[ParlTrack]

Proposal for a directive
Recital 19 a (new)

(19a) A resilient system builds on the diversification of products, the diversity of institutions and the sizes of institutions as well as effective and converging supervisory practices.

2015/10/05
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Recital 19 b (new)

(19b) The over-fragmentation of particular markets with high numbers of very small institutions for occupational retirement provisions can however be challenging in terms of supervision but also the economic benefits for the employees can be questioned.

2015/10/05
Committee: ECON

Sylvie GOULARD, Sophia IN 'T VELD

Proposal for a directive
Recital 57

(57) In order to ensure the smooth functioning of the internal market for occupational retirement provision organised on a European scale, the Commission should, after consulting EIOPA, review and report on the application of this Directive and should submit that report to the European Parliament and to the Council four years after the entry into force of this Directive. That review should assess in particular the application of the rules regarding the calculation of the technical provisions, the funding of technical provisions, regulatory own funds, solvency margins, investment rules and any other aspect relating to the financial solvency situation of the institution. These rules should respect the specific nature of the pension sector.

2015/10/05
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 15 – paragraph 1

1. The home Member State shall require every institution to have at all times ~~sufficient and appropriate~~ assets to fully cover the technical provisions in respect of the total range of pension schemes operated.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 15 – paragraph 2 – subparagraph 1 a (new)

In the event of cross-border activity as referred to in Article 12, the competent authorities of the home Member State and of the host Member State shall jointly agree on the application of paragraph 2 of this Article and may intervene in accordance with Article 62. To comply with this requirement the home Member State may require ring-fencing of the assets and liabilities. EIOPA may help to settle any disagreements in accordance with Article 19 paragraphs 1 and 2 of Regulation (EU) No 1094/2010.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 15 – paragraph 3

3. In the event of cross-border activity as referred to in Article 12, the technical provisions shall at all times be fully funded in respect of the total range of pension schemes operated. If these conditions are not met, the competent authorities of the home Member State shall intervene in accordance with Article 62. To comply with this requirement the home Member State may require ring- fencing of the assets and liabilities.deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 40 a (new)

Article 40a Pension benefit statement 1. Member States shall require institutions to draw up a document containing key relevant information for each member. The title of the document shall contain the words ‘Pension Benefit Statement’. 2. The pension benefit statement shall be written in a concise way. 3. Member States shall require that the information contained in the pension benefit statement is updated and sent to each member, free of charge, at least annually. 4. Any material change to the information contained in the pension benefit statement compared to the previous year shall be clearly indicated. 5. Member States may allow institutions to provide the pension benefit statement in a durable medium, or by means of a website in case it can be downloaded and stored in a durable medium. A paper copy shall be delivered to the members on request and free of charge in addition to any electronic means. 6. When laying down rules for the pension benefit statement, Member States shall require that it contains the key relevant information for the members, taking into consideration the specific nature of national pension systems and of relevant national social, labour and tax law. 7. Key relevant information for members shall include: (a) personal details of the member, including a clear indication of the retirement age or the date when receiving retirement benefits used as the basis for the projections referred to in Article 49; (b) identification of the institution and of the Member State in which the institution is registered or authorised and the name of the national competent authority; (c) identification of the pension scheme of the member; (d) where applicable, any information on full or partial guarantees under the pension scheme. Where no guarantee is provided, this should be indicated. Where a guarantee is provided, the pension benefit statement shall briefly explain the nature of the guarantee and provide information on the current level of financing of the member’s accrued individual entitlements; (e) information on pension projections in accordance with Article 50, taking into consideration the specific nature and organisation of the pension scheme; (f) information on the accumulated entitlements, contributions and costs of the pension scheme in accordance with Article 49, taking into consideration the specific nature and organisation of the pension scheme; (g) information on the investment profile, in accordance with Article 51 taking into consideration the specific nature of the pension scheme; (h) information on the past performance of the pension scheme, taking into account the specific nature of the pension scheme. 8. Member States shall exchange best practices with regard to the format and the content of the pension benefit statement.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point a

(a) ~~the sum of the costs deducted from the gross~~where the pension scheme does not provide for a given level of benefits the contributions paid by the sponsoring undertaking~~, where applicable, or by~~ and the member, over the past twelve months, or, if the member has joined the scheme less than twelve months ago, the sum of the ~~costs deducted from their~~ contributions since joining;

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point b

~~(b) the sum of the contributions paid by the member over the past twelve months, or, if the member has joined the scheme less than twelve months ago, the sum of their contributions since joining;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point c

(c) the sum of the contributions paid by the sponsoring undertaking over the past twelve months, or, if the member has joined the scheme less than twelve months ago, the sum of the contributions paid by the sponsoring undertaking since the member joined;deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point d – point i

(i) for pension schemes that do not provide for a ~~target~~given level of benefits, ~~the total sum of~~ the capital accumulated by the member, expressed also as an annuity ~~per month~~, if applicable,

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point d – point ii

(ii) for pension schemes that provide for a ~~target~~given level of benefits, the accrued individual entitlements ~~per month~~.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point e

~~(e) other contributions or costs relevant to the member such as transfer of accrued capital;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 1 – point f

(f) the costs referred to in point (a) broken down into the following separate amounts expressed in the currency relevant for the pension scheme: (i) costs of administration of the institution; (ii) costs of safekeeping of assets; (iii) costs related to portfolio transactions; (iv) other costs.deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 49 – paragraph 2

2. TWhe ~~‘other costs’ referred to in paragraph 1 (f)(iv) shall be briefly expla~~re the pension scheme does not provide for a given level of benefits, the pension benefit statement shall indicate the total amount of the costs borne by members over the past twelve months or, if the member has joined wthe~~re they account for 20% or more of the total charges~~ scheme less than twelve months ago, the sum of the aforementioned costs that have been deducted since joining.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 1 – introductory part

1. Where the pension scheme provides for a ~~target~~given level of benefits, the pension benefit statement shall indicate the ~~following three amounts concerning pension projec~~amount of the given level of benefits at the estimated retirement age or the estimated date when receiving retirement benefits provided for in the pension scheme under best estimate assumptions, expressed in the currency relevant for the pension scheme:, or shall indicate where these projections are provided.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 1 – point a

~~(a) the target level of benefits per month at the retirement age under best estimate assumptions;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 1 – point b

~~(b) the target level of benefits per month two years before the retirement age under best estimate assumptions;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 1 – point c

~~(c) the target level of benefits per month two years after the retirement age under best estimate assumptions.~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 2

~~2. The assumptions referred to in paragraph 1 shall take into account future wages.~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 3 – introductory part

3. Where the pension scheme does not provide for a ~~target~~given level of benefits, the pension benefit statement shall indicate the ~~following amounts concerning pension projec~~expected amount of the capital accumulated by the member at the estimated retirement age or the estimated date when receiving retirement benefits provided for in the pension scheme under best estimate assumptions, expressed in the currency relevant for the pension scheme:, or shall indicate where these projections are provided. The amount shall also be expressed as an annuity, if applicable.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 3 – point a

~~(a) the expected amount of capital accumulated until two years before the retirement age under best estimate assumptions relevant for the scheme;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 3 – point b

~~(b) the expected amount of capital accumulated until the retirement age under best estimate assumptions relevant for the scheme;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 3 – point c

~~(c) the expected amount of capital accumulated until two years after the retirement age under best estimate assumptions relevant for the scheme;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 3 – point d

~~(d) the amounts referred to in points (a) to (c) expressed as a benefit per month.~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 4 – introductory part

4. ~~The assumptions referred to in paragraph 3~~Member States shall provide rules to determine the assumptions referred to in the above paragraphs. These rules shall take into account the following factors:

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 50 – paragraph 5

5. ~~For the purposes of calculating the projections referred to in paragraphs 1 and 3, the contribution rates shall be assumed to remain constant~~The pension benefit statement shall contain a warning in order to clarify that amounts indicated in the pensions projections are estimates based on assumptions and might differ from the final value of the benefits accrued.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 1 – subparagraph 1

For pension schemes where members bear investment risk and where they have a choice between different investment options, the pension benefit statement shall indicate the investment profiles ~~providing~~. The pension benefit statement shall indicate where a list of the investment options is available and a short description of each option is provided. The member’s current investment option shall be marked prominently.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 1 – subparagraph 2

When the number of different investment options with different investment objectives exceeds five, the institution shall restrict the short description of each option to five representative options including the most risky and the least risky options.deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 2 – introductory part

2. For pension schemes where members bear investment risk and where an investment option is imposed on the member by a specific rule specified in the pension scheme, the pension benefit statement shall indicate where the following additional information shall be provided, where applicable:

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 2 – point b

(b) rules based on the member’s targeted retirement age or the target date for receiving retirement benefits;

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 1 – introductory part

For pension schemes where members bear investment risk, the pension benefit statement shall contain information about the risk and return profile ~~showing a synthetic graphic~~The pension benefit statement shall indicat~~or of the risk and return profile of the pension sc~~e the documents or the website whemre ~~or, where applicable, of each investment option accompanied by the following~~the following additional information shall be provided:

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 1 – point a

~~(a) an explanation of the indicator and of its main limitations;~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 1 – point b

(b) an explanation of risks which are materially relevant ~~and which are not adequately captured by the synthetic graphical indicator.~~;

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 1 – point b a (new)

(ba) a brief explanation of the actual returns;

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 1 – point b b (new)

(bb) a statement that the lowest risk profile does not mean a risk-free investment

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 3 – subparagraph 2

~~The computation of the synthetic indicator shall be adequately documented and institutions shall make that documentation available to members on request.~~deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 4

4. The explanation referred to in paragraph 3(a) shall include the following: (a) a brief explanation as to why the pension scheme or investment option is in a specific category; (b) a statement that historical data, such as is used in calculating the synthetic graphical indicator, is not a reliable indication of the future risk profile of the pension scheme or of the investment option; (c) a statement that the risk and return category shown is not guaranteed to remain unchanged and that the categorisation of the pension scheme or the investment option may shift over time; (d) a statement that the lowest category does not mean a risk-free investment.deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 5

5. The synthetic graphical indicator and the explanations referred to in paragraph 3 shall be drawn up in accordance with the internal process for identifying, measuring and monitoring risks adopted by the institution as laid down in this Directive, as well as with the investment objectives and investment policy described in the statement of investment principles.deleted

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 51 – paragraph 5 a (new)

5a. The pension benefit statement shall indicate where the statement of investment principles is available.

2015/10/20
Committee: ECON

Sylvie GOULARD

Proposal for a directive
Article 75 – paragraph 1

Four years after the entry into force of this Directive, the Commission shall review this Directive and report on its implementation and effectiveness to the European Parliament and the Council. That review shall assess in particular the application of the rules regarding the calculation of the technical provisions, the funding of technical provisions, regulatory own funds, solvency margins, investment rules and any other aspect relating to the financial solvency situation of the institution. These rules shall respect the specific nature of pension sector.

2015/10/20
Committee: ECON

41 Amendments of Sylvie GOULARD related to 2014/0091(COD)

ParlTrack - 2011-2024