] calls on the Committee on [ECON], as the committee responsible, to propose rejection of the [Regulation of the European Parliament and of the Council on a pan-European Personal Pension Product (PEPP)].
Amendment 151 #
Proposal for a regulation
Recital 2
Recital 2
(2) Personal pensions are important in linking long-term savers with long-term investment opportunities. A larger, European market for personal pensions willmight support the supply of funds for institutional investors and investment into the real economy.
Amendment 155 #
Proposal for a regulation
Recital 4
Recital 4
Amendment 159 #
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 will provide households with betteradditional options to meet their retirement goals.
Amendment 162 #
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, addressing the demographical challenge and the pension gap and providing a powerful new source of private capital for long-term investment. This framework will not replace or harmonise existing national personal pension schemesroducts or occupational pension schemes. Nor should it be assessed as an incentive to replace or harmonise existing national occupational schemes in the future.
Amendment 167 #
Proposal for a regulation
Recital 12
Recital 12
(12) The Regulation harmonises a set of core features for the PEPP, which concern key elements such as distribution, investment policy, provider switching, or cross-border provision and portability. The harmonisation of these core features will improve the level playing field for personal pension providers at large and help boost the completion of the CMU and the integration of the internal market for personal pensions. It will lead to the creation of a largely standardised pan- European product, available in all Member States, empowering consumers to make full use of the internal market by transferring their pension rights abroad and offering a broader choice between different types of providers, including in a cross- border way. As a result of fewer barriers to the provision of pension services across borders, a pan-European Personal Pension Product will increase competition between providers on a pan-European basis and create economies of scale that should benefit savers.
Amendment 169 #
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 rulesnational competent authorities responsible for the authorisation of a PEPP.
Amendment 171 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) The way in which institutions for occupational retirement provision (IORPs) are organised and regulated varies significantly between Member States. In some Member States these institutions are only allowed to carry out occupational pension activities whereas in other Member States they are allowed to carry out occupational and personal pension activities. This has not only lead to different organisational structures of IORPs but is also accompanied by different regulation on national level. In particular, prudential regulation of IORPs which carry out occupational and personal pension activities is broader than of those IORPs which only carry out occupational pension activities.
Amendment 172 #
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14b) In order not to jeopardise financial stability and to take into account the different organisational structure and regulation, only those IORPs should be allowed to provide PEPPs which, pursuant to national law, are authorised to provide personal pension products. Moreover and to further safeguard financial stability, all assets and liabilities corresponding to PEPP provision business should be ring-fenced, managed and organised separately from the other activities of occupational retirement provision, without any possibility of transfer for the provider.
Amendment 188 #
Proposal for a regulation
Recital 22
Recital 22
(22) Taking into account the nature of the pension schemeproduct established and the administrative burden involved, PEPP providers and distributors should provide cleareasy to understand 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 comprisproduct including 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 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 193 #
Proposal for a regulation
Recital 23
Recital 23
(23) Before joining a PEPP scheme, potential PEPP savers should be given all the necessary information to make an informed choice. This information should be easy to understand.
Amendment 195 #
Proposal for a regulation
Recital 24
Recital 24
(24) In order to ensure optimal product transparency, PEPP manufacturers should draw up the PEPP key information document for the PEPPs that they manufacture before the product can be distributed to PEPP savers. They should also be responsible for the accuracy of the PEPP key information document. The PEPP key information document should replace and adapt the key information document for packaged retail and insurance-based investment products under Regulation (EU) No 1286/2014 of the European Parliament and of the Council33 which would not have to be provided for PEPPs. _________________ 33Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), OJ L 352, 9.12.2014, p. 1.
Amendment 198 #
Proposal for a regulation
Recital 27
Recital 27
Amendment 200 #
Proposal for a regulation
Recital 29
Recital 29
(29) PEPP providers should draw up a Pension Benefit Statement addressed to PEPP savers, in order to present them with key personal and generic data about the PEPP schemedevelopment 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 schemeproducts and serve labour mobility. The Pension Benefit Statement shall be provided annually to the PEPP saver.
Amendment 209 #
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 suis in line witsh 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. Compliance with the prudent person rule therefore requires an investment policy geared to the customers’ structure of the individual PEPP provider.
Amendment 212 #
Proposal for a regulation
Recital 34
Recital 34
Amendment 214 #
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 benefits, in particular to infrastructure projects and corporates.
Amendment 219 #
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. PEPP providers should always indicate how the options they offer meet the environment, social and governance factors.
Amendment 226 #
Proposal for a regulation
Recital 41
Recital 41
(41) Where tThe PEPP provider is an institution for occupational retirement provision or an investment firm, it should appoint a depositary in relation to the safe- keeping of its assets. This is necessary for protecting consumers, since the sectorial legislation applicable to institutions for occupational retirement provision and investment firms does not provide for the appointment of a depositary.
Amendment 228 #
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) Institutions for occupational retirement provision provide occupational pensions in many Member States. In some Member States they represent a very substantial part of national pension systems, and benefit from arrangements that make participation quasi-mandatory for many workers and/or benefit from other fiscal incentives to ensure a very broad participation that facilitates solidarity between different groups of workers and different age categories. In several Member States restrictions apply to the schemes IORP scan offer and/or their beneficiaries. These restrictions can be closely linked to the design of national pension systems, and are recognised in Directive2016/2341/EU (IORP II).
Amendment 229 #
(41b) In order to reflect the additionality of PEPP to existing national pension systems, Member States that wish so, should be free to maintain restrictions that are in conformity with the IORP II Directive, while at the same time enabling other Member States to allow IORPs to provide PEPPs wherever this is possible without unduly upsetting their national pension systems.
Amendment 235 #
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 durto a different provider located ing the accumulationsame or and othe der Member State during the accumulation phases, through a clear, quick and safe procedure.
Amendment 238 #
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 and upon his request. PEPP providers should be able to use additional means, such as a technical solution, on a voluntary basis when establishing the switching service.
Amendment 239 #
Proposal for a regulation
Recital 49
Recital 49
(49) Before giving the authorisation for switching, the PEPP saver should be informed of all the steps of the procedure necessary to complete the switchingThe PEPP provider should inform the PEPP saver of all the steps of the procedure necessary to complete the switching, in order to enable the PEPP saver to make an informed decision about the switching service.
Amendment 241 #
Proposal for a regulation
Recital 51
Recital 51
(51) In order to facilitate cross-border switching, the PEPP saver should be allowed to ask the new PEPP provider to provide the PEPP saver with information giving details of the new PEPP account, preferably within a single meeting with the new PEPP provider.
Amendment 251 #
Proposal for a regulation
Recital 58
Recital 58
(58) In order to ensure compliance with the provisions of this Regulation by financial undertakings that manufacture PEPP, as well as by financial undertakings and persons thatPEPP providers and distribute PEPP,ors and to ensure that they are subject to similar treatment across the Union, administrative sanctions and other measures which are effective, proportionate and dissuasive should be provided.
Amendment 258 #
Proposal for a regulation
Recital 70
Recital 70
(70) An evaluation of this Regulation is to be carried out, inter alia, by assessing market developments, such as the emergence of new types of PEPPs, as well as developments in other areas of Union law and the experiences of Member States. Such an evaluation has to take account of the different aims and purposes of establishing a well- functioning PEPP- market, and in particular should evaluate whether this Regulation has contributed to the development of multi-pillar pension systems in the Member States and has resulted in more European citizens saving for sustainable and adequate pensions.
Amendment 265 #
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 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,offered by a PEPP provider or distributor and subscribed to voluntarily by an individual PEPP saver in view of retirement, with no or strictly limited redeemability;
Amendment 268 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) “PEPP schemeproduct” means a contract, an agreement, a trust deed or rules stipulating which retirement benefits are granted and under which conditions on the basis of an individual retirement savings plan agreed with a PEPP provider;
Amendment 271 #
Proposal for a regulation
Article 2 – paragraph 1 – point 14
Article 2 – paragraph 1 – point 14
(14) “provider of a PEPP” or “PEPP provider” means a financial undertakingentity authorised to manufacture a PEPP and distributing it;
Amendment 272 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
(15) “distributor of a PEPP” or “PEPP distributor” means a financial undertakingentity authorised to distribute PEPPs not manufactured by it, as well as an insurance, reinsurance or ancillary insurance intermediary;
Amendment 273 #
Proposal for a regulation
Article 2 – paragraph 1 – point 18
Article 2 – paragraph 1 – point 18
(18) “home Member State of the PEPP provider” means the Member State in which the PEPP provider has its registered office;
Amendment 282 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
Amendment 284 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. A PEPP may only be manufactured and distributed in the Union where it has been authorised by EIOPAthe national competent authority in accordance with this Regulation.
Amendment 285 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Authorisation of a PEPP shall be valid in all Member States. It entitles the authorisation holder to manufacture and distribute the PEPP as authorised by EIOPAthe national competent authority.
Amendment 286 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. Only the following financial undertakingentities may apply for authorisation of a PEPP:
Amendment 288 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 290 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) institutions for occupational retirement provision registered or authorised in accordance with Directive 2016/2341/EU of the European Parliament and of the Council45 or those authorised entities responsible for operating them and acting on their behalf, where, under national law, IORP’s do not have legal personality, which, pursuant to national law, are authorised to provide personal pension products. In that case, all assets and liabilities corresponding to PEPP provision business shall be ring-fenced, managed and organised separately from the other activities of occupational retirement provision, without any possibility of transfer for the provider; _________________ 45 Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
Amendment 295 #
Proposal for a regulation
Article 5 – paragraph 1 – point f a (new)
Article 5 – paragraph 1 – point f a (new)
(fa) other entities registered or authorised in accordance with provisions of Member States’ law to provide personal pension products as defined by Article 2(1) of this Regulation, provided that these are deemed sufficient after a previous assessment by EIOPA, according to the procedure laid down in Article 5(6) of this Regulation.
Amendment 296 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Financial undertakingEntities listed in paragraph 1 shall submit their applications for authorisation of a PEPP to EIOPAtheir national competent authority. The application shall include the following:
Amendment 303 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The national competent authority shall transfer to EIOPA the information received under paragraph 2 promptly after its receipt.
Amendment 304 #
3. EIOPA may requestThe national competent authority may request the entities list in paragraph 1 clarification and additional information as regards the documentation and information provided under paragraph 12.
Amendment 307 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. EIOPA may ask the competent authority of the financial undertakingentities 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.
Amendment 308 #
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Any subsequent modifications to the documentation and information referred to in paragraphs 1 and 2 shall be immediately notified to EIOPAthe national competent authority.
Amendment 309 #
Proposal for a regulation
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
5a. The national competent authority for entities laid down in Article5(1)(g) will request EIOPA to assess compliance of these type of entities as well as the reasons why an authorisation is justified. EIOPA shall adopt a decision within two months of receipt of the competent authority’s request. If the competent authority does not agree with EIOPA’s decision, it shall give full reasons in its request and shall explain any significant deviation therefrom.
Amendment 310 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Within two months from the date of submission of a complete application, EIOPAthe national competent authority shall grant authorisation of the PEPP only where EIOPAthe national competent authority is fully satisfied that the following conditions are met:
Amendment 311 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) the applicant is authorised by its competent authority to manufacture products that follow investment strategies of the type covered by this Regulation;
Amendment 317 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Before taking a decision on the application, EIOPA shall consult thethe national competent authority of the applicantshall consult EIOPA.
Amendment 320 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. EIOPAThe national competent authority shall communicate to the applicant the reasons for any refusal to grant authorisation of a PEPP.
Amendment 321 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. EIOPAThe national competent authority shall withdraw the authorisation of a PEPP in the event that the conditions for granting this authorisation are no longer fulfilled.
Amendment 328 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. EIOPA shall, on a quarterly basis, inform the competent authorities of the financial undertakings listed in Article 5(1)The national competent authority shall, on a quarterly basis, inform the EIOPA of decisions to grant, refuse or withdraw authorisations pursuant to this Regulation.
Amendment 330 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The designation “PEPP” or “pan- European Personal Pension Product” in relation to a personal pension product may only be used where the personal pension product has been authorised by EIOPAthe national competent authority to be distributed under the designation “PEPP” in accordance with this Regulation.
Amendment 331 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Existing personal pension products may be converted into “PEPPs” following authorisation by EIOPAthe national competent authority.
Amendment 335 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. Before proceeding to the conversion, the provider shall adequately inform the PEPP saver about the consequences of the conversion and the PEPP saver shall agree that his or her assets are transferred into a PEPP.
Amendment 337 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Financial undertakingEntities referred to in Article 5(1) may distribute PEPPs which they have not manufactured upon receiving authorisation for distribution by the competent authorities of their home Member State.
Amendment 360 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Without prejudice to the deadline under Article 13(3), iImmediately 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 a new compartment within the PEPP saver’s individual PEPP account and about the deadlintimeframe within which such a compartment could be opened, or where no such compartment is available, about the possibility to switch provider in accordance with the conditions referred to in Article 13(3).
Amendment 363 #
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. TIf the PEPP saver intends to make use of thise possibility to open a compartment, the PEPP saver shall send to the PEPP provider a request, which shall include the following information:
Amendment 366 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) the date from which the investmentcontributions should be directed to the newly-opened compartment;
Amendment 372 #
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 377 #
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 authority within one month of opeEIOPA within one month of opening the new compartment. The database shall be accessible to the national competent authorities, who shall automatically receive information concerning the newlocal compartment ands in the case of any changes. The database shall contain at least:
Amendment 380 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
For the distribution of PEPPs, the different types of PEPP providers and distributors shall comply with the following rules:all the provisions of this Chapter.
Amendment 381 #
Proposal for a regulation
Article 19 – paragraph 1 – point a
Article 19 – paragraph 1 – point a
Amendment 382 #
Proposal for a regulation
Article 19 – paragraph 1 – point b
Article 19 – paragraph 1 – point b
Amendment 383 #
Proposal for a regulation
Article 19 – paragraph 1 – point c
Article 19 – paragraph 1 – point c
Amendment 387 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Before a PEPP is proposed to a potential PEPP savers, the PEPP provider shall draw up for that product a PEPP key information document in accordance with the minimum requirements of this Chapterset in Annex I of this Regulation, and shall publish the document on its website.
Amendment 394 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
Amendment 414 #
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 schemePEPP has been operating for fewer than fiveten years, covering all the years that the schemePEPP has been operating, as well as with information on the structure of costs borne by PEPP savers and PEPP beneficiaries.
Amendment 418 #
Proposal for a regulation
Article 23 – paragraph 6
Article 23 – paragraph 6
Amendment 458 #
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 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” and the documents shall include at least the information listed in Annex I.
Amendment 460 #
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
Amendment 461 #
Proposal for a regulation
Article 27 – paragraph 3 – point b
Article 27 – paragraph 3 – point b
(b) the name of the PEPP provider’s undertakingentity, its legal form or the address of its head office and, where appropriate, of the branch which concluded the contract;
Amendment 464 #
Proposal for a regulation
Article 28
Article 28
Amendment 502 #
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. For PEPP schemeproducts where PEPP savers bear investment risk and where an investment option is imposed on the PEPP saver by a specific rule specified in the PEPP schemeproduct, the PEPP Benefit Statement shall indicate where additional information is available.
Amendment 505 #
Amendment 515 #
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. Upon request addressed to the competent authorities, EIOPA shallmay have access to the information submitted by PEPP providers.
Amendment 522 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers shall offer up to five investment options to PEPP savers. They will clearly indicate the environmental, social and governance factors for each of these options.
Amendment 532 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP savertake the form of either an investment strategy directed at preserving the invested capital, on the basis of a risk-mitigation technique that results in a safe investment strategy, such as life-cycle strategies, or a guarantee on the capital invested, as provided in the applicable legislation of the PEPP provider.
Amendment 536 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
Amendment 539 #
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. When a capital guarantee is provided, it should be a long-term guarantee provided at the end of the accumulation period and should not apply on investment switches in between.
Amendment 556 #
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. Where tThe PEPP provider is an institution for occupational retirement provision or an investment firm as referred to in Article 5(1), it shall appoint one or more depositaries for the safe- keeping of assets and oversight duties.
Amendment 569 #
Proposal for a regulation
Article 45 – paragraph 1 – subparagraph 2
Article 45 – paragraph 1 – subparagraph 2
The switching service may be provided byPEPP saver may request to switch to PEPP providers established in the same Member State (domestic switching) or in different Member States (cross-border switching).
Amendment 573 #
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. The PEPP saver mayshall be allowed to switch PEPP providers no more frequently than onceat least every five years afterfrom the conclusion of the PEPP contract, without prejudice to Article 14(2). The PEPP provider may allow the PEPP saver to switch PEPP provider more frequently.
Amendment 576 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 1
Article 46 – paragraph 2 – subparagraph 1
The receiving PEPP provider shall initiate the switching service upon receipt of the authorisation from the PEPP saverquest from the PEPP saver shall be drawn up in an official language of the Member State where the switching service is being initiated or in any other language agreed between the parties.
Amendment 577 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 1 a (new)
Article 46 – paragraph 2 – subparagraph 1 a (new)
Where the saver holds different compartments, the request shall indicate for which compartments the switching service is requested.
Amendment 578 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 2
Article 46 – paragraph 2 – subparagraph 2
Amendment 580 #
Proposal for a regulation
Article 46 – paragraph 2 – subparagraph 4
Article 46 – paragraph 2 – subparagraph 4
Amendment 581 #
Proposal for a regulation
Article 46 – paragraph 3 – introductory part
Article 46 – paragraph 3 – introductory part
3. Within twofive working days from receipt of the authorisationrequest referred to in paragraph 2, the receiving PEPP provider shall request the transferring PEPP provider to carry out the following tasks, if provided for in the PEPP saver’s authorisationrequest:
Amendment 582 #
(a) transmit to the receiving PEPP provider and, if specifically requested by the PEPP saver in the authorisation, to the PEPP saver, a list of the existing assemounts that are being switched;
Amendment 583 #
Proposal for a regulation
Article 46 – paragraph 3 – point b
Article 46 – paragraph 3 – point b
(b) transfer any remaining positive balance to the PEPP account opened or held with the receiving PEPP provider onfrom the date specified by the PEPP saver; and
Amendment 584 #
Proposal for a regulation
Article 46 – paragraph 4 – introductory part
Article 46 – paragraph 4 – introductory part
4. Upon receipt of a request from the receiving PEPP provider, the transferring PEPP provider shall carry out the following tasks, if provided for in the PEPP saver’s authorisation:
Amendment 585 #
Proposal for a regulation
Article 46 – paragraph 4 – point b
Article 46 – paragraph 4 – point b
(b) where the transferring PEPP provider does not provide a system for automated redirection of the incoming payments to the PEPP account opened by the PEPP saver with the receiving PEPP provider, stop accepting incoming payments on the PEPP account with effect from the date specified inby the authorisationPEPP saver. Member States may require the transferring PEPP provider to inform the PEPP saver of the reason for not accepting the incoming payments;
Amendment 586 #
Proposal for a regulation
Article 46 – paragraph 4 – point c
Article 46 – paragraph 4 – point c
(c) transfer the remaining positive balance from the PEPP account to the new PEPP account opened with the receiving PEPP provider on the date specified inby the authorisationPEPP saver;
Amendment 587 #
Proposal for a regulation
Article 46 – paragraph 4 – point d
Article 46 – paragraph 4 – point d
(d) close the PEPP account on the date specified inby the authorisationPEPP saver if the PEPP saver has no outstanding obligations on that PEPP account and provided that the actions listed in points (a), (b) and (c) of this paragraph have been completed. The transferring PEPP provider shall immediately inform the PEPP saver where such outstanding obligations prevent the PEPP saver’s account from being closed.
Amendment 588 #
Proposal for a regulation
Article 46 – paragraph 5 – subparagraph 1 – introductory part
Article 46 – paragraph 5 – subparagraph 1 – introductory part
Within five working days of receipt of the information requested from the transferring PEPP provider as referred to in paragraph 3, the receiving PEPP provider shall, as and if provided for in the authorisationrequest and to the extent that the information provided by the transferring PEPP provider or the PEPP saver enables the receiving PEPP provider to do so, carry out the following tasks:
Amendment 589 #
Proposal for a regulation
Article 46 – paragraph 5 – subparagraph 1 – point a
Article 46 – paragraph 5 – subparagraph 1 – point a
(a) make any necessary preparations to accept incoming payments and accept them with effect from the date specified inby the authorisationPEPP saver;
Amendment 590 #
Proposal for a regulation
Article 46 – paragraph 5 – subparagraph 1 – point b
Article 46 – paragraph 5 – subparagraph 1 – point b
(b) inform payers specified in the authorisation of the details of the PEPP saver’s PEPP account with the receiving PEPP provider and transmit to the payers a copy of the PEPP saver’s authorisationccepted request.
Amendment 591 #
Proposal for a regulation
Article 46 – paragraph 5 – subparagraph 3
Article 46 – paragraph 5 – subparagraph 3
Where the PEPP savers chooses to personally provide the information referred to in point (b) of the first subparagraph to the payers rather than provide specific consent in accordance with paragraph 2 to the receiving PEPP provider to do so, the receiving PEPP provider shall provide the PEPP saver with standard letters providing details of the PEPP account and the starting date specified inby the authorisationPEPP saver within the deadline referred to in the first subparagraph.
Amendment 597 #
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 1,5 % of the positive balance to be transferred to the receiving PEPP provider.
Amendment 606 #
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
2. Such conditions may include in particular the setting of the retirement age, of a mandatory link between reaching the retirement age and commencing the decumulation phase, of a minimum period of belonging to a PEPP scheme, of a maximum period before reaching the retirement age for joining a PEPP scheme, as well as conditions for redemption in case of particular hardship.
Amendment 619 #
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
2. EIOPA shall monitor pension schemePEPP providers 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.
Amendment 640 #
Proposal for a regulation
Annex I a (new)
Annex I a (new)
Amendment 641 #
Proposal for a regulation
Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table A (new)
Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table A (new)
Annex - 1 – PEPP KEY INFORMATION DOCUMENT AND PEPP BENEFIT STATEMENT – TABLE A Type of information Description 1 Name of the PEPP 2 Name of the provider 3 Type of PEPP 4 Investment options - Default option - Alternative option 1 - Alternative option 2 - Alternative option 3 - Alternative option 4 5 Costs and charges 6 Guarantee (if any) 7 Decumulation phase 8 Past performances - Pay-out option 1 - Pay-out option 2 - Pay-out option 3 9 Portability service 10 Switching service 11 Applicable law 12 Minimum investment period 13 Target retirement age 14 Conditions for modification of the chosen investment option 15 Depository (if any) 16 Applicable national social and tax law(s) 17 Early withdrawal 18 Competent authority 19 Mediation mechanisms
Amendment 642 #
Proposal for a regulation
Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table B (new)
Annex - 1 – PEPP Key Information Document and PEPP Benefit Statement – Table B (new)
Annex - 1 – PEPP KEY INFORMATION DOCUMENT AND PEPP BENEFIT STATEMENT – TABLE B Type of information Description 1 Personal details of PEPP saver 2 Name of the provider 3 Information on pension benefit projections 4 Pay-out option 5 Accrued entitlements or accumulated capital 6 Contributions 7 Funding level of the PEPP scheme 8 The Member State in which the PEPP is authorised or registered 9 Name of the national competent authority 10 Information on full or partial guarantees under the PEPP product 11 Past performance 12 Costs