Next event: Commission response to text adopted in plenary 2017/01/17 more...
- Final act published in Official Journal 2016/12/23
- Draft final act 2016/12/14
- Final act signed 2016/12/14
- End of procedure in Parliament 2016/12/12
- Act adopted by Council after Parliament's 1st reading 2016/12/08
- Council Meeting 2016/12/08
- Results of vote in Parliament 2016/11/24
- Decision by Parliament, 1st reading/single reading 2016/11/24
- Debate in Parliament 2016/11/23
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2016/07/13
- Committee report tabled for plenary, 1st reading/single reading 2016/02/03
- Vote in committee, 1st reading/single reading 2016/01/25
- Committee decision to open interinstitutional negotiations with report adopted in committee 2016/01/25
- Amendments tabled in committee 2015/10/20
- Amendments tabled in committee 2015/10/05
- Committee draft report 2015/07/28
Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | HAYES Brian ( EPP) | TANG Paul ( S&D), FOX Ashley ( ECR), IN 'T VELD Sophia ( ALDE), URBÁN CRESPO Miguel ( GUE/NGL), EICKHOUT Bas ( Verts/ALE), VALLI Marco ( EFDD) |
Former Responsible Committee | ECON | ||
Committee Opinion | EMPL | LENAERS Jeroen ( EPP) | |
Committee Opinion | JURI | ||
Committee Opinion | FEMM | PIETIKÄINEN Sirpa ( PPE) | |
Former Committee Opinion | EMPL | ||
Former Committee Opinion | JURI | ||
Former Committee Opinion | FEMM | Viorica DĂNCILĂ ( S&D), Arne GERICKE ( ECR) | |
Committee Recast Technique Opinion | JURI | SVOBODA Pavel ( EPP) |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
PURPOSE: to establish an EU legal framework for institutions for occupational retirement provision.
LEGISLATIVE ACT: Directive (EU) 2016/2341 of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (IORPs).
CONTENT: this Directive is a recast of Directive 2003/41/EC of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision. It lays down rules for the taking-up and pursuit of activities carried out by institutions for occupational retirement provision (IORPs) . They are a vital part of the Union economy, holding assets worth EUR 2.5 trillion on behalf of around 75 million members and beneficiaries.
This Directive is aimed at minimum harmonisation and therefore should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries of occupational pension schemes.
Revising directive 2003/41/EC, the text has four specific objectives:
1. Clarifying procedures for cross-border activities : the Directive provides that Member States shall authorise IORPs registered or authorised in their territory:
to engage in cross-border activity . An IORP intending to engage in cross-border activity should be subject to the prior approval of the relevant competent authority of its home Member State; to transfer pension schemes to other IORPs across borders within the Union in order to facilitate the organisation of occupational retirement provision on a Union scale. Transfers should be subject to authorisation by the competent authority in the home Member State of the receiving IORP after that competent authority has received the consent of the competent authority of the home Member State of the IORP transferring the pension scheme.
Every IORP shall have: (i) sufficient and appropriate assets at all times to cover the technical provisions in respect of the total range of pension schemes operated; (ii) an adequate available solvency margin in respect of its entire business at all times which is at least equal to the requirements in this Directive in order to ensure long-term sustainability of occupational retirement provision.
2. Ensuring good governance and risk management : the IORPs shall:
put in place an effective system of governance which provides for sound and prudent management of their activities. The system of governance shall include consideration of environmental, social and governance factors related to investment assets in investment decisions; ensure that all persons who manage IORPs have the adequate professional qualifications and requirements for fit and proper management; establish and apply a sound remuneration policy in line with the long-term interests of members and beneficiaries of pension schemes operated by the IORP and shall include measures aimed at avoiding conflicts of interest and shall not encourage risk-taking which is inconsistent with the risk profiles and rules of the IORP; put in place a risk-management function, an internal audit function and, where applicable, an actuarial function; in the case of an occupational pension scheme where members and beneficiaries fully bear the investment risk, the home Member State may require the IORP to appoint one or more depositaries for the safe-keeping of assets and oversight duties.
3. Providing clear and relevant information to members and beneficiaries : the Directive places an obligation on IORPs to:
provide clear and adequate information to prospective members, members and beneficiaries including: (i) accrued pension entitlements; (ii) information on the investment profile (iii) the nature of investment risks; (iv) the options available to members and beneficiaries in receiving their retirement benefits; provide, every twelve months, a pension benefit statement (PBS) for the individual in the clearest possible way, also as a basis to feed information into a potential pension tracking service. 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 schemes and serve labour mobility. It should provide information on pension benefit projections based on the retirement age.
4. Ensuring that supervisors have the necessary tools to effectively supervise IORPs : the Directive lays down that the competent authorities of the home Member State shall be responsible for the prudential supervision of IORPs. Member States shall ensure that their competent authorities may impose administrative sanctions and other measures applicable to all infringements of the national provisions implementing this Directive. Supervision of IORPs shall be prospective and risk-based . It shall comprise an appropriate combination of off-site activities and on-site inspections.
ENTRY INTO FORCE: 12.1.2017.
TRANSPOSITION: 13.1.2019 at the latest.
The European Parliament adopted by 512 to 70, with 40 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (recast).
Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:
Subject matter and scope : IORPs play an important role in the long-term financing of the Union’s economy and in the provision of secure retirement benefits. They are a vital part of the Union economy , holding assets worth EUR 2.5 trillion on behalf of around 75 million members and beneficiaries.
In the internal market, institutions for occupational retirement provision (IORPs) should have the possibility to operate in other Member States while ensuring a high level of protection and security for members and beneficiaries of occupational pension schemes.
This Directive is aimed at minimum harmonisation and therefore should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries of occupational pension schemes, provided that such provisions are consistent with Member States' obligations under Union law. This Directive does not concern issues of national social, labour, tax or contract law, or the adequacy of pension provision in Member States.
Registration or authorisation : Member States shall, in respect of every IORP, the main administration of which is located in their territories, ensure that the IORP is registered in a national register, or authorised , by the competent authority. The location of the main administration refers to the place where the main strategic decisions of an IORP are made.
Member States may provide that additional benefits such as the option of longevity and disability cover, provision for surviving dependants and a guarantee of repayment of contributions are offered to members with the agreement of the employers and the employees or their respective representatives.
Transfers of pension schemes :
in the case of a transfer of part of a pension scheme, the viability of both the transferred part and the remaining part of the pension scheme should be ensured and the rights of all members and beneficiaries should be adequately protected after the transfer, by requiring both the transferring and the receiving IORPs to have sufficient and appropriate assets to cover the technical provisions for the transferred part and the remaining part of the scheme; the transfer and its conditions should be subject to prior approval by a majority of the members and a majority of the beneficiaries concerned or where applicable, by a majority of their representatives, such as the trustees of a trust-based scheme; the transfer of all or a part of a pension scheme's liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, between transferring and receiving IORPs shall be subject to authorisation by the competent authority of the home Member State of the receiving IORP after obtaining the prior consent of the competent authority of the home Member State of the transferring IORP; the transfer of all or a part of a pension scheme's liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, between transferring and receiving IORPs shall be subject to authorisation by the competent authority of the home Member State of the receiving IORP after obtaining the prior consent of the competent authority of the home Member State of the transferring IORP; in the event of a whole or partial cross-border transfer of a pension scheme, where there is a disagreement between the competent authorities concerned, it should be possible for the European Insurance and Occupational Pensions Authority (EIOPA) to carry out mediation.
Governance systems :
the system of governance shall include consideration of environmental, social and governance factors related to investment assets in investment decisions, and shall be subject to regular internal review. Member States shall ensure that IORPs establish and apply written policies in relation to risk management, internal audit and, where relevant, actuarial and outsourced activities; persons who effectively run an IORP should collectively be fit and proper and persons who carry out key functions (the actuarial or internal audits, etc) should have adequate knowledge and experience and, where applicable, adequate professional qualifications.
Remuneration policy : Member States shall require IORPs to establish and apply a sound remuneration policy for all those persons who effectively run the IORP, carry out key functions and other categories of staff whose professional activities have a material impact on the risk profile of the IORP in a manner that is proportionate to their size and internal organisation, as well as to the size, nature, scale and complexity of their activities.
The remuneration policy shall comply with the following principles:
be in line with the long-term interests of members and beneficiaries of pension schemes operated by the IORP; be consistent with sound and effective risk management and shall not encourage risk-taking which is inconsistent with the risk profiles; it shall include measures aimed at avoiding conflicts of interest.
Outsourcing : IORPs should be allowed to entrust any activity, including key functions, in whole or in part, to service providers operating on their behalf. IORPs should remain fully responsible for discharging all of their obligations under this Directive when they outsource key functions or any other activities. IORPs should enter into a written agreement with the service provider when outsourcing any activity.
Information on the pension scheme : Member States shall, in respect of every IORP registered or authorised in their territories, ensure that members and beneficiaries are sufficiently informed about the respective pension scheme operated by the IORP, in particular concerning:
information on the investment profile ; the nature of financial risks borne by the members and beneficiaries; the conditions regarding full or partial guarantees under the pension scheme; the mechanisms protecting accrued entitlements or the benefit reduction mechanisms; where members bear investment risk or can take investment decisions, information on the past performance of investments related to the pension scheme for a minimum of five years; the options available to members and beneficiaries in receiving their retirement benefits; further information about the arrangements relating to such a transfer.
Where prospective members do not have a choice and are automatically enrolled in a pension scheme, the IORP should provide them with the key relevant information about their membership promptly after enrolment.
Pension Benefit Statement : 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 schemes and serve labour mobility.
The Statement should provide information on pension benefit projections based on the retirement age. If the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario and an unfavourable scenario, taking into consideration the specific nature of the pension scheme.
Prudential supervision : Member States shall ensure that their competent authorities may impose administrative sanctions and other measures applicable to all infringements of the national provisions implementing this Directive, and shall take all measures necessary to ensure that they are implemented. Administrative sanctions and other measures are effective, proportionate and dissuasive.
The Committee on Economic and Monetary Affairs adopted the report by Brian HAYES (EPP, IE) on the proposal for a directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (recast).
The committee recommended that the European Parliament’s position, adopted at first reading following the ordinary legislative procedure, should amend the Commission proposal as follows:
Purpose and scope : Members stressed that institutions for occupational retirement provision play an important role in the long-term financing of the Union’s economy and in providing secure retirement benefits for citizens of the Union. Member States should take into account the objective for all institutions of ensuring the intergenerational balance of occupational pension schemes, by aiming to have an equitable spread of risks and benefits between generations .
This Directive aims to provide for minimum harmonisation and should not preclude Member States from maintaining or introducing further provisions in order to protect members and beneficiaries, provided that such provisions are consistent with Member States' obligations under Union law. The Directive does not concern issues of national social, labour, tax , and contract law, nor the adequacy of pension provisions in Member States,.
The Directive shall:
encourage Member States to build up safe and adequate occupational pension provision and facilitate cross-border activity; ensure good governance, provision of information to scheme members, transparency and safety of occupational retirement provision; facilitate the development of new and innovative pension products within collective systems which aim to guarantee adequate retirement provisions for all; clarify the procedures enabling institutions to carry out cross-border activity and remove unnecessary obstacles, which hamper such cross-border activity.
Registration or authorisation : Member States shall, in respect of every institution located in their territories, ensure that the institution is registered in a national register, or authorised, by the competent authority. The location of the main administration refers to the place where the main strategic decisions of an institution are made. Member States shall require an institution to have its main administration in the same Member State as its registered office.
Transfers of pension schemes : according to the amended text, Member States shall allow institutions authorised or registered in their territories to transfer all or a part of a pension scheme's liabilities, technical provisions, other obligations and rights and corresponding assets, and cash equivalent thereof, to a receiving institution. In the event of a transfer of part of a pension scheme, Member States shall require the transferring and the receiving institution to have sufficient and appropriate assets to cover the technical provisions for the transferred part and the remaining part of the scheme.
The transfer and its conditions shall be made subject to prior approval by a majority of members and a majority of the beneficiaries concerned or, where applicable, by a majority of their representatives. Members stated that the application for authorisation of the transfer shall be submitted by the receiving institution.
Duty of Care : where a cross-border transfer has been approved by members and beneficiaries of a pension scheme and where the transferring institution provides cover against biometric risks or guarantees either an investment performance or a given level of benefits, the European Insurance and Occupational Pensions Authority (EIOPA) shall, at the request of the competent authorities of the home Member State of the transferring institution, assess: (i) whether there could be any systemic risk to the Union financial system arising from the transfer and, (ii) whether the long-term interests of members and beneficiaries are negatively affected if the scheme were to be operated in the home Member State of the receiving institution.
System of governance : institutions shall establish and apply written policies in relation to risk management and internal audit. Those written policies shall be subject to prior approval by the management or supervisory body of the institution and shall be reviewed at least every three years.
Persons who effectively run the institution should collectively be fit and proper and persons who perform key functions should have adequate professional qualifications, knowledge and experience . However, only the key function holders should be subject to notification requirements to the competent authority.
Member States shall require institutions to establish and apply a sound remuneration policy for all those persons who effectively run the institution, perform key functions and other categories of staff whose professional activities have a material impact on the risk profile of the institution.
The remuneration policy is in line with the risk profile and the long-term interests of members and beneficiaries of pension schemes operated by the institution.
Member States should be able to authorise the institution to conduct key functions through the same person or through an organisational unit provided that no conflict of interest exists and the institution has adequate measures to address and prevent any conflict of interest.
Information to be given to prospective members, members and beneficiaries : in order to protect members and beneficiaries, institutions for occupational retirement provision should limit their activities, and those arising therefrom, to those referred to in this Directive and provide clear and relevant information to members and beneficiaries for the purpose of ensuring good governance and risk management.
Where prospective members do not have a choice and are automatically enrolled in a pension scheme, the institution should provide them with the key relevant information about their membership immediately after enrolment.
Beneficiaries shall also be informed of any potential reduction in the level of benefits due, prior to any decision on such a potential reduction.
Member States shall ensure that members are sufficiently informed of the conditions of the pension scheme, in particular concerning the risks borne by members and beneficiaries associated with the pension scheme.
Pension benefit statement : institutions shall be required to draw up a concise document containing key relevant information for each member . The pension benefit statement should be clear and comprehensible and should contain relevant and appropriate information to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility. The information contained in the pension benefit statement shall be accurate, and updated and sent to each member, free of charge, at least annually.
Prudential supervision : Member States shall lay down rules on administrative penalties and other administrative measures applicable to all infringements of the national provisions transposing this Directive.
The competent authority shall publish without undue delay any administrative penalty or other administrative measure that has been imposed for an infringement of the national provisions transposing this Directive, and against which no appeal was lodged in time, including information on the type and nature of the infringement and the identity of persons held responsible.
It is stipulated that Articles 66 (professional secrecy) and 67 (use of confidential information) shall be without prejudice to the powers of investigation conferred on the European Parliament.
Closing the gender pension gap : taking into account that the gender pension gap in the Union is 39 % on average, the Commission should study extensively the impact of different pillars, pensions systems and their structures on both women and men. Based on the results, the Commission should propose actions and possible structural changes that are needed in order to ensure equal levels of pensions for women and men across the Member States.
PURPOSE: to facilitate the development of occupational retirement savings.
PROPOSED ACT: Directive of the European Parliament and the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: European society is ageing. Pension systems across the European Union (EU) have to adapt in order to ensure adequate, safe and sustainable pensions.
The institutions for occupational retirement provision (IORPs) sector is being developed in many Member States where occupational pensions so far play a limited role, including by setting up regulatory frameworks. Failing to provide an up-to-date EU regulatory framework now entails the risk that Member States continue to develop diverging solutions, thereby exacerbating regulatory fragmentation. Furthermore, improvements to the performance of occupational pensions require long periods of time to materialise.
According to the Commission, a revision of Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision is necessary for the following reasons:
(1) protect members and beneficiaries , and facilitate safe cross-border provisioning through higher governance standards reflecting best practices at national level following the economic and financial crisis;
(2) reduce the obstacles to develop cross border occupational pensions markets, which would help companies, including SMEs and multinationals, to organise their pension provision on a European scale more efficiently;
(3) there is evidence of significant gaps in the level of information provided to scheme members and beneficiaries across the EU.
This proposal builds on a number of initiatives launched in recent years such as the White Paper on pensions and the Green Paper on long-term financing of the European economy.
IMPACT ASSESSMENT: this proposal is accompanied by an impact assessment report that considers a range of policy options and sub-options. The report was first submitted to the Impact Assessment Board on 4 September 2013. The Board asked for resubmission with additional information on the views of the different stakeholder groups, problem definition, subsidiarity and proportionality aspects, options and expected impacts.
The impact assessment was resubmitted on 16 October 2013. On 6 November the Board stated it could not issue a positive opinion and requested some further amendments.
CONTENT: this proposal to recast Directive 2003/41/EC has four specific objectives:
1. Removing remaining prudential barriers for cross-border IORPs , notably by:
requiring that the rules on investment and disclosure of information to members and beneficiaries are those of the home Member State, clarifying procedures for cross-border activities, clearly defining the scope of action of home and host Member State.
2. Ensuring good governance and risk management : the proposal: (i) establishes that institutions need to have in place an effective system of governance which provides for sound and prudent management of their activities; (ii) sets out that institutions must have a sound remuneration policy; (iii) provides for an effective internal audit function which evaluates the adequacy and effectiveness of the internal control system; (iv) sets out that IORPs need to appoint a single depositary for safekeeping of assets and oversight duties if members and beneficiaries fully bear the investment risk.
3. Providing clear and relevant information to members and beneficiaries : the proposal places an obligation on IORPs to provide, every twelve months, a pension benefit statement (‘PBS’) for the individual in the clearest possible way, also as a basis to feed information into a potential pension tracking service.
4. Ensuring that supervisors have the necessary tools to effectively supervise IORPs : the proposal lays down that the competent authority of the home Member State has the sole responsibility for the prudential supervision of all IORPs authorised or registered in its jurisdiction. It establishes the principle that supervision of IORPs needs to be prospective and risk-based, as well as timely and proportionate. In addition, the proposal introduces the supervisory review process which aims to identify IORPs with financial, organisational or other features susceptible to producing a higher risk profile.
BUDGETARY IMPLICATIONS: the budgetary implications relate to tasks allocated to European Insurance and Occupational Pensions Authority (EIOPA).
No new resources will be needed. Operation appropriations which are necessary for the implementation of this initiative will be covered by redeployment within the contribution granted to EIOPA during the annual budgetary procedure, in accordance with the financial programming set by the Communication from the Commission "Programming of human and financial resources for decentralised agencies 2014-2020". The estimated impact on expenditure is EUR 2.035 million for the period 2015-2020.
Documents
- Commission response to text adopted in plenary: SP(2017)8
- Final act published in Official Journal: Directive 2016/2341
- Final act published in Official Journal: OJ L 354 23.12.2016, p. 0037
- Draft final act: 00035/2016/LEX
- Results of vote in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0448/2016
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE604.785
- Committee report tabled for plenary, 1st reading/single reading: A8-0011/2016
- Amendments tabled in committee: PE569.481
- Amendments tabled in committee: PE567.843
- Committee draft report: PE565.015
- Committee opinion: PE541.293
- Committee opinion: PE549.448
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Opinion on the recast technique: PE536.213
- Economic and Social Committee: opinion, report: CES2354/2014
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2014)0102
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2014)0103
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2014)0104
- Legislative proposal published: EUR-Lex
- Legislative proposal published: COM(2014)0167
- Document attached to the procedure: EUR-Lex SWD(2014)0102
- Document attached to the procedure: EUR-Lex SWD(2014)0103
- Document attached to the procedure: EUR-Lex SWD(2014)0104
- Economic and Social Committee: opinion, report: CES2354/2014
- Opinion on the recast technique: PE536.213
- Committee opinion: PE549.448
- Committee opinion: PE541.293
- Committee draft report: PE565.015
- Amendments tabled in committee: PE567.843
- Amendments tabled in committee: PE569.481
- Draft final act: 00035/2016/LEX
- Commission response to text adopted in plenary: SP(2017)8
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
- Contribution: COM(2014)0167
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Amendments | Dossier |
141 |
2014/0091(COD)
2015/03/25
EMPL
84 amendments...
Amendment 100 #
Proposal for a directive Recital 5 b (new) (5b) It is necessary to break the link between the sustainability of the public pension system and the current crisis, in which the sharp fall in employment, caused largely by the economic policies being applied in the Union, is reducing revenue from contributions. It should also be explained that the alleged unsustainability of the public pension system is being used as a pretext for promoting private pension funds.
Amendment 101 #
Proposal for a directive Recital 5 c (new) (5c) It is necessary to ask why private pension funds, a form of savings, are being encouraged at the expense of public pensions. Pension funds (the term is a misnomer) benefit only the financial institutions in which invested money is deposited and which control the fund managers.
Amendment 102 #
Proposal for a directive Recital 6 (6)
Amendment 103 #
Proposal for a directive Recital 9 (9) In accordance with the principle of subsidiarity, Member States
Amendment 104 #
Proposal for a directive Recital 13 (13) When aiming at ensuring financial security in retirement, the benefits paid by institutions for occupational retirement provision should generally provide for the payment of a lifelong pension. Payments for a temporary period or a lump sum should also be possible. In addition, the Commission is called upon to find simple, user-friendly ways of making the quality of second-pillar pension products for women and men intelligible and to develop standards for consumer information and consumer protection by means of voluntary codes of conduct, as well as, possibly, by means of a compact, user-friendly EU certification scheme (European pensions mark) for such products.
Amendment 105 #
Proposal for a directive Recital 14 (14) It is important to ensure that older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme, employers and employees, or their respective representatives, should consider the possibility of the pension scheme including provisions for the coverage of the longevity risk and occupational disability risks, periods of absence from employment for the purpose of raising children, as well as provision for surviving dependants.
Amendment 106 #
Proposal for a directive Recital 20 (20) Institutions for occupational retirement provision are
Amendment 107 #
Proposal for a directive Recital 20 (20) Institutions for occupational retirement provision are not financial service providers
Amendment 108 #
Proposal for a directive Recital 20 (20) Institutions for occupational retirement provision are
Amendment 109 #
Proposal for a directive Recital 28 (28)
Amendment 110 #
Proposal for a directive Recital 33 (33) As very long-term investors with low liquidity risks, institutions for occupational retirement provision are in a position to invest in non-liquid assets such as shares as well as in instruments that have a long- term economic profile
Amendment 111 #
Proposal for a directive Recital 34 (34)
Amendment 112 #
Proposal for a directive Recital 35 (35) Institutions should be allowed to invest in other Member States in accordance with the rules of their home Member States
Amendment 113 #
Proposal for a directive Recital 37 (37) Remuneration policies which encourage excessive risk-taking behaviour can undermine sound and effective risk management of institutions. Principles and disclosure requirements for remuneration policies applicable to other types of financial institutions in the Union should be made fully applicable also to institutions, bearing in mind, however, a balance between the need for transparency and the particular governance structure of institutions in comparison to other types of financial institutions and the need to take account of the size, nature, scope and complexity of the activities of institutions.
Amendment 114 #
Proposal for a directive Recital 41 (41) It is essential that institutions improve their risk management so that potential vulnerabilities in relation to the sustainability of the pension scheme can be properly understood and discussed with the competent authorities. Institutions should, as part of their risk management system, produce a risk evaluation for their activities relating to pensions. That risk evaluation
Amendment 115 #
Proposal for a directive Recital 45 (45) The safe-keeping and oversight duties related to the assets of institutions should be strengthened by clarifying the depositary’s roles and duties. Only where equivalent protections are not already in place or institutions operating schemes where members and beneficiaries bear all the risks should be required to appoint a depositary.
Amendment 116 #
Proposal for a directive Recital 46 (46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post-retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks and guarantees, and costs should be given. Where members bear an investment risk, additional information on the investment profile, any available options and past performance are also crucial. However, clear and adequate information should not aim at the maximum of information only but also ensure that the information is adequate to the needs of the user and in line with the UN Convention on the Rights of Persons with Disabilities especially as regards accessibility (Article 3) and access to information (Article 21).
Amendment 117 #
Proposal for a directive Recital 46 (46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment,
Amendment 118 #
Proposal for a directive Recital 48 (48) For the institution's members that have not yet retired, institutions should draw up a standardised pension benefit statement containing
Amendment 119 #
Proposal for a directive Recital 53 (53)
Amendment 120 #
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
Amendment 121 #
Proposal for a directive Recital 59 Amendment 122 #
Proposal for a directive Article 3 Institutions for occupational retirement provision which also operate compulsory employment-related pension schemes which are considered to be social-security schemes covered by Regulations (EC) No 883/2004 and (EC) No 987/2009, which have their origin in an employment relationship and which thus are to be regarded as consideration for work performed in the context of the protective rights of an employment contract shall be covered by this Directive in respect of their non-compulsory occupational retirement provision business. In that case, the liabilities and the corresponding assets shall be ring-fenced and it shall not be possible to transfer them to the compulsory pension schemes which are considered as social-security schemes or vice versa.
Amendment 123 #
Proposal for a directive Article 6 – point c (c) ’sponsoring undertaking’ means any undertaking or other body, regardless of whether it includes or consists of one or more legal or natural persons, which under national legislation is legally obliged or voluntarily commits to offering a pension scheme and which has an employment relationship with the scheme members and beneficiaries;
Amendment 124 #
Proposal for a directive Article 11 – paragraph 2 a (new) 2a. Member States may make the conditions of operation of institutions located in their territory subject to other requirements, with a view to ensuring that the interest of members and beneficiaries are adequately protected.
Amendment 125 #
Proposal for a directive Article 12 – paragraph 10 10. Member States shall ensure that an institution carrying out cross-border activity shall
Amendment 126 #
Proposal for a directive Article 14 – paragraph 5 a (new) 5a. The Commission shall propose any necessary measures to prevent possible distortions caused by different levels of interest rates and to protect the interest of beneficiaries and members of any scheme.
Amendment 127 #
Proposal for a directive Article 15 – paragraph 3 3.
Amendment 128 #
Proposal for a directive Article 20 – paragraph 1 – subparagraph 1 – point d (d) investment in derivative instruments shall be possible insofar as they
Amendment 129 #
Proposal for a directive Article 20 – paragraph 1 – subparagraph 2 a (new) Member States may decide to permit criteria for investment which could go for lower returns but greater social benefit, if the stakeholders agree.
Amendment 130 #
Proposal for a directive Article 20 – paragraph 6 – subparagraph 2 – point c (c) investing in state-guaranteed instruments that have a long-term economic profile
Amendment 131 #
Proposal for a directive Article 20 – paragraph 8 Amendment 132 #
Proposal for a directive Article 23 – paragraph 1 – point a (a) their
Amendment 133 #
Proposal for a directive Article 23 – paragraph 1 – point a (a) their
Amendment 134 #
Proposal for a directive Article 24 – paragraph 1 a (new) 1a. Directive 2010/73/EC of the European Parliament and of the Council1 a as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies shall also apply to those persons who effectively run IORP institutions so as to ensure a sound remuneration policy. __________________ 1a Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L 327, 11.12.2010, p. 1).
Amendment 135 #
Proposal for a directive Article 24 – paragraph 3 – introductory part 3.
Amendment 136 #
Proposal for a directive Article 29 – paragraph 1 – subparagraph 1 Member States
Amendment 137 #
Proposal for a directive Article 29 – paragraph 1 – subparagraph 2 Amendment 138 #
Proposal for a directive Article 29 – paragraph 2 – point h (h) a qualitative assessment of new or emerging risks relating to climate change, fossil fuels, use of resources and the environment.
Amendment 139 #
Proposal for a directive Article 29 – paragraph 4 4. The risk evaluation for pensions shall be
Amendment 140 #
Proposal for a directive Article 30 Amendment 141 #
Proposal for a directive Article 30 Amendment 142 #
Proposal for a directive Article 35 – paragraph 1 1. For each occupational pension scheme in which members and beneficiaries fully bear the investment risk
Amendment 143 #
Proposal for a directive Article 36 – paragraph 5 – introductory part 5. Where under national law of the home Member State there are no fiduciary obligations imposed on those who effectively run the institution or on those who hold scheme assets, and where no depositary is appointed for the safe
Amendment 144 #
Proposal for a directive Article 38 – paragraph 1 (1) Depending on the nature of the pension scheme established, and after careful consideration of the administrative burden involved and of the benefits to be secured, Member States
Amendment 145 #
Proposal for a directive Article 38 – paragraph 2 – subparagraph 1 – point b (b) it shall be written in a clear manner, using clear, succinct, simple and comprehensible language, avoiding the use of jargon and avoiding technical terms where everyday words can be used instead and be in full compliance with the UN Convention on the Rights of Persons with Disabilities, especially as regards accessibility (Article 3) and access to information (Article 21);
Amendment 146 #
Proposal for a directive Article 39 – paragraph 1 – introductory part (1) Depending on the nature of the pension scheme established, and after careful consideration of the administrative burden involved and of the benefits to be secured, Member States
Amendment 147 #
Proposal for a directive Article 40 – paragraph 1 (1) Depending on the nature of the pension scheme established, and after careful consideration of the administrative burden involved and of the benefits to be secured, Member States
Amendment 148 #
Proposal for a directive Article 40 – paragraph 2 (2) Member
Amendment 149 #
Proposal for a directive Article 40 – paragraph 3 (3) Any material change to the information contained in the
Amendment 150 #
Proposal for a directive Article 41 – paragraph 1 1. The information provided in
Amendment 151 #
Proposal for a directive Article 41 – paragraph 2 2. Where these provisions are applied, Member States shall ensure that the
Amendment 152 #
Proposal for a directive Article 41 – paragraph 2 – subparagraph 1 a (new) Member States shall ensure that all supplementary relevant information shall be easily available and accessible upon request by the members.
Amendment 153 #
Proposal for a directive Article 42 Amendment 154 #
Proposal for a directive Article 45 Amendment 155 #
Proposal for a directive Article 48 – paragraph 1 – introductory part (1)
Amendment 156 #
Proposal for a directive Article 49 – paragraph 1 – introductory part (1) With regard to balance, contributions and costs, the
Amendment 157 #
Proposal for a directive Article 50 – paragraph 1 – introductory part (1) Where the pension scheme provides for a target level of benefits, the
Amendment 158 #
Proposal for a directive Article 54 – paragraph 1 – introductory part Amendment 159 #
Proposal for a directive Article 55 a (new) Article 55a The provisions set out in Chapter 3 of this directive shall be subject to the legislative autonomy of the Member States. They may decide, in accordance with the circumstances and preconditions of their occupational pension schemes and in line with the subsidiarity principle, whether or not to apply the provisions of Chapter 3 to institutions for occupational pension provision within their territory.
Amendment 160 #
Proposal for a directive Article 59 – paragraph 2 Amendment 161 #
Proposal for a directive Article 61 – paragraph 4 4. Supervisory powers shall be applied in a timely and proportionate manner and shall take account of the rights of the consenting, and financing, employer.
Amendment 162 #
Proposal for a directive Article 61 – paragraph 5 Amendment 163 #
Proposal for a directive Article 65 – paragraph 3 a (new) 3a. Member States shall ensure that a person may simultaneously contribute their expertise, for example with regard to legal issues or financial investments, for the firm (sponsor) and for the institution for occupational retirement provision and that this is prohibited only where the competent supervisory authority can demonstrate that there are well-founded indications of a conflict of interest.
Amendment 164 #
Proposal for a directive Article 75 Amendment 165 #
Proposal for a directive Article 75 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. The possibility of future or retroactive application of the provisions on capital requirements pursuant to Solvency II for insurance undertakings to institutions for occupational retirement provision shall be excluded.
Amendment 82 #
Proposal for a directive Recital 1 a (new) (1a) Article 25 of the Charter of Fundamental Rights of the European Union states that the Union recognises and respects the rights of the elderly to lead a life of dignity and independence and to participate in social and cultural life.
Amendment 83 #
Proposal for a directive Recital 1 b (new) (1b) Providing public pensions sufficient to maintain a decent standard of living should therefore be an objective of the utmost social and political importance for all Member States.
Amendment 84 #
Proposal for a directive Recital 1 c (new) (1c) Article 25 of the Universal Declaration of Human Rights should be specifically mentioned in this connection.
Amendment 85 #
Proposal for a directive Recital 1 a (new) (1a) Member States and the EU should ensure that pensions by statutory social security schemes protect from old-age poverty and that supplementary pension schemes linked to employment contracts are promoted as additional coverage.
Amendment 86 #
Proposal for a directive Recital 1 a (new) (1a) Occupational pension provision is not a financial service but the provision of a collective social welfare benefit.
Amendment 87 #
Proposal for a directive Recital 2 (2)
Amendment 88 #
Proposal for a directive Recital 2 a (new) (2a) Institutions for occupational retirement provision are organised and regulated in completely different ways in the Member States. It therefore makes no sense to adopt a ‘one size fits all’ approach to institutions for occupational retirement provision. The Commission and EIOPA take account of the various traditions of the Member States in their activities and assign priority to national labour and social legislation in determining the organisation of institutions for occupational retirement provision.
Amendment 89 #
Proposal for a directive Recital 2 a (new) (2a) In order to further facilitate the mobility of workers between Member States, this Directive aims to ensure good governance, information to scheme members, transparency and safety of the occupational retirement provision.
Amendment 90 #
Proposal for a directive Recital 2 b (new) (2b) Institutions for occupational retirement provision are often subject to joint management and monitoring by the social partners. This collective organisation makes them fundamentally different from financial service providers.
Amendment 91 #
Proposal for a directive Recital 3 Amendment 92 #
Proposal for a directive Recital 3 (3) Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a European scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the European Union and for tackling the challenge of an ageing European society. Therefore, the role of social dialogue is important. The Directive, dating from 2003, has not been substantially amended to introduce a modern risk-based governance system also for institutions for occupational retirement provision.
Amendment 93 #
Proposal for a directive Recital 4 (4)
Amendment 94 #
Proposal for a directive Recital 4 (4) Action is needed to further develop complementary private retirement savings such as occupational pensions. This is important since
Amendment 95 #
Proposal for a directive Recital 4 (4) Action is needed to further
Amendment 96 #
Proposal for a directive Recital 4 (4) Action is needed to further develop complementary private retirement savings such as occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model. Regrettably, suggestions by the Commission and EIOPA that Solvency II regimes (such as the holistic balance sheet model) might be applied to institutions for occupational retirement provision have created legal uncertainty and an unpredictable context for planning and therefore hampered the further development of those institutions. Priority must be assigned to creating legal certainty, reinforcing successful models of institution for occupational retirement provision and protecting their continued existence.
Amendment 97 #
Proposal for a directive Recital 5 (5) This Directive respects the fundamental rights and observes the principles
Amendment 98 #
Proposal for a directive Recital 5 (5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to protection of personal data, the right to conduct a business, the right to property, the right of collective bargaining and action and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border business of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and principles.
Amendment 99 #
Proposal for a directive Recital 5 a (new) (5a) Public authorities have to ensure, through sufficient pensions kept up to date, that citizens are economically properly provided for in their old age. To that end, the public pension system needs to have the resources necessary to pay pensions.
source: 551.970
2015/04/15
FEMM
37 amendments...
Amendment 20 #
Proposal for a directive Recital 1 a (new) (1a) Occupational pension provision is not an ordinary financial service, but the provision of a social welfare benefit by employers.
Amendment 21 #
Proposal for a directive Recital 2 (2) The internal market should allow institutions to operate in other Member States and
Amendment 22 #
Proposal for a directive Recital 2 (2) The internal market should allow institutions to operate in other Member States and ensure a high level of protection for members and beneficiaries of occupational retirement schemes in full respect of the EU gender equality acquis and the principle of non-discrimination.
Amendment 23 #
Proposal for a directive Recital 3 (3) Directive 2003/41/EC represented a first legislative step on the way to an internal market for occupational retirement provision organised on a European scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the European Union and for tackling the challenge of an ageing European society. The Directive, dating from 2003, has not been substantially amended to introduce a
Amendment 24 #
Proposal for a directive Recital 3 a (new) (3a) Occupational retirement pensions are – in view of the demographic development in Europe and the situation of national budgets – an almost indispensable element of adequate, safe and sustainable retirement provision;
Amendment 25 #
Proposal for a directive Recital 4 (4) Action is needed to further develop complementary private retirement savings such as occupational pensions within the pension systems of the Member States. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 26 #
Proposal for a directive Recital 4 (4)
Amendment 27 #
Proposal for a directive Recital 4 (4) Action is needed to further
Amendment 28 #
Proposal for a directive Recital 4 (4) Action is needed to further develop complementary private retirement savings such as occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future. Occupational retirement pensions should be developed, without, however, calling into question the importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model; noticing, however, that pre- existing inequalities in the labour market, like the gender pay gap, are mirrored in cumulated disadvantages in the first and second pension pillar, resulting in lower pensions and a risk of poverty in old age.
Amendment 29 #
Proposal for a directive Recital 4 a (new) (4a) Action is needed to secure equal access to decent pension schemes for women, correcting the imbalances created by persistent inequalities between men and women in the labour market.
Amendment 30 #
Proposal for a directive Recital 5 (5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to protection of personal data, the right to equality and non-discrimination on grounds such as gender, sexual orientation and household composition, the right to conduct a business and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border business of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and
Amendment 31 #
Proposal for a directive Recital 6 (6)
Amendment 32 #
Proposal for a directive Recital 6 (6) Despite the entry into force of Directive 2003/41/EC important prudential barriers remain which make it more expensive for institutions to operate pension schemes across borders. Moreover, the current minimum level of protection for members and beneficiaries needs to be increased. This is all the more important as the number of Europeans relying on schemes that shift longevity and market risks from the institution or the undertaking offering the occupational scheme ("sponsoring undertaking") to the individual has increased significantly. In addition, the current minimum level of information provision to members and beneficiaries needs to be increased to ensure greater ease of access to information. Those developments warrant an amendment of the Directive.
Amendment 33 #
Proposal for a directive Recital 9 (9) In accordance with the principle of subsidiarity, European legislation should respect the diversity of models of occupational retirement provision institutions which vary enormously between Member States - a ‘one size fits all’ solution is not possible. Furthermore, Member States should retain full responsibility for the organisation of their pension systems as well as for the decision on the role of each of the three "pillars" of the retirement system in individual Member States. In the context of the second pillar, they should also retain full responsibility for the role and functions of the various institutions providing occupational retirement benefits, such as industry-wide pension funds, company pension funds and life-assurance
Amendment 34 #
Proposal for a directive Recital 9 a (new) (9a) Taking into account that the gender pension gap in the EU is 39% on average, the Commission should not just rely on prudential rules but should encourage Member States to develop top up schemes, with monitory mechanisms to control its effects, to contribute to the second pillar pension as a way to close the gender pension gap and to guarantee the women's access to a decent pension.
Amendment 35 #
Proposal for a directive Recital 13 (13) When aiming at ensuring financial security in retirement, the benefits paid by institutions for occupational retirement
Amendment 36 #
Proposal for a directive Recital 14 (14) It is important to ensure that older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living, paying attention to the particularly precarious situation of elderly women. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme, employers and employees, or their respective representatives, should consider the possibility of the pension scheme including provisions for the coverage of the longevity risk and occupational disability risks as well as provision for surviving dependants, so as to allow elderly people to move to retirement homes if they can no longer live by themselves.
Amendment 37 #
Proposal for a directive Recital 14 (14) It is important to ensure that farmers, mothers raising children, older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme, employers and employees, or their respective representatives, should consider the possibility of the pension scheme including provisions for the coverage of the longevity risk and occupational disability risks as well as provision for surviving dependants.
Amendment 38 #
Proposal for a directive Recital 14 (14) It is important to ensure that older and disabled people are not placed at risk of poverty and can enjoy a decent standard of living. Appropriate cover for biometrical risks in occupational pension arrangements is an important aspect of the fight against poverty and insecurity among elderly people. When setting up a pension scheme,
Amendment 39 #
Proposal for a directive Recital 17 (17) In order to protect members and beneficiaries, institutions for occupational retirement provision should limit their activities to the activities, and those arising therefrom, referred to in this Directive and provide clear and relevant information to members and beneficiaries for the purpose of ensuring good governance and risk management.
Amendment 40 #
Proposal for a directive Recital 20 (20) Institutions for occupational retirement provision are
Amendment 41 #
Proposal for a directive Recital 45 (45) The safe-keeping and oversight duties related to the assets of institutions should be strengthened by clarifying the depositary’s roles and duties. Only institutions operating schemes where members and beneficiaries bear all the risks should be required to appoint a depositary, providing equivalent protection mechanisms do not already exist.
Amendment 42 #
Proposal for a directive Recital 46 (46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post-retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks and guarantees, and costs should be given. Where members bear an investment risk, additional information on the investment profile, any available options and past performance are also crucial. Consumer information and consumer protection could be briefly summarised and rendered intelligible by means of voluntary codes of conduct and possibly by means of a compact, user-friendly EU certification system (pensions mark).
Amendment 43 #
Proposal for a directive Recital 46 (46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their
Amendment 44 #
Proposal for a directive Recital 48 (48)
Amendment 45 #
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. The application of Solvency II to the capital requirements for occupational retirement provision institutions should be permanently ruled out.
Amendment 46 #
Proposal for a directive Recital 59 Amendment 47 #
Proposal for a directive Article 6 – point d (d) ‘retirement benefits’ means benefits paid by reference to reaching, or the expectation of reaching, retirement and having their origin in an employment relationship and being thus regarded as consideration for work performed in the context of the protective rights of an employment contract or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits usually take the form of payments for life. They may, however, also be payments made for a temporary period or as a lump sum.
Amendment 48 #
Proposal for a directive Article 11 – paragraph 2 2. In accordance with the principle of subsidiarity and taking due account of the scale of pension benefits offered by the social-security regimes, Member States may provide that a national minimum pension be introduced which cannot fall below the risk-of-poverty threshold, that the option of longevity and disability cover, provision for surviving dependants and a guarantee of repayment of contributions as additional benefits be offered to members if employers and employees, or their respective representatives, so agree.
Amendment 49 #
Proposal for a directive Article 11 – paragraph 2 – subparagraph 1 a (new) Member States should guarantee that part-time workers, workers facing job discontinuity and workers with career gaps or with periods where fewer hours were worked have an effective equalisation to full time workers in their right to access to a decent pension scheme without any form of discrimination.
Amendment 50 #
Proposal for a directive Article 23 – paragraph 1 – point a (a) their
Amendment 51 #
Proposal for a directive Article 24 – paragraph 3 – introductory part (3)
Amendment 52 #
Proposal for a directive Article 29 – paragraph 1 – subparagraph 1 Member States
Amendment 53 #
Proposal for a directive Article 30 – paragraph 1 Amendment 54 #
Proposal for a directive Article 61 – paragraph 4 4. Supervisory powers shall be applied in a
Amendment 55 #
Proposal for a directive Article 65 – paragraph 3 a (new) 3a. Member States shall ensure that any person, irrespective of gender, may simultaneously contribute their expertise, for example with regard to legal issues or financial investments, for the firm (sponsor) and for the institution for occupational retirement provision and that this is prohibited only where the competent supervisory authority can demonstrate that there are well-founded indications of a conflict of interest.
Amendment 56 #
Proposal for a directive Article 75 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. The possibility of future or retroactive application of the provisions on capital requirements pursuant to Solvency II for insurance undertakings to institutions for occupational retirement provision shall be excluded.
source: 554.786
2015/05/26
EMPL
20 amendments...
Amendment A #
Proposal for a directive Recital 1 a (new) (1a) Member States should ensure the social protection of workers with regard to pensions by providing public pensions sufficient to maintain a decent standard of living and to protect from old-age poverty and by promoting supplementary pension schemes linked to employment contracts as additional coverage.
Amendment B #
Proposal for a directive Recital 3 (3) Directive 2003/41/EC
Amendment C #
Proposal for a directive Recital 4 (4) Action is needed to further
Amendment D #
Proposal for a directive Recital 9 a (new) (9a) Taking into account the need to further develop occupational pension schemes, the Commission could provide significant added value at Union level by undertaking further steps in supporting Member States' cooperation with social partners in the development of more second pillar pension schemes and by establishing a High Level Group of experts to explore ways to increase second pillar retirement savings in the Member States, including the promotion of the exchange of best practices between the Member States.
Amendment E #
Proposal for a directive Recital 20 20. Institutions for occupational retirement provision are not financial service providers
Amendment F #
Proposal for a directive Recital 28 (28)
Amendment G #
Proposal for a directive Recital 33 (33) As very long-term investors with low liquidity risks, institutions for occupational retirement provision are in a position to invest in non-liquid assets such as shares as well as in instruments that have a long- term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities should therefore not be restricted except on prudential grounds, in line with the 'prudent person' rule so as to protect the interest of members.
Amendment H #
Proposal for a directive Recital 35 (35) Institutions should be allowed to invest in other Member States in accordance with the rules of their home Member States
Amendment I #
Proposal for a directive Recital 46 (46) Institutions should provide clear and adequate information to prospective members, members and beneficiaries to support their decision-making about their retirement and ensure a high level of transparency throughout the various phases of a scheme comprising pre-enrolment, membership (including pre-retirement) and post-retirement. In particular, information concerning accrued pension entitlements, projected levels of retirement benefits, risks and guarantees, and costs should be given. Where members bear an investment risk, additional information on the investment profile, any available options and past performance are also crucial. All information shall be adequate to the needs of the user and in compliance with the UN Convention on the Rights of Persons with Disabilities, especially as regards accessibility (Article 3) and access to information (Article 21).
Amendment J #
Proposal for a directive Recital 60 a (new) (60a) The further development at the EU level of solvency models, such as the Holistic Balance Sheet (HBS), is not realistic in practical terms and not effective in terms of costs and benefits, particularly given the diversity of IORPs within and across Member States. No quantitative capital requirements - such as Solvency II or holistic balance sheet models derived therefrom - shall therefore be developed at the European level with regard to institutions for occupational retirement provision, as they could potentially be harmful to the interests of both employees and employers, and could decrease the willingness of employers to provide occupational pensions.
Amendment K #
Proposal for a directive Article 11 – paragraph 2 a (new) 2a. Members States may make the conditions of operation of institutions located in their territory subject to other requirements, without discrimination and with a view to ensuring that the interest of members and beneficiaries are adequately protected.
Amendment KA #
Proposal for a directive Article 15 – paragraph 3 3.
Amendment L #
Proposal for a directive Article 20 – paragraph 6 – subparagraph 2 – point c (c) investing in instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities
Amendment M #
Proposal for a directive Article 23 – paragraph 1 – point a (a) their
Amendment N #
Proposal for a directive Article 38 1. Depending on the nature of the pension scheme established, each Member State
Amendment O #
Proposal for a directive Article 39 – paragraphs 1 and 2 1. Depending on the nature of the pension scheme established Member States shall, in respect of every institution located in their territories, ensure that members are sufficiently informed of the conditions of the pension scheme, in particular concerning:
Amendment P #
Proposal for a directive Article 40-54 Amendment Q #
Proposal for a directive Article 55 1. The institution shall ensure that prospective members are informed about all the features of the scheme and any investment options including information on if and how environmental, climate, social and corporate governance issues are considered in the investment approach.
Amendment R #
Proposal for a directive Article 73, paragraph 2 a (new) Amendment S #
Proposal for a directive Article 75, paragraph 1 source: 557.280
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History
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Rules of Procedure of the European Parliament EP 150New
Rules of Procedure EP 159 |
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