30 Amendments of Robert ROCHEFORT related to 2017/0143(COD)
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 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 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 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 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 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 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 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 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 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 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 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 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: