62 Amendments of Ivo VAJGL related to 2017/0143(COD)
Amendment 29 #
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 and low returns. Nonetheless, household saving rates differ significantly among EU countries and persistent differences among EU member states may have an impact on investment and growth as household saving is an important financing source for private and public investment. More investment into capital markets can help meet the challenges posed by population ageing and , low interest rates and low levels of investment in the long-term.
Amendment 32 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
Amendment 36 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) The aging of society and falling birth rates are significant demographic challenges for the Union, which threatens both pension adequacy and sustainability as well as intergenerational solidarity. In addition, digitalisation and labour market changes are likely to further exacerbate the problem and put increasing pressure on first and second pillar pensions.
Amendment 37 #
Proposal for a regulation
Recital 1 c (new)
Recital 1 c (new)
(1c) According to EIOPA, only 67 million people, or 27% of the total EU population between 25-59 years old, are currently voluntarily subscribed to financial products with a long-term pension objective and that this is concentrated in only a few Member States.
Amendment 38 #
Proposal for a regulation
Recital 1 d (new)
Recital 1 d (new)
(1d) Priority should be given to further developing and strengthening the first pillar public pension schemes of Member States as the primary source of income for pensioners. However, in light of the impending reduction of the working population from a ratio of 1:4 to 1:2 a multi-pillar pension approach is crucial. A voluntary, long-term pan-European Personal Pension Product will act as a complement to and strengthen existing pension savings, boosting their adequacy as well as increasing coverage for categories of people previously faced with a lack, or partial lack, of adequate coverage such as women, young people the self-employed and persons in atypical or new forms of employment.
Amendment 39 #
Proposal for a regulation
Recital 1 e (new)
Recital 1 e (new)
(1e) Portability of the PEPP will increase its attractiveness as a product particularly to young people and help to further facilitate citizens’ right to live and work across the Union.
Amendment 42 #
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 will support the supply of funds for institutional investors and investment into the real economy which could help increase job creation across the EU.
Amendment 47 #
Proposal for a regulation
Recital 3
Recital 3
(3) Currently, the functioning of the internal market for personal pensions is impeded by the high degree of fragmentation between national markets and the limited degree of portability of personal pension products. This can result in difficulties for individuals to make use of their basic freedoms. For instance, they may be prevented from searching for or taking up a job in or retiring into another Member State. In addition, the possibility for providers to use the freedom of establishment and the freedom to provide services is hampered by the lack of standardisation of existing personal pension products.
Amendment 61 #
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 address the demographical challenge and pension gap, meet the needs of people wishing to enhance the adequacy of their retirement savings, address the demographical challenge, complement the existing pension products and schemes in particular under the first and second pillar, 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. COM(2017) 292 final, p. 6.
Amendment 69 #
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 bettermore and quality options to meet their retirement goals. Personal pension savings must be safe, cost-effective, transparent and sufficiently flexible to accommodate the current economic and labour market environment in the EU and to promote a Single Market for personal pensions.
Amendment 75 #
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 providing a powerful new source of private capital for long-term investment. This framework will not replace or harmonise existing national personal pension schemes.
Amendment 91 #
Proposal for a regulation
Recital 20
Recital 20
(20) A PEPP should comprise national compartments, each of them accommodating personal pension product features allowing that contributions to the PEPP qualify for incentives. At the level of the individual PEPP saver, a first compartment should be created upon opening of a PEPP.
Amendment 93 #
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, uUpon launching a PEPP, the provider should provide information on which national compartments are immediately available, in order to avoid a possible misleading of consumersthe contract.
Amendment 97 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) In order to facilitate provisions to open national compartments in all Member States, PEPP providers should be able to enter partnerships with other PEPP providers.
Amendment 105 #
Proposal for a regulation
Recital 24
Recital 24
(24) In order to ensure optimal product transparency, PEPP manufacturproviders 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. __________________ 33 Regulation (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 113 #
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 scheme and to ensure continuous information on it. The Pension Benefit Statement should be clear, updated, simple 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 132 #
Proposal for a regulation
Recital 38
Recital 38
(38) In view of the long-term retirement objective of the PEPP, the investment options grantoffered to the PEPP savers should be framclearly outlined, covering the elements which will allow investors to make an informed 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 135 #
Proposal for a regulation
Recital 39
Recital 39
(39) The default investment option should allow the PEPP saver to recoup the invested capital. The PEPP providers cshould in addition include an inflation indexation mechanism to at least partly cover inflation.
Amendment 143 #
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 and safe, safe and transparent procedure.
Amendment 154 #
Proposal for a regulation
Recital 55
Recital 55
(55) Full transparency on costs and fees related to the investment in a PEPP should be guaranteed. A level-playing field between providers would be established, whilst ensuring consumer protection. Comparative information wouldshall be available between different products, thus incentivising competitive pricing.
Amendment 155 #
Proposal for a regulation
Recital 56
Recital 56
(56) Although the ongoing supervision of PEPP providers is to be exercised by the respective competent national authorities, EIOPA should coordinate the supervision with regards to PEPPs, in order to guarantee the consistent application of a unified supervisory methodology, contributing in this way to the pane- European nature of the pension product.
Amendment 163 #
Proposal for a regulation
Recital 69
Recital 69
(69) Following the launch of the PEPP, Member States are strongly encouraged to take into consideration Commission Recommendation (EU) 2017/… and to extend the benefits of the tax advantages they grant to national PPPs also to the PEPP.
Amendment 192 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) "lump sum" means the full payment of the accumulated capital at the end of the accumulation phase;
Amendment 204 #
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 205 #
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
(24) "default investment option" means an investment strategy where the PEPP saver recoups at least the capital invested and which is either selected by the PEPP saver or applied when the PEPP saver has not provided instructions on how to invest the funds accumulating in his PEPP account;
Amendment 215 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28a) "biometric risks" mean risks linked to longevity, disability and death.
Amendment 217 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 b (new)
Article 2 – paragraph 1 – point 28 b (new)
(28b) "compartment partnership" means cooperation between PEPP providers to offer compartments in different Member States as regards the portability service as referred to in Article 12.
Amendment 267 #
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 authority of the applicant to verify if there are any objections to the granting of the application.
Amendment 283 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The portability service allows PEPP savers to continue contributing to the PEPP which they have already contracted with its provider, while changing their domicile by moving to another Member State. The Commission should examine waiving the fee for changing providers as an incentive. In any case, costs shall be reasonable and communicated always at time of the contract.
Amendment 290 #
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 and either from the PEPP provider or from a registered partner.
Amendment 294 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Three years at the latest aftere available compartments shall be listed in the econtry into application of this Regulation, each PEPP shallact between the PEPP saver and PEPP provider. The PEPP provider shall be obliged to offer national least the compartments for all Member States upon request addresslisted toin the PEPP providercontract.
Amendment 297 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 300 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
PEPP providers may enter a compartment partnership with other PEPP providers in order to facilitate provisions to open compartments in all Member States.
Amendment 302 #
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 account and about the deadline within which such compartment could be opened.
Amendment 306 #
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, so that all assets could be consolidated in one compartment. Costs associated with this transfer must have been stipulated at the time the contract was concluded.
Amendment 308 #
Proposal for a regulation
Article 17 – title
Article 17 – title
Amendment 310 #
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 314 #
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 be notified of any changes concerning the newlocal compartment and. The database shall contain at least:
Amendment 315 #
Proposal for a regulation
Article 17 – paragraph 2 – point a a (new)
Article 17 – paragraph 2 – point a a (new)
(aa) identification of the registered partner if any;
Amendment 319 #
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 reproduction of the information stored. Upon request, PEPP providers and distributors shall provide free of charge those documents and information also on another durable medium. and in an accessible format to PEPP savers with a visual or hearing impairment as well as an easy to read version for PEPP savers with low or no financial literacy.
Amendment 322 #
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 constituting pre-contractual information in accordance with the requirements of this Chapter and shall publish the document on its website.
Amendment 326 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. PEPP providers and PEPP distributors shall comapply withe requirements contained in Articles 5(2), and 6 to 18 of Regulation (EU) No 1286/2014 when drawing up the PEPP key information document.
Amendment 329 #
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 registered partners if any;
Amendment 361 #
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 five years, or, where the scheme has been operating for fewer than five years, covering all the years that the scheme has been operating, as well as with information on the structure of costs and fees borne by PEPP savers and PEPP beneficiaries. In case the information could not be provided, PEPP savers should at least have access to the performance of a comparable scheme of investments.
Amendment 385 #
Proposal for a regulation
Article 26
Article 26
Amendment 392 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. PEPP providers shall draw up a concise, clear and comprehensible 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”.
Amendment 398 #
Proposal for a regulation
Article 28 – paragraph 1 – introductory part
Article 28 – paragraph 1 – introductory part
1. The PEPP Benefit Statement shall be provided free of charge, annually and include, at least, the following key information for PEPP savers:
Amendment 401 #
Proposal for a regulation
Article 28 – paragraph 1 – point a
Article 28 – paragraph 1 – point a
(a) personal details of the PEPP saver, name of the PEPP providand contact information of the PEPP provider, identification of the scheme of the PEPP saver, information on pension benefit projections, information on accrued entitlements or accumulated capital, 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 414 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. PEPP savers shall receive information during the pre-retirement phase as set out in Article 42 of Directive 2016/2341/EU. This information must be provided at the latest one year prior to the retirement age.
Amendment 431 #
Proposal for a regulation
Article 33 – paragraph 1 – point d
Article 33 – paragraph 1 – point d
Amendment 432 #
Proposal for a regulation
Article 33 – paragraph 1 – point f
Article 33 – paragraph 1 – point f
(f) the assets shall not be iInvesteding in a high-risk and non- cooperative jurisdiction identified by the Financial Action Task Force is forbidden;
Amendment 434 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. PEPP providers and distributors shall offer up to five investment options to PEPP savers.
Amendment 435 #
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
2. TOne of the investment options offers shall include a default investment option while the remaining options and may include alternative investment options.
Amendment 437 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
The PEPP saver shall opt for anone of the investment options upon conclusion of the PEPP contract.
Amendment 441 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. The default investment option shall ensure capital protection for the PEPP saver, on the basis of a risk-mitigation technique that results in a safe investment strategybe a simple, easy to understand product and the PEPP provider shall guarantee the PEPP saver that the capital accumulated by the start of pay-out phase will at least equal the contributions paid including all costs and charges.
Amendment 446 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. Capital protection shall allow the PEPP saver to recoup the capital invested including fees, cost and inflation.
Amendment 453 #
Proposal for a regulation
Article 42 – paragraph 1
Article 42 – paragraph 1
PEPP providers may offer PEPPs with an option ensuring the coveragshall include a guarantee ofn the risk of biometric risks. For the purpose of this Regulation, “biometric risks” mean risks linked to longevity, disability and deathcapital invested for death and permanent disability of the PEPP saver during the accumulation phase.
Amendment 464 #
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 authorisation 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 authorisation:
Amendment 478 #
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 10,5 % of the positive balance to be transferred to the receiving PEPP provider. The Commission shall examine waiving the fee for changing providers as an incentive to promote the PEPP product.
Amendment 482 #
Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 1 – introductory part
Article 50 – paragraph 1 – subparagraph 1 – introductory part
Receiving PEPP providers shall give to PEPP savers the following information about the switching service:
Amendment 487 #
Proposal for a regulation
Article 52 – paragraph 1 – introductory part
Article 52 – paragraph 1 – introductory part
1. PEPP providers mayshall make available to PEPP savers one or more of the following forms of out-payments:
Amendment 492 #
Proposal for a regulation
Article 52 – paragraph 2 a (new)
Article 52 – paragraph 2 a (new)
2a. With regard to the default investment option, a minimum of 25% of out-payments in the form of annuities shall be mandatory.