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report parliamentary committee draft, 2 June 2026

On the proposal for a Directive of the European Parliament and of the Council amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision

Document ECON-PR-787037 · (COM(2025)0842 – C10-0306/2025 – 2025/0362(COD))

Committee on Economic and Monetary Affairs · Rapporteur: Damian Boeselager

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Draft european parliament legislative resolution 769 paragraphs

on the proposal for a Directive of the European Parliament and of the Council amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision

(COM(2025)0842 – C10-0306/2025 – 2025/0362(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

–having regard to the Commission proposal to Parliament and the Council (COM(2025)0842),

–having regard to Article 294(2) and Articles 53 and 62 and Article 114(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0306/2025),

–having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

–having regard to the opinion of the European Economic and Social Committee of [...]1,

–having regard to Rule 60 of its Rules of Procedure,

–having regard to the opinion of the Committee on Employment and Social Affairs,

–having regard to the report of the Committee on Economic and Monetary Affairs (A10-0000/2026),

1.Adopts its position at first reading hereinafter set out;

2.Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3.Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

Proposal for a directive

Recital 4

Text proposed by the CommissionAmendment
(4) Appropriate regulation and supervision at Union and national level remain important for the development of safe and secure occupational retirement provision across all Member States. Directive (EU) 2016/2341 of the European Parliament and of the Council3 has contributed to a more harmonised prudential framework for institutions for occupational retirement provision (IORPs). However, the supplementary pension sector remains underdeveloped in many Member States, which could jeopardise the financial security of citizens, in particular in light of ongoing demographic trends within the Union. As part of strong multi-pillar pension systems, developed in dialogue with social partners, it is essential to support the further uptake of supplementary pensions such as IORPs and to help deliver better outcomes for long-term savers. This requires policy action both at national and at Union level.(4) Appropriate regulation and supervision at Union and national level remain important for the development of safe and secure occupational retirement provision across all Member States. Directive (EU) 2016/2341 of the European Parliament and of the Council3 has contributed to a more harmonised prudential framework for institutions for occupational retirement provision (IORPs). However, the supplementary pension sector remains underdeveloped in many Member States, which could jeopardise the financial security of citizens, in particular in light of ongoing demographic trends within the Union. As part of strong multi-pillar pension systems, developed in dialogue with social partners, it is essential to support the further uptake of supplementary pensions such as IORPs and to help deliver better outcomes for long-term savers. This requires policy action both at national and at Union level, consistent with the Commission's Better Regulation agenda and with the objective of enhancing the competitiveness of the Union economy by reducing any unjustified administrative burden on IORPs, their members and their sponsoring undertakings, without prejudice to the level of protection of members and beneficiaries.
3 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).3 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37, ELI: http://data.europa.eu/eli/dir/2016/2341/oj).

Or. en

Amendment 2

Proposal for a directive

Recital 4 a (new)

Text proposed by the CommissionAmendment
(4a) Taking into acccount that the adequacy of occupational retirement provision is unevenly distributed and that the gender pension gap in the Union stood at 25.4 % in 2023, this Directive should ensure that the prudential framework applicable to IORPs contributes to closing that gap by: promoting transparency on benefit outcomes for women and men, encouraging the inclusion of workers in non-standard employment in occupational pension schemes, and reflecting the longer life expectancy and longer periods of care responsibilities of women in the information provided to members and beneficiaries. In order to address the structural reasons for which women accumulate lower occupational pension entitlements — including over-representation in part-time employment, in fixed-term contracts and in the personal and household-services sector — competent authorities and institutions should pay particular attention to the conditions of access to and accrual within occupational pension schemes by part-time and non-standard workers, and the European Insurance and Occupational Pensions Authority (EIOPA) should regularly report on those conditions in its assessment of the cross-border pension market.

Or. en

Amendment 3

Proposal for a directive

Recital 6

Text proposed by the CommissionAmendment
(6) With approximately three trillion euros in assets under management, institutions for occupational retirement provision (‘IORPs’) play an essential role in the Union’s financial system but tend to be less active in listed equity, private equity, venture capital and infrastructure markets. Provided that investments in equity and alternative asset classes are prudently managed, such investments can be a valuable component of their portfolios, offering diversification, higher long-term returns for pension savers and protection against inflation, while also providing crucial funding for the real economy. It is therefore important to ensure that there are no undue regulatory barriers to such investments.(6) With EUR 2.69 trillion in assets under management, serving 74.1 million members across the Union, institutions for occupational retirement provision (‘IORPs’) play an essential role in the Union’s financial system but tend to be less active in listed equity, private equity, venture capital and infrastructure markets. Provided that investments in equity and alternative asset classes are prudently managed, such investments are a valuable component of their portfolios, offering diversification, higher long-term returns for pension savers and protection against inflation, while also providing crucial funding for the real economy. It is therefore important to ensure that there are no undue regulatory barriers to such investments.

Or. en

Amendment 4

Proposal for a directive

Recital 6 a (new)

Text proposed by the CommissionAmendment
(6 a) In order to support the long-term financing of the real economy of the Union, and to do so without privileging any particular fund label or vehicle structure, this Directive should treat the categories of investment most closely associated with productive activity — long-term equity funds, infrastructure financing, primary-market growth-equity issuances, environmentally-aligned bonds and exposures backed by Union or national public-investment institutions — as illustrative examples of qualifying productive investments, rather than as an exhaustive list. The list should be read as a signpost for IORPs and their supervisors, indicating the categories that would ordinarily be regarded as consistent with the prudent person principle, while leaving room for other holdings that genuinely contribute to the long-term financing of productive activity in the Union to qualify on the same basis. The prudent person principle, the diversification requirements of this Directive, and the anti-abuse safeguards set out in this Directive, should apply to all such holdings without exception.

Or. en

Amendment 5

Proposal for a directive

Recital 6 b (new)

Text proposed by the CommissionAmendment
(6 b) In order to reflect the principle of gender mainstreaming enshrined in Article 8 of the Treaty on the Functioning of the European Union, the prudent person principle laid down in Article 19 of this Directive should be applied with due regard to the long-term adequacy of benefit outcomes for all members and beneficiaries, including by taking into account the longer average duration of retirement of women and the prevalence of career interruptions linked to caring responsibilities.

Or. en

Amendment 6

Proposal for a directive

Recital 14

Text proposed by the CommissionAmendment
(14) In some Member States, IORPs may also be allowed to provide personal pension products, including the pan-European Personal Pension Product, as reflected in Regulation (EU) 2019/1238 of the European Parliament and of the Council10 . To ensure a clear and sound organisation of such activities, and coherent and effective supervision across different forms of retirement provision, it is therefore appropriate to reflect this within Directive (EU) 2016/2341.(14) In some Member States, IORPs may also be allowed to provide personal pension products, including the pan-European Personal Pension Product, as reflected in Regulation (EU) 2019/1238 of the European Parliament and of the Council10 . To ensure a clear and sound organisation of such activities, and coherent and effective supervision across different forms of retirement provision, it is therefore appropriate to reflect this within Directive (EU) 2016/2341. In order to safeguard the interests of members and beneficiaries where an IORP is authorised under national law to provide both occupational schemes and personal pension products, this Directive should ensure that occupational pension structures cannot be used as a captive distribution channel for the marketing, distribution or cross-selling of personal pension products. To that end, Member States should take measures to prevent conflicts of interest between sponsoring undertakings and IORPs, mirroring the conflict-of-interest standards applicable under Union financial services law, and to ensure that workers' participation in an occupational scheme does not result in commercial pressure or undue inducement to subscribe to personal pension products offered by the same institution.
10 Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1, ELI: http://data.europa.eu/eli/reg/2019/1238/oj).10 Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1, ELI: http://data.europa.eu/eli/reg/2019/1238/oj).

Or. en

Amendment 7

Proposal for a directive

Recital 14 a (new)

Text proposed by the CommissionAmendment
(14a) In order to address persistent coverage gaps in occupational retirement provision across the Union, including for employees of small and medium-sized undertakings and for self-employed persons not otherwise subject to mandatory participation in an occupational pension arrangement, Member States should ensure that at least one IORP is available in their territory which accepts sponsorship from undertakings of any type and from such employees and self-employed persons, under simple, standardised, objective, transparent and non-discriminatory conditions. That obligation concerns the availability of such an IORP, not the participation of any particular sponsor or worker, and is therefore without prejudice to the competence of Member States to determine the organisation of their national pension systems and to the social-partner-based architecture of occupational pensions, where it exists. In order to enable a genuine internal market in occupational retirement provision and to allow smaller Member States to share infrastructure in a cost-efficient manner, Member States should be able to discharge that obligation jointly with one or more other Member States, including by relying on an IORP authorised in another Member State pursuant to this Directive. Cross-border reliance should operate within the existing cross-border framework of Articles 11 and 12 of Directive (EU) 2016/2341, and should not displace the applicable social and labour law of the host Member State.

Or. en

Amendment 8

Proposal for a directive

Recital 17

Text proposed by the CommissionAmendment
(17) To enhance effective and adaptable occupational retirement provision, as well as economies of scale, IORPs should be allowed to operate several pension schemes, including those with distinct investment approaches, and to accept sponsorship from several undertakings within the same scheme, while ensuring proper management and the protection of members and beneficiaries.(17) To enhance effective and adaptable occupational retirement provision, as well as economies of scale, IORPs should be allowed to operate several pension schemes, including those with distinct investment approaches, and to accept sponsorship from several undertakings within the same scheme, while ensuring proper management and the protection of members and beneficiaries. The possibility of operating different pension schemes and of accepting sponsorship from multiple undertakings within the same scheme should be without prejudice to compliance with any requirements laid down in the laws of Member States regarding the operation of schemes with multiple sponsoring undertakings. Where those laws require a certain legal form for the operation of such schemes, any IORP should be able to adapt its legal form in accordance with those laws, without prejudice to the option for Member States to require that schemes with multiple sponsoring undertakings be operated under Directive 2009/138/EC.

Or. en

Amendment 9

Proposal for a directive

Recital 21

Text proposed by the CommissionAmendment
(21) For domestic collective transfers from one IORP to another, Member States should ensure that simple, transparent and operationally efficient procedures are in place to enable consolidation and restructuring of pension schemes within their territories. Such procedures should facilitate the attainment of scale and cost efficiency and should not be more restrictive than the procedures applicable to cross-border transfers.(21) For domestic collective transfers from one IORP to another, Member States should ensure that simple, transparent and operationally efficient procedures are in place to enable consolidation and restructuring of pension schemes within their territories. Such procedures should facilitate the attainment of scale and cost efficiency and should not be more restrictive than the procedures applicable to cross-border transfers. In accordance with the principle of subsidiarity and to reflect the long-standing practice in Member States such as the Netherlands, Germany and Belgium, where domestic transfers are frequent and well-regulated under national law, Union rules should limit themselves to a core enabling principle combined with a simple supervisor-notification mechanism: the competent authority should be notified of a transfer in advance and should have the opportunity to object within a reasonable period on prudential grounds. In the absence of an objection within that period, the transfer should be allowed to proceed.

Or. en

Amendment 10

Proposal for a directive

Recital 25

Text proposed by the CommissionAmendment
(25) Private assets, including private equity, private debt and venture capital, can improve the risk-return characteristics of investment portfolios by enhancing diversification and potentially delivering higher long-term returns. However, such assets are often more complex to value and to assess in terms of risk, hence requiring substantial professional expertise. Pursuant to Article 19 of Directive (EU) 2016/2341, IORPs should invest in the best long-term interests of members and beneficiaries and in accordance with the prudent person rule. That rule, however, is not sufficiently specified, and several Member States have introduced, in line with that Article, detailed and sometimes restrictive investment limits. Such across-the-board constraints may prevent well-governed institutions with adequate risk-management capacity from investing efficiently in alternative assets. It should therefore be laid down that the key investment framework is a risk-based prudent person principle, allowing institutions to invest in any type of asset, provided that they can properly identify, measure, monitor, manage and report the associated risks. Accordingly, as a safeguard for members and beneficiaries, the possibility for Member States to apply investment restrictions should be limited to cases where the investment risk is borne by members and beneficiaries, and, those restrictions should not result in a blanket prohibition on investing in certain asset classes.The chapeau communication of 19 November 202512 provides further non-binding guidance on the application of the prudent person principle, including on how it should support the efficient allocation of long-term savings.(25) Private assets, including private equity, private debt and venture capital, can improve the risk-return characteristics of investment portfolios by enhancing diversification and potentially delivering higher long-term returns. However, such assets are often more complex to value and to assess in terms of risk, hence requiring substantial professional expertise. Pursuant to Article 19 of Directive (EU) 2016/2341, IORPs should invest in the best long-term interests of members and beneficiaries and in accordance with the prudent person rule. That rule, however, is not sufficiently specified, and several Member States have introduced, in line with that Article, detailed and sometimes restrictive investment limits. Such across-the-board constraints may prevent well-governed institutions with adequate risk-management capacity from investing efficiently in alternative assets. It should therefore be laid down that the key investment framework is a risk-based prudent person principle, allowing institutions to invest in any type of asset, provided that they can properly identify, measure, monitor, manage and report the associated risks. In particular, the non-traded, illiquid or long-term nature of an investment should not, of itself, justify a conclusion that the investment is imprudent, where the long duration of the IORP's liabilities is consistent with that investment horizon and where the investment falls within the closed category of qualifying productive investments defined for the purposes of this Directive by reference to existing Union instruments, on the basis that such investments should not be regarded as inconsistent with the prudent person principle. Member States should not impose, in respect of such investments, additional quantitative limits beyond those provided for in this Directive. Accordingly, as a safeguard for members and beneficiaries, the possibility for Member States to apply investment restrictions should be limited to cases where the investment risk is borne by members and beneficiaries, and, those restrictions should not result in a blanket prohibition on investing in certain asset classes.The chapeau communication of 19 November 202512 provides further non-binding guidance on the application of the prudent person principle, including on how it should support the efficient allocation of long-term savings.
12 Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Commitee and the Committee of the Regions – Enhancing the capacity of the EU supplementary pension sector to improve retirement income and supply long-term capital to the EU economy. [PO = please include the number of the document and the internet link].12 Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Commitee and the Committee of the Regions – Enhancing the capacity of the EU supplementary pension sector to improve retirement income and supply long-term capital to the EU economy. [PO = please include the number of the document and the internet link].

Or. en

Amendment 11

Proposal for a directive

Recital 25 a (new)

Text proposed by the CommissionAmendment
(25a) In order to align the long-term financing capacity of IORPs with the Union's climate and environmental objectives, Member States should be able to apply more favourable rules to productive investments that comply with the 'do no significant harm' principle. That option is enabling rather than prescriptive, in other words, it does not impose any sustainability-related allocation requirement on institutions but creates a harmonised legal hook for Member States that wish to direct prudential incentives towards investments that are consistent with the Union's transition to a sustainable economy.

Or. en

Amendment 12

Proposal for a directive

Recital 25 b (new)

Text proposed by the CommissionAmendment
(25 b) In order to address the under-financing of European venture capital identified in the report of Mario Draghi on the future of European competitiveness of September 2024 and in the report of Enrico Letta on the future of the single market of April 2024, and recognising that IORPs with assets under management exceeding EUR 1 billion together hold the substantial majority of the Union's occupational pension assets, this Directive proposes to require those institutions to invest at least 2 % of their assets in venture capital investments.

Or. en

Amendment 13

Proposal for a directive

Recital 26 a (new)

Text proposed by the CommissionAmendment
(26a) This Directive introduces an explicit duty of care owed by IORPs to their members and beneficiaries, reflecting the standard applicable to other financial service providers under Union law. The duty requires IORPs to act honestly, fairly and professionally, and in accordance with the best interests of their members and beneficiaries, understood as comprising the provision of adequate, risk-adjusted and, over the long term, cost-efficient net returns through a diversified portfolio. Consistent with the prudent person principle laid down in Directive (EU) 2016/2341, that duty of care does not preclude, and indeed, where the long-term horizon of an IORP’s liabilities so warrants, might positively support, the inclusion of qualifying productive investments in that IORP’s portfolio. The duty of care should not be construed as imposing an obligation to invest in particular categories of assets.

Or. en

Amendment 14

Proposal for a directive

Recital 28

Text proposed by the CommissionAmendment
(28) Effective risk management is essential to ensure the sound and prudent operation of IORPs and to protect members and beneficiaries. Operational and structural choices of IORPs, including participation in pooled investment structures, shared services, or transfers, can affect their overall risk profile. To ensure sound and prudent management, IORPs should assess the risks they are or could be exposed to against the risk tolerance limits approved by their management or supervisory body, taking into account the capacity and appetite for risk of members and beneficiaries. Economies of scale and efficiency options can reduce operational and investment risks for members and beneficiaries and should therefore be considered in the own-risk assessment.(28) Effective risk management is essential to ensure the sound and prudent operation of IORPs and to protect members and beneficiaries. Operational and structural choices of IORPs, including participation in pooled investment structures, shared services, or transfers, can affect their overall risk profile. To ensure sound and prudent management, IORPs should assess the risks they are or could be exposed to against the risk tolerance limits approved by their management or supervisory body, taking into account the capacity and appetite for risk of members and beneficiaries. Economies of scale and efficiency options can reduce operational and investment risks for members and beneficiaries and should therefore be considered in the own-risk assessment. In order to ensure the resilience of IORPs as regards climate-related financial risks, the internal stress-testing framework should include a dedicated climate scenario exercise capturing both transition risks and physical risks, calibrated to the scenarios of orderly transition, disorderly transition and one in which the objective of limiting global warming to 1.5 °C is not reached.

Or. en

Amendment 15

Proposal for a directive

Recital 32

Text proposed by the CommissionAmendment
(32) Fragmented and incomplete information on accrued and projected pension entitlements makes it difficult for members and beneficiaries to obtain a clear overview of their future retirement income, particularly when they participate in several supplementary pension schemes. That lack of transparency can undermine engagement with retirement planning and trust in the pension system. To ensure that savers receive comprehensive, reliable and up-to-date information, Member States should require IORPs to provide data to national pension tracking systems, where such systems exist, in a standardised and interoperable format. Such systems should allow members and beneficiaries to access, in a coherent and comparable manner, information on their accrued rights, accumulated capital and projected benefits, while ensuring that IORPs remain responsible for the accuracy and completeness of the data transmitted. To avoid duplication of reporting requirements for IORPs, the format and structure of information should be consistent with the information included in the pension benefit statements.(32) Fragmented and incomplete information on accrued and projected pension entitlements makes it difficult for members and beneficiaries to obtain a clear overview of their future retirement income, particularly when they participate in several supplementary pension schemes. That lack of transparency can undermine engagement with retirement planning and trust in the pension system. To ensure that savers receive comprehensive, reliable and up-to-date information, Member States should establish or designate a pension tracking system covering all pension entitlements administered by IORPs authorised in their territory. Membe States should be able to discharge that obligation by participating in an interoperable Union-wide tracking system endorsed by EIOPA. IORPs should provide data to pension tracking systems in a standardised and interoperable format. Such systems should allow members and beneficiaries to access, in a coherent and comparable manner, information on their accrued rights, accumulated capital and projected benefits, while ensuring that IORPs remain responsible for the accuracy and completeness of the data transmitted. Digital provision of information through the tracking system or other electronic means should be the default means of communication, with paper copies nevertheless being provided free of charge at the request of any member or beneficiary, consistent with the objectives of the European Digital Decade policy programme and with the accessibility requirements of Directive (EU) 2019/882. To avoid duplication of reporting requirements for IORPs, the format and structure of information should be consistent with the information included in the pension benefit statements.

Or. en

Amendment 16

Proposal for a directive

Recital 32 a (new)

Text proposed by the CommissionAmendment
(32 a) Pension tracking systems that aggregate pension entitlements from multiple providers and present them in a user-friendly format have demonstrated their value in reducing the gap between members and their pension savings. Sweden's minPension system, the Netherlands' Mijnpensioenoverzicht and Denmark's PensionsInfo are established models that show what is achievable. This Directive makes the establishment or designation of such a system mandatory for Member States and enables the development of an interoperable Union-wide system endorsed by EIOPA as the most efficient long-term solution. Such a Union-wide system would be particularly valuable for mobile workers with entitlements in multiple Member States.

Or. en

Amendment 17

Proposal for a directive

Recital 33

Text proposed by the CommissionAmendment
(33) The Pension Benefit Statement (PBS) is an essential instrument enabling members and beneficiaries to understand their pension entitlements over time and across different schemes. It should provide clear, comprehensive, and relevant information that enables members and beneficiaries to assess their financial situation and take any necessary action to secure an adequate pension. Currently, the absence of a uniform approach at Member State level, together with the fact that most members accrue pensions with multiple IORPs during their careers, results in PBSs that vary in format and presentation, thereby limiting comparability and aggregation. Current rules also do not require the inclusion of information on the costs, the performance of investments or on any investment options available and their corresponding risks. To enhance transparency and support informed decision-making, it is necessary to introduce requirements for the design of the PBS and on the provision of information on costs, investment returns and investment options. For the same reason, it is necessary to ensure greater standardisation and, where possible, alignment with the PEPP Benefit Statement referred to in Article 36 of Regulation (EU) 2019/1238, while taking into account the defined benefit or defined contribution characteristics of the pension schemes, and the specificities of occupational pension provision.(33) The Pension Benefit Statement (PBS) is an essential instrument enabling members and beneficiaries to understand their pension entitlements over time and across different schemes. It should provide clear, comprehensive, and relevant information that enables members and beneficiaries to assess their financial situation and take any necessary action to secure an adequate pension. Currently, the absence of a uniform approach at Member State level, together with the fact that most members accrue pensions with multiple IORPs during their careers, results in PBSs that vary in format and presentation, thereby limiting comparability and aggregation. Current rules also do not require the inclusion of information on the costs, the performance of investments or on any investment options available and their corresponding risks. To enhance transparency and support informed decision-making, it is necessary to introduce requirements for the design of the PBS and on the provision of information on costs, investment returns and investment options. Behavioural evidence on member engagement supports the insight, developed by the Dutch 'three questions' framework — namely, 'what have I got, is it enough, what can I do' — that structuring retirement information around a small number of actionable questions increases engagement more effectively than a comprehensive catalogue of data points. Accordingly, information on costs should be presented in aggregate monetary terms and as a percentage of contributions, without a prescriptive per-option breakdown at pre-enrolment stage. Moreover, any presentation of past performance information under this Directive should be accompanied by a prominent warning that the figures refer to the past and that past performance is not a reliable indicator of future results, aligned with Article 44(4), point (d), of Commission Delegated Regulation (EU) 2017/565, so as to ensure consistency with the Union retail investor protection framework and to avoid placing IORP members in a weaker position than retail investors covered by Directive 2014/65/EU or Regulation (EU) 2019/1238. For the same reason, it is necessary to ensure greater standardisation and, where possible, alignment with the PEPP Benefit Statement referred to in Article 36 of Regulation (EU) 2019/1238, while taking into account the defined benefit or defined contribution characteristics of the pension schemes, and the specificities of occupational pension provision. Once pension tracking systems established in Member States as a result of amendments introduced by this Directive deliver information equivalent to that required by Articles 38, 39 and 40 of Directive (EU) 2016/2341, the PBS should cease to apply in those Member States following a Commission review, in order to avoid duplicate information channels and reduce administrative burden.

Or. en

Amendment 18

Proposal for a directive

Recital 33 a (new)

Text proposed by the CommissionAmendment
(33 a) Digital provision of information to members and beneficiaries should be the default, with paper provision available on request. That approach is consistent with the EU Digital Decade policy programme and with the inclusive design requirements of Directive 2019/882 of the European Parliament and of the Council (European Accessibility Act). Making digital the default reduces IORP printing and distribution costs while ensuring that members who require paper copies are not disadvantaged.

Or. en

Amendment 19

Proposal for a directive

Recital 35

Text proposed by the CommissionAmendment
(35) With increasing life expectancy, members and beneficiaries may face greater need to manage longevity risk, and retirement savings need to be managed effectively to provide adequate income during the decumulation phase. Directive (EU) 2016/2341 requires IORPs to provide general information during the pre-retirement and pay-out phases but does not specify the type of information needed to support members and beneficiaries in making informed choices during decumulation. To enhance transparency, comparability, and informed decision-making, IORPs should therefore be subject to minimum disclosure requirements for the decumulation phase. Such disclosures should be clear, accessible, and proportionate, taking into account national specificities, and should cover pay-out options, associated costs and charges, applicable taxes, risks, and projections, including for variable annuities.(35) With increasing life expectancy, members and beneficiaries may face greater need to manage longevity risk, and retirement savings need to be managed effectively to provide adequate income during the decumulation phase. Directive (EU) 2016/2341 requires IORPs to provide general information during the pre-retirement and pay-out phases but does not specify the type of information needed to support members and beneficiaries in making informed choices during decumulation. To enhance transparency, comparability, and informed decision-making, IORPs should therefore be subject to minimum disclosure requirements for the decumulation phase. Such disclosures should be clear, accessible, and proportionate, taking into account national specificities, and should cover pay-out options, associated costs and charges, applicable taxes, risks, and projections, including for variable annuities. In order to avoid information overload, those disclosures should be presented in plain language and condensed into a short summary of the main features, risks and suitability considerations of each pay-out option. Where a pension tracking system covers beneficiaries in the pay-out phase, IORPs should be able to fulfill their obligations through such a system, provided that beneficiaries are informed of the right to request paper copies free of charge.

Or. en

Amendment 20

Proposal for a directive

Recital 44

Text proposed by the CommissionAmendment
(44) Where cross-border activities are significant with respect to the market of the host Member State and require close collaboration between the competent authorities of the home Member State and the host Member State, especially where an IORP might risk being in financial difficulties to the detriment of members and beneficiaries, EIOPA should be able to set up and coordinate collaboration platforms, in a similar manner as under Directive 2009/138/EC of the European Parliament and of the Council14 .(44) Where the activity of an IORP operating cross-border is such that it might have a material impact on the host Member State market, the competent authorities of the Member States concerned should avail themselves of the coordination, ad hoc cooperation and joint on-site inspection powers of EIOPA under Articles 31 and 35 of Regulation (EU) No 1094/2010, and of the mutual information obligations under Article 66 of Regulation (EU) 2019/1238.
14 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).

Or. en

Amendment 21

Proposal for a directive

Recital 46

Text proposed by the CommissionAmendment
(46) In order to attain the objectives set out in Directive (EU) 2016/2341 and this Directive, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of certain technical parameters in Directive (EU) 2016/2341 stemming from Council Directive 79/267/EEC, which have remained unchanged since their introduction, as well as on the Pension Benefit Statement. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.(46) In order to attain the objectives set out in Directive (EU) 2016/2341 and this Directive, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of certain technical parameters in Directive (EU) 2016/2341 stemming from Council Directive 79/267/EEC, which have remained unchanged since their introduction,. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

Or. en

Amendment 22

Proposal for a directive

Article 1 – paragraph 1 – point 6 – point a a (new)

Directive (EU) 2016/2341

Article 5 – paragraph 1

Present textAmendment
(a a) the first paragraph is amended as follows:
With the exception of Articles 32 to 35, Member States may choose not to apply this Directive, in whole or in part, to any IORP registered or authorised in their territories which operates pension schemes which together have less than 100 members in total. Subject to Article 2(2), such IORPs shall nevertheless be given the right to apply this Directive on a voluntary basis. Article 11 may be applied only if all the other provisions of this Directive apply. Member States shall apply Article 19(1) and Article 21(1) and (2) to any IORP registered or authorised in their territories which operates pension schemes which together have more than 15 members in total."With the exception of Articles 32 to 35, Member States may choose not to apply this Directive, in whole or in part, to any IORP registered or authorised in their territories which operates pension schemes which together have less than 1000 members and beneficiaries and EUR 25 million assets in total. Subject to Article 2(2), such IORPs shall nevertheless be given the right to apply this Directive on a voluntary basis. Article 11 may be applied only if all the other provisions of this Directive apply. Member States shall apply Article 19(1) and Article 21(1) and (2) to any IORP registered or authorised in their territories which operates pension schemes which together have more than 15 members in total."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Justification

Increasing the threshold would provide Member States more leeway to exempt small IORPs from certain requirements, if they consider that to be appropriate in view of the risk profile of their small IORPs.

Amendment 23

Proposal for a directive

Article 1 – paragraph 1 – point 8

Directive (EU) 2016/2341

Article 7 – paragraph 2a (new)

Text proposed by the CommissionAmendment
Where, pursuant to national law, IORPs are authorised to provide personal pension products, Member States shall take measures to ensure the avoidance of any conflicts of interest between sponsoring undertakings and IORPs, with the objective of safeguarding the interests of members and beneficiaries and preventing the use of occupational pension structures for the marketing, distribution or cross-selling of personal pension products.

Or. en

Justification

Several jurisdictions now allow IORPs to run PEPP-like or other personal pension products alongside their occupational business. The current Directive is silent on the conflicts this creates between the sponsoring undertaking (which negotiates the occupational scheme) and the IORP's commercial interest in upselling personal products to the same workforce.

The wording is principles-based, not prescriptive — it leaves Member States the choice of remedy (governance separation, disclosure, distribution restrictions) but locks in the policy objective.

Amendment 24

Proposal for a directive

Article 1 – paragraph 1 – point 10 – point b

Directive (EU) 2016/2341

Article 9 – paragraph 1 – subparagraph 3

Text proposed by the CommissionAmendment
Member States shall require competent authorities to perform a prudential assessment as part of the authorisation of IORPs. The assessment shall take into account the nature, scale and complexity of the activities of the IORP concerned.Member States shall require competent authorities to perform a prudential assessment as part of the authorisation of IORPs. The assessment shall take into account and be proportionate to the nature, scale and complexity of the activities of the IORP concerned.

Or. en

Amendment 25

Proposal for a directive

Article 1 – paragraph 1 – point 10 – point b

Directive (EU) 2016/2341

Article 9 – paragraph 1 – subparagraph 4

Text proposed by the CommissionAmendment
IORPs seeking authorisation shall prepare and submit to the competent authority a business plan for all their planned activities, detailing the financial resources available to cover current and future operating costs. The business plan shall contain projections of at least three years of the IORP’s income and expenses and a breakdown of the IORP’s operational costs, including where relevant, the distribution and acquisition costs and any other elements to assist the competent authorities to assess compliance with the operating requirements.IORPs seeking authorisation shall prepare and submit to the competent authority a business plan for all their planned activities, detailing the financial resources available to cover current and future operating costs. Where relevant due to prior activity, the business plan shall contain projections of at least three years of the IORP’s income and expenses and a breakdown of the IORP’s operational costs, including where relevant, the distribution and acquisition costs and any other elements to assist the competent authorities to assess compliance with the operating requirements.

Or. en

Amendment 26

Proposal for a directive

Article 1 – paragraph 1 – point 10 – point c

Directive (EU) 2016/2341

Article 9 – paragraph 1a – subparagraph 2

Text proposed by the CommissionAmendment
Without prejudice to Article 48(9), each Member State shall make provision for a right of appeal to the courts where its competent authorities have not dealt with an application for an authorisation within six months of the date of its receipt.;Without prejudice to Article 48(9), each Member State shall make provision for a right of appeal to the courts where its competent authorities have neither authorised nor rejected an application for an authorisation within three months of the date of its receipt.

Or. en

Justification

Mirrors AIFMD Article 8(5) rationale. Cross-border activity has been stymied by uncertain timelines. The three-month window only starts upon receipt of a complete application, so supervisors bear no risk of being deemed to have authorised an incomplete dossier. Remedial powers under Article 11 are preserved.

Amendment 27

Proposal for a directive

Article 1 – paragraph 1 – point 10 – point c

Directive (EU) 2016/2341

Article 9 – paragraph 1a – subparagraph 2a (new)

Text proposed by the CommissionAmendment
Where a competent authority has neither authorised nor rejected an application for authorisation within three months of receipt of a complete application, the authorisation shall be deemed granted. The competent authority may, by reasoned written decision notified to the applicant before the expiry of that three-month period, extend the deadline by a single further period of up to one month where warranted by the complexity of the application.

Or. en

Justification

Mirrors AIFMD Article 8(5) rationale. Cross-border activity has been stymied by uncertain timelines. The three-month window only starts upon receipt of a complete application, so supervisors bear no risk of being deemed to have authorised an incomplete dossier. Remedial powers under Article 11 are preserved.

Amendment 28

Proposal for a directive

Article 1 – paragraph 1 – point 11

Directive (EU) 2016/2341

Article 9a – paragraph 2a (new)

Text proposed by the CommissionAmendment
Member States shall ensure that at least one IORP operating in their territory shall accept sponsorship from undertakings of any type and from self-employed persons that are not subject to mandatory participation in another occupational pension arrangement under national law. Such participation shall be possible through simple and standardised procedures, and under objective, transparent and non-discriminatory conditions. The obligation laid down in this subparagraph may be fulfilled jointly by two or more Member States including through reliance on an IORP authorised in another Member State pursuant to this Directive.

Or. en

Justification

Imports the proven logic from the UK NEST experience to the EU single market whereby a duty on at least one IORP becomes installed to accept any sponsor, including the self-employed, under simple and non-discriminatory terms — without displacing existing national schemes. Member States can of course choose the form (public, mutual, or competitive). Joint fulfilment, including reliance on an IORP authorised elsewhere, turns the cross-border passport into a practical route to universal access. The aim is to close the EU's main occupational-pensions coverage gap. This is the first IORP II provision that gives operational content to cross-border activity.

Amendment 29

Proposal for a directive

Article 1 – paragraph 1 – point 13 – point b

Directive (EU) 2016/2341

Article 11 – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
Home Member States shall ensure than an IORP notifies its intention to carry out cross-border activity to its competent authority.Home Member States shall ensure that an IORP notifies its intention to carry out cross-border activity to its competent authority.

Or. en

Amendment 30

Proposal for a directive

Article 1 – paragraph 1 – point 13 – point b

Directive (EU) 2016/2341

Article 11 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
Member States shall ensure that a competent authority of the home Member State that is notified under paragraph 3 and has not issued a reasoned decision that the administrative structure or the financial situation of the IORP or the good repute or professional qualifications or experience of the persons running the IORP are not compatible with the proposed cross-border activities, communicates the information referred to in paragraph 3 to the competent authority of the host Member State within two months of receiving that information. Member States shall ensure that the competent authority of the host Member State acknowledges receipt of that information without delay. Member States shall ensure that the competent authority of the home Member State informs the IORP in writing that the information has been received by the competent authority of the host Member State.Member States shall ensure that a competent authority of the home Member State that is notified under paragraph 3 and has not issued a reasoned decision that the administrative structure or the financial situation of the IORP or the good repute or professional qualifications or experience of the persons running the IORP are not compatible with the proposed cross-border activities, communicates the information referred to in paragraph 3 to the competent authority of the host Member State within one month of receiving that information. Member States shall ensure that the competent authority of the host Member State acknowledges receipt of that information without delay. Member States shall ensure that the competent authority of the home Member State informs the IORP in writing that the information has been received by the competent authority of the host Member State.

Or. en

Amendment 31

Proposal for a directive

Article 1 – paragraph 1 – point 13 – point b a (new)

Directive (EU) 2016/2341

Article 11 – paragraph 5

Present textAmendment
(b a) paragraph 5 is amended as follows:
Where the competent authority of the home Member State does not communicate the information referred to in paragraph 3 to the competent authority of the host Member State, it shall give the reasons for this to the IORP concerned within three months of receiving all that information. That non-communication of information shall be subject to a right of appeal to the courts in the home Member State."5. Where the competent authority of the home Member State does not communicate the information referred to in paragraph 3 to the competent authority of the host Member State, it shall give the reasons for this to the IORP concerned within two months of receiving all that information. That non-communication of information shall be subject to a right of appeal to the courts in the home Member State."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Amendment 32

Proposal for a directive

Article 1 – paragraph 1 – point 13 – point c a (new)

Directive (EU) 2016/2341

Article 11 – paragraph 7a (new)

Text proposed by the CommissionAmendment
(c a) the following paragraph is inserted:
"7a. Where the competent authority of the home Member State has neither communicated the information under paragraph 4, nor issued a reasoned decision rejecting the cross-border activity, within three months of receiving a complete notification under paragraph 3, the IORP may commence the cross-border activity at the end of that period. The competent authority of the home Member State shall inform the competent authority of the host Member State and EIOPA of the expiry of that period without delay."

Or. en

Amendment 33

Proposal for a directive

Article 1 – paragraph 1 – point 14

Directive (EU) 2016/2341

Article 11a – paragraph 2a (new)

Text proposed by the CommissionAmendment
2 a. Where the competent authorities have neither requested further information nor raised objections within 30 working days of receipt of a notification under paragraphs 1 or 2, the change shall be deemed accepted.

Or. en

Amendment 34

Proposal for a directive

Article 1 – paragraph 1 – point 15 – point b a (new)

Directive (EU) 2016/2341

Article 12 – paragraph 10

Present textAmendment
(b a) Paragraph 10 is amended as follows:
10. Where the authorisation is refused, the competent authority of the home Member State of the receiving IORP shall provide the reasoning for such refusal within the three month period referred to in paragraph 4. That refusal, or a failure to act by the competent authority of the home Member State of the receiving IORP shall be subject to a right of appeal to the courts in the home Member State of the receiving IORP."10. Where the authorisation is refused, the competent authority of the home Member State of the receiving IORP shall provide the reasoning for such refusal within the two month period referred to in paragraph 4. That refusal, or a failure to act by the competent authority of the home Member State of the receiving IORP shall be subject to a right of appeal to the courts in the home Member State of the receiving IORP."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Amendment 35

Proposal for a directive

Article 1 – paragraph 1 – point 16

Directive (EU) 2016/2341

Article 12a – paragraph 2 – introductory part

Text proposed by the CommissionAmendment
Such transfers shall be subject to prior approval by the competent authority, which shall verify at least all of the following:Member States shall ensure that the competent authority is notified of the transfer in advance and is empowered to object to that transfer within a reasonable period. In the absence of an objection within that period, the transfer shall be allowed to proceed. The objection shall be based on the absence of the following:

Or. en

Amendment 36

Proposal for a directive

Article 1 – paragraph 1 – point 18 – point a – point ii

Directive (EU) 2016/2341

Article 14 – paragraph 2 – subparagraph 2a (new)

Text proposed by the CommissionAmendment
Competent authorities shall regularly review and assess the recovery plan, the proposed remedial measures, the risk to beneficiaries and members, as well as any impediments to transferring, restructuring and winding up the scheme. Where deficiencies are identified, the competent authority may ask the IORP to submit, within a reasonable timeframe set by the competent authority, a revised plan.

Or. en

Amendment 37

Proposal for a directive

Article 1 – paragraph 1 – point 19 – point a a (new)

Directive (EU) 2016/2341

Article 16 – paragraph 4 – subparagraph 1 – point b

Present textAmendment
(a a) in the first subparagraph of paragraph 4, point (b) is amended as follows:
(b) any hidden net reserves arising out of the valuation of assets, insofar as such hidden net reserves are not of an exceptional nature;"(b) any hidden net reserves arising out of the valuation of and unrealised gains from qualifying productive investments, insofar as such hidden net reserves are not of an exceptional nature;"

Or. en

(02016L2341)

Justification

Allows the available solvency margin to reflect unrealised gains on qualifying productive investments on a prudent and verifiable basis, in line with the existing treatment of hidden net reserves. Removes an inadvertent capital penalty for productive long-term holdings while keeping prudence anchors.

Amendment 38

Proposal for a directive

Article 1 – paragraph 1 – point 20

Directive (EU) 2016/2341

Article 17 – paragraph 7

Text proposed by the CommissionAmendment
7. The Commission is empowered to adopt delegated acts in accordance with Article 64a to amend the numbers and percentage values referred to in this Article and in Article 18.;deleted

Or. en

Amendment 39

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 1 – subparagraph 1

Text proposed by the CommissionAmendment
The competent authorities of the home Member States shall require that IORPs operating pension schemes, where the IORP itself, and not the sponsoring undertaking, underwrites the liability to cover against biometric risk, or guarantees a given investment performance or a given level of benefits, carry out a stress test at least every three years to assess their ability to meet their obligations towards members and beneficiaries, including under scenarios representing adverse market and demographic developments.The competent authorities of the home Member States shall require that IORPs operating pension schemes, where the IORP itself, and not the sponsoring undertaking, underwrites the liability to cover against biometric risk, or guarantees a given investment performance or a given level of benefits, carry out a stress test at least every five years to assess their ability to meet their obligations towards members and beneficiaries, including under scenarios representing adverse market, demographic and environmental developments, and interest and exchange rate risks.

Or. en

Justification

We aim to make the text less operationally burdensome without a clear member-protection gain. In this particular case, we change the five-year cycle aligns with EIOPA insurance stress-test cycles and EIOPA's 2025 technical input on proportionality; smaller schemes do not get caught in a constant stress-testing treadmill. Wider risk-factor list ensures relevance without expanding frequency. We also added explicit reference to demographic, environmental, interest-rate and exchange-rate risks to make sure that these are taken into account

Amendment 40

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 2 – subparagraph 2

Text proposed by the CommissionAmendment
By way of derogation from the first subparagraph, Member States may require IORPs to:deleted
(a) make projections over more than ten financial years;
(b) carry out projections under adverse scenarios that are more severe than the scenarios set out in the first subparagraph, points (b), (c) or (d);
(c) carry out projections under additional stressed scenarios.

Or. en

Justification

This is coherent with proportionality message and prevents fragmented supervisory practice to keep a single, predictable stress-test architecture across Member States. Struck to prevent fragmentation across 27 supervisory practices.

Amendment 41

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 2a (new)

Text proposed by the CommissionAmendment
2 a. The competent authorities of the home Member State may require IORPs to carry out a separate climate-related stress-test exercise at least every three years. That exercise shall assess the material exposure of IORPs to climate-related financial risks.
For the purposes of the first subparagraph, IORPs shall make projections over an appropriate time horizon of the impact of climate-related risks on the market value of assets, liabilities, cash flows, liquidity needs and the ability to meet benefit payments, as well as, where relevant, on the financial capacity of the sponsoring undertaking to provide support. The exercise shall cover both transition risks and physical risks and shall be based on at least the following scenarios:
(a) a disorderly transition scenario;
(b) an orderly transition scenario;
(c) a scenario in which the objective of limiting global warming to 1.5°C is not reached.
EIOPA shall, after consulting the ESRB and the competent authorities of the Member States, issue guidelines specifying the common methodologies, parameters and scenarios for the climate-related stress-test exercise referred to in this paragraph, including the treatment of transition risks and physical risks, the relevant time horizons, asset and liability impacts, cash-flow and liquidity effects, sponsor-risk transmission channels, and the assessment of impacts on members and beneficiaries.

Or. en

Justification

Climate-related risks can materially affect the long-term solvency, liquidity and benefit-paying capacity of IORPs. Given their long investment horizons and the potential exposure of both assets and sponsoring undertakings to transition and physical risks, competent authorities should be able to require dedicated climate stress-test exercises. A common EIOPA methodology would ensure consistency and proportional supervisory assessment across Member States.

Even though climate-related stress testing is not made compulsory for all IORPs, minimum common methodologies are necessary to ensure that such exercises are meaningful, comparable and supervisory-usefu

Amendment 42

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
Where the results of the stress test referred to in paragraph 1 indicate that, under any of the scenarios referred to in paragraph 2, an IORP would either have insufficient assets to cover the technical provisions or, where applicable, have an insufficient available solvency margin to meet the required solvency margin or any higher level of regulatory own funds required under national law pursuant to Article 15 for any projected year, Member States shall ensure that the competent authority requires the IORP to submit a convergence plan.Where the results of the stress tests referred to in paragraph 1 and 2a indicate that an IORP would either have insufficient assets to cover the technical provisions or, where applicable, have an insufficient available solvency margin to meet the required solvency margin or any higher level of regulatory own funds required under national law pursuant to Article 15 for any projected year, the competent authority may require the IORP to submit a convergence plan. Member States may treat defined contribution and defined benefit schemes differently.

Or. en

Justification

Reduces the burden on required actions to be taken by IORPs on the convergence plan. Avoids automatic over-reaction in DC schemes (where members bear investment risk by design) while preserving DB safeguards following partly EIOPA 2025 technical input for a more risk-based approach.

Amendment 43

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 3 – subparagraph 3

Text proposed by the CommissionAmendment
Member States shall ensure that the IORP submits the convergence plan to the competent authority within three months from the date of carrying out the stress test.Where required, the Member States shall ensure that the IORP submits the convergence plan to the competent authority within three months from the date of carrying out the stress test.

Or. en

Amendment 44

Proposal for a directive

Article 1 – paragraph 1 – point 21

Directive (EU) 2016/2341

Article 18a – paragraph 3 – subparagraph 4

Text proposed by the CommissionAmendment
Where no convergence plan is submitted within three months, or where the convergence plan does not contain credible actions to address the underfunding identified or, where applicable, the insufficient level of available solvency margin in the stress test, Member States shall ensure that competent authorities have the power to require the IORP to hold a higher available solvency margin.Where required, and no convergence plan is submitted within three months, or where the convergence plan does not contain credible actions to address the underfunding identified or, where applicable, the insufficient level of available solvency margin in the stress test, the competent authorities shall require the IORP to hold a higher available solvency margin.

Or. en

Amendment 45

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point a – point c

Directive (EU) 2016/2341

Article 19 – paragraph 1 – subparagraph 1 – point d

Text proposed by the CommissionAmendment
(c) point (d) is replaced by the following:deleted
‘(d) the assets shall be predominantly invested on regulated markets, MTFs or OTFs;;’

Or. en

Amendment 46

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point a – point c a (new)

Directive (EU) 2016/2341

Article 19 – paragraph 1 – subparagraph 1 – point d

Present textAmendment
(c a) Paragraph 1, subparagraph 1, point d is deleted.
(d) the assets shall be predominantly invested on regulated markets. Investment in assets which are not admitted to trading on a regulated financial market must in any event be kept to prudent levels;""

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Amendment 47

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point a – point c b (new)

Directive (EU) 2016/2341

Article 19 – paragraph 1 – subparagraph 1 – point f

Present textAmendment
(c b) point (f) is replaced by the following:
(f) the assets shall be properly diversified in such a way as to avoid excessive reliance on any particular asset, issuer or group of undertakings and accumulations of risk in the portfolio as a whole.Investments in assets issued by the same issuer or by issuers belonging to the same group shall not expose an IORP to excessive risk concentration;"(f) the assets shall be properly diversified in such a way as to avoid excessive reliance on any particular asset or asset type, issuer or group of undertakings and accumulations of risk in the portfolio as a whole.Investments in assets issued by the same issuer or by issuers belonging to the same group shall not expose an IORP to excessive risk concentration;"

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Amendment 48

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point b

Directive (EU) 2016/2341

Article 19 – paragraph 1d a (new)

Text proposed by the CommissionAmendment
1da. Member States shall require that the investment policy of IORPs includes explicit consideration of the role that productive investments can play in achieving appropriate diversification and the long-term interests of members and beneficiaries.

Or. en

Justification

Article 19 is supplemented with three new paragraphs that, together, create a dedicated category of qualifying productive investments (QPI) — without disturbing the prudent-person principle of Article 19(1) or the explicit safeguard of Article 19(4), which is preserved verbatim. The motivation behind this change is largely based on the Draghi, Letta and EC SIU reports, which all (in different shapes and forms) identify an investment shortfall of approximately €800 billion per year. The reports call expressly for the deeper integration of capital markets and for institutional investors — including pension funds — to play a larger role in financing the real economy.

Amendment 49

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point b

Directive (EU) 2016/2341

Article 19 – paragraph 1d b (new)

Text proposed by the CommissionAmendment
1db. Productive investments shall not, by reason of their nature alone, be regarded as inconsistent with the prudent person principle.

Or. en

Amendment 50

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point b

Directive (EU) 2016/2341

Article 19 – paragraph 1d c (new)

Text proposed by the CommissionAmendment
1dc. Member States may apply more favourable rules to productive investments that are otherwise regulated or provide for lower risk profiles due to other characteristics, including in particular:
(a) units or shares of a European Long-term Investment Fund authorised under Regulation (EU) 2015/760;
(b) units or shares of a European Venture Capital Fund within the meaning of Regulation (EU) No 345/2013, or of a European Social Entrepreneurship Fund within the meaning of Regulation (EU) No 346/2013;
(c) debt, equity or quasi-equity instruments financing infrastructure or industrial projects issued by the project undertaking or by a special-purpose vehicle established for that project, where the proceeds finance the construction, expansion, refinancing in connection with capital expenditure, or operation of the project;
(d) bonds issued under Regulation (EU) 2023/2631 where the proceeds are predominantly used to finance capital expenditure within the meaning of Article 4(1), point (b), of that Regulation;
(e) units or shares of a venture-capital fund-of-funds vehicle established in the Union and holding interests in at least 150 underlying funds, provided that no single underlying fund accounts for more than 20 % of the vehicle's committed capital and that each underlying fund acquires its portfolio investments principally in the primary market;
(f) exposures that are backed, co-financed or guaranteed by the European Investment Bank, the European Investment Fund, a national promotional bank or institution within the meaning of Regulation (EU) 2015/1017, or a multilateral development bank;

Or. en

Amendment 51

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point b

Directive (EU) 2016/2341

Article 19 – paragraph 1d d (new)

Text proposed by the CommissionAmendment
1dd. Member States may apply more favourable rules to productive investments that are aligned with the 'do no significant harm' principle, in accordance with Regulation (EU) 2020/852, and, where applicable, the technical screening criteria adopted pursuant to that Regulation.

Or. en

Justification

Creates a sustainability tilt without a mandate: no IORP is forced to apply DNSH, but Member States that wish to incentivise climate-aligned productive investment can do so within harmonised EU law anchoring the Taxonomy Regulation and its technical screening criteria avoiding duplication.

Amendment 52

Proposal for a directive

Article 1 – paragraph 1 – point 22 – point b

Directive (EU) 2016/2341

Article 19 – paragraph 1d e (new)

Text proposed by the CommissionAmendment
1de. IORPs with assets under management exceeding EUR 1 billion shall invest at least 2 % of their assets in venture capital investments, in accordance with the prudent person principle and in a manner consistent with the interests of their members and beneficiaries.

Or. en

Justification

Calibrated mobilisation, not blanket mandate: only around 280 IORPs above €1bn are in scope. Small schemes remain exempt to avoid disproportionate burden. Impact at 2% of ~€2.5tn in-scope AUM, this mobilises approximately €50bn for European VC over the implementation horizon — a step-change against the ~€10–15bn/year European VC market and a direct response to the Draghi and Letta reports on EU competitiveness and capital-market fragmentation.

Amendment 53

Proposal for a directive

Article 1 – paragraph 1 – point 28 – point b – point ii

Directive (EU) 2016/2341

Article 28 – paragraph 2 – point ka (new)

Text proposed by the CommissionAmendment
(k a) an assessment of the level of diversification of the assets and the risks associated with that diversification.

Or. en

Justification

Inclusion is meant to nudge IORPs to address their fund diversification levels and whether or not this (i.e. concentration or diversification) constitutes a risk.

Amendment 54

Proposal for a directive

Article 1 – paragraph 1 – point 29

Directive (EU) 2016/2341

Article 30 – paragraph 5

Text proposed by the CommissionAmendment
The statement shall be adopted by the administrative, management or supervisory body of the IORP. Where an IORP manages different pension schemes, separate statements of investment policy shall be prepared for each.The statement shall be adopted by the administrative, management or supervisory body of the IORP. Separate statements of investment policy shall be prepared for each pension scheme that has a different investment policy.

Or. en

Justification

The text is unclear as to what is meant by this. It must be clarified that a SIPP per pension scheme is only necessary if the investment policy differs

Amendment 55

Proposal for a directive

Article 1 – paragraph 1 – point 30 – point a

Directive (EU) 2016/2341

Article 31 – paragraph 1

Text proposed by the CommissionAmendment
1. Member States shall permit or require IORPs authorised in their territory to entrust any activities including key functions and the management of those IORPs, in whole or in part, to service providers operating on behalf of those IORPs, provided that the outsourcing arrangements comply with paragraphs 2 to 7.;1. Member States shall permit and may require IORPs authorised in their territory to entrust any activities including key functions and the management of those IORPs, in whole or in part, to service providers operating on behalf of those IORPs, provided that the outsourcing arrangements comply with paragraphs 2 to 7.;

Or. en

Amendment 56

Proposal for a directive

Article 1 – paragraph 1 – point 31 – point a

Directive (EU) 2016/2341

Article 33 – paragraph 1 – subparagraph 1a

Text proposed by the CommissionAmendment
Member States may decide not to apply this paragraph to IORPs that provide a level of protection for members and beneficiaries comparable to that laid down in the first subparagraph.

Or. en

Amendment 57

Proposal for a directive

Article 1 – paragraph 1 – point 35 – point a

Directive (EU) 2016/2341

Article 36 – paragraph 1 – subparagraph 2 – introductory part

Text proposed by the CommissionAmendment
Where, pursuant to national law, IORPs are authorised to provide personal pension products, Member States shall ensure that every IORP authorised in their territory, which provides those products other than the pan-European Personal Pension Product as defined in Article 2, point (1), of Regulation (EU) 2019/1238, provides to prospective savers and personal pension savers and beneficiaries information that is clear, fair, not misleading, and appropriate to the nature of the product, the distribution channel and the characteristics of the saver or beneficiary. That information shall ensure a level of transparency and protection equivalent to that required under national law for the distribution of personal pension products by other entities or institutions, at least in respect of the following elements:Where, pursuant to national law, IORPs are authorised to provide personal pension products, Member States shall ensure that every IORP authorised in their territory, which provides those products provides to prospective savers and personal pension savers and beneficiaries information that is clear, fair, not misleading, and appropriate to the nature of the product, the distribution channel and the characteristics of the saver or beneficiary. That information shall ensure a level of transparency and protection equivalent to that required under national law for the distribution of personal pension products by other entities or institutions, at least in respect of the following elements:

Or. en

Amendment 58

Proposal for a directive

Article 1 – paragraph 1 – point 35 – point a a (new)

Directive (EU) 2016/2341

Article 36 – paragraph 2 – point f

Present textAmendment
(aa) in paragraph 2, point (f) is replaced by the following:
(f) made available to prospective members, members and beneficiaries free of charge through electronic means, including on a durable medium or by means of a website, or on paper."(f) made available to prospective members, members and beneficiaries free of charge through electronic means, by means of a website. A paper copy shall be provided free of charge upon the request of any member or beneficiary."

Or. en

(02016L2341)

Justification

The objective is to deliver digital only information to members, prospective members and beneficiaries in order to reduce cost and make the PBS and the PTS more accessible and comprehensible, whilst still leaving the option to request a paper copy.

Amendment 59

Proposal for a directive

Article 1 – paragraph 1 – point 35 – point a b (new)

Directive (EU) 2016/2341

Article 36 – paragraph 2a (new)

Text proposed by the CommissionAmendment
(a b) the following paragraph is inserted:
"2a. Where the information referred to in paragraph 1 is made available to members and beneficiaries through a pension tracking system established under Article 37a, that information shall be deemed to have been provided in accordance with this Article.";

Or. en

Justification

This paragraph is included in the following Articles in order to push the information provision from the PBS to the PTS to provide clear, easily accessible and comparable information to members, prospective members and beneficiaries.

Amendment 60

Proposal for a directive

Article 1 – paragraph 1 – point 36 a (new)

Directive (EU) 2016/2341

Article 37 – paragraph 4

Present textAmendment
(36a) in Article 37, paragraph 4 is replaced by the following:
4. IORPs shall make available the general information on the pension scheme set out in this Article."4. IORPs shall make available the general information on the pension scheme set out in this Article. IORPs may make the information available through the pension tracking system referred to in Article 37a."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02016L2341-20250117)

Amendment 61

Proposal for a directive

Article 1 – paragraph 1 – point 37

Directive (EU) 2016/2341

Article 37a – paragraph 1

Text proposed by the CommissionAmendment
1. Member States shall ensure that, where pension tracking systems are in place, they cover the pension entitlements administered by IORPs.1. Member States shall establish or designate a pension tracking system that covers all pension entitlements administered by IORPs authorised in their territory. Member States may include, within the tracking system, entitlements that cover public statutory pensions and voluntary supplementary personal pensions. Member States may fulfill the obligation to establish or designate a tracking system laid down in this paragraph by participating in an interoperable Union-wide tracking system.

Or. en

Justification

In 20 Member States, citizens cannot obtain an overview of their pension entitlements from all sources in an accessible way. These amendments are meant to provide citizens with the maximum information possible for them to understand what they are getting at the end of their work careers and whether or not they will be able to afford living a decent life at old age. Such comprehensive information and encompassing all three pillars should be accessible to all citizens. Yet, we are of course making hte inclusion of pillar I and III optional as this is beyond the mandate of this review.

Amendment 62

Proposal for a directive

Article 1 – paragraph 1 – point 37

Directive (EU) 2016/2341

Article 37a – paragraph 2

Text proposed by the CommissionAmendment
2. For the purposes of paragraph 1, Member States shall ensure that IORPs transmit to pension tracking systems, where such systems have been established, all information necessary to provide members and beneficiaries with a comprehensive, reliable and up-to-date overview of their occupational and personal pension entitlements, insofar as those entitlements are administered by the IORP.2. For the purposes of paragraph 1, Member States shall ensure that IORPs transmit to pension tracking systems, all information necessary to provide members and beneficiaries with a comprehensive, reliable and up-to-date overview of their occupational and personal pension entitlements, insofar as those entitlements are administered by the IORP.

Or. en

Amendment 63

Proposal for a directive

Article 1 – paragraph 1 – point 37

Directive (EU) 2016/2341

Article 37a – paragraph 2a (new)

Text proposed by the CommissionAmendment
2a. The pension tracking system shall provide members and beneficiaries with at least the following:
(a) a projection of their total estimated net monthly retirement income, including state and voluntary pension entitlements where that data is available;
(b) a comparison between the projection referred to in point (a) and a selected monthly income, provided for by the Member State;
(c) a breakdown by source of pension entitlement, with contact details of each IORP or pension provider concerned; and
(d) functionalities enabling members to adjust assumptions regarding retirement age and contribution level.

Or. en

Justification

Three national models — Sweden's minPension, the Netherlands' Mijnpensioenoverzicht and Denmark's PensionsInfo — already operate at scale and provide the templates referenced in proposed Recital (53) and serve as a lighthouse concept for the changes made to the information provision articles.

Amendment 64

Proposal for a directive

Article 1 – paragraph 1 – point 37

Directive (EU) 2016/2341

Article 37a – paragraph 4a (new)

Text proposed by the CommissionAmendment
4 a. Member States shall ensure that where the tracking system includes voluntary supplementary personal pensions, the system remains non-commercial and free from advertising, sponsored placement or any other form of product steering. Personal data accessed through the pension tracking system shall not be used for marketing, profiling or commercial targeting purposes.

Or. en

Amendment 65

Proposal for a directive

Article 1 – paragraph 1 – point 37

Directive (EU) 2016/2341

Article 37a – paragraph 4b (new)

Text proposed by the CommissionAmendment
4 b. Member States may differentiate the frequency and granularity of such reporting requirements according to the nature of the pension scheme, including whether the scheme is a defined benefit or defined contribution scheme, provided that the information made available to members and beneficiaries remains comprehensive, reliable and up to date.

Or. en

Justification

Given the different nature of DB and DC schemes, this amendment ensures that reporting/updating respects this difference.

Amendment 66

Proposal for a directive

Article 1 – paragraph 1 – point 39 – point d

Directive (EU) 2016/2341

Article 39 – paragraph 1 – point j

Text proposed by the CommissionAmendment
(j) where members bear investment risk and are able to select between investment options, a brief indication of the investment selection made, including the number of options selected, the proportion of assets invested in each option and an indication of the risk level of the selection made in summary form.’;deleted

Or. en

Amendment 67

Proposal for a directive

Article 1 – paragraph 1 – point 39 – point e

Directive (EU) 2016/2341

Article 39 – paragraph 1 – subparagraph 2

Text proposed by the CommissionAmendment
For the purposes of point (d), where the pension benefit projections are based on economic scenarios, that information shall include at least a best estimate scenario, a favourable scenario and an unfavourable scenario. The estimated future value of retirement benefits shall be shown in real terms together with a short narrative explanation.For the purposes of point (d), the pension benefit projections shall be based on economic scenarios. Information shall include at least a best estimate scenario, a favourable scenario and an unfavourable scenario. The estimated future value of retirement benefits shall be shown in real terms together with a short narrative explanation.

Or. en

Amendment 68

Proposal for a directive

Article 1 – paragraph 1 – point 39 – point e

Directive (EU) 2016/2341

Article 39 – paragraph 1 – subparagraph 4

Text proposed by the CommissionAmendment
For the purposes of point (i), information on past performance shall be accompanied by the statement ‘past performance is not indicative of future performance’.’;deleted

Or. en

Amendment 69

Proposal for a directive

Article 1 – paragraph 1 – point 39 – point e a (new)

Directive (EU) 2016/2341

Article 39 – paragraph 2a (new)

Text proposed by the CommissionAmendment
(ea) in Article 39, the following paragraph is added:
'2a. Where the information referred to in paragraph 1 is made available through a pension tracking system referred to in Article 37a, IORPs shall be deemed to comply with this Article in respect of their members covered by that system, provided that the information shown by the tracking system meets the standards set out in Article 36(2).';
(Paragraph 2a (new) is inserted.)

Or. en

Amendment 70

Proposal for a directive

Article 1 – paragraph 1 – point 42

Directive (EU) 2016/2341

Article 41a

Text proposed by the CommissionAmendment
(42) [...]deleted

Or. en

Justification

The EC-introduced article on information to members in case of underperformance, with reference portfolios, an 8-year rolling assessment and a remediation cascade. The supervisory powers (and already existing national rules) under Articles 30, 30a and 49 already give competent authorities the necessary tools to require IORPs to substantiate the proportionality of costs and charges and the consistency of scheme outcomes with members' risk tolerance — without imposing a new prescriptive cascade.Moreover, the unclarity over the definition of the definition and building of benchmarks as well as the lack of effective sanction mechanisms in the case of continued underperformance meant to stick to above-mentioned existing rules.

Amendment 71

Proposal for a directive

Article 1 – paragraph 1 – point 43

Directive (EU) 2016/2341

Article 42 – paragraph 2 – introductory part

Text proposed by the CommissionAmendment
Member States shall ensure that the information referred to in the first subparagraph is accompanied by a concise explanatory package that includes all of the following information:Member States shall ensure that the information referred to in the first subparagraph is accompanied by a concise explanatory package that includes the main features, risks, including factors that could adversely affect the level, stability and duration of the retirement income, and suitability considerations of each pay-out option, presented in plain language.

Or. en

Justification

Less information dumped on members; more useful triage at decision time. Variable-annuity projection requirement preserved

Amendment 72

Proposal for a directive

Article 1 – paragraph 1 – point 43

Directive (EU) 2016/2341

Article 42 – paragraph 2 – point a

Text proposed by the CommissionAmendment
(a) the main features, implications and potential effects of each benefit pay-out option available on the member and, where applicable, on the beneficiaries;deleted

Or. en

Amendment 73

Proposal for a directive

Article 1 – paragraph 1 – point 43

Directive (EU) 2016/2341

Article 42 – paragraph 2 – point b

Text proposed by the CommissionAmendment
(b) the risks and factors that could adversely affect the level, stability or duration of retirement income;deleted

Or. en

Justification

Less information dumped on members; more useful triage at decision time. Variable-annuity projection requirement preserved

Amendment 74

Proposal for a directive

Article 1 – paragraph 1 – point 43

Directive (EU) 2016/2341

Article 42 – paragraph 2 – point c

Text proposed by the CommissionAmendment
(c) the circumstances and criteria for members to take into account when assessing the suitability of the different benefit pay-out options for their individual situation.deleted

Or. en

Justification

Less information dumped on members; more useful triage at decision time. Variable-annuity projection requirement preserved

Amendment 75

Proposal for a directive

Article 1 – paragraph 1 – point 44 – point a

Directive (EU) 2016/2341

Article 43 – paragraph 1 – subparagraph 1

Text proposed by the CommissionAmendment
Member States shall require IORPs to annually provide beneficiaries with information about the benefits due, the corresponding pay-out options, and a breakdown of all costs incurred and information on the past performance as referred to in Article 39, points (g) and (i).Member States shall require IORPs to annually provide beneficiaries with information about the benefits due, the corresponding pay-out options, and, where relevant, any factor that might cause those benefits to vary.

Or. en

Amendment 76

Proposal for a directive

Article 1 – paragraph 1 – point 44 – point b a (new)

Directive (EU) 2016/2341

Article 43 – paragraph 3a (new)

Text proposed by the CommissionAmendment
(ba) the following paragraph is added:
'3a. Where a pension tracking system established under Article 37a covers beneficiaries in the pay-out phase, IORPs may fulfil the obligations laid down in this Article through that system, provided that beneficiaries are informed of the right to request paper copies free of charge.';

Or. en

Amendment 77

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44a – paragraph 1

Text proposed by the CommissionAmendment
1. Member States shall, taking into account the nature of the pension scheme, ensure that every IORP authorised in their territory always acts honestly, fairly and professionally, and in accordance with the best interests of their members and beneficiaries. Those interests shall include the objective of providing adequate, risk-adjusted and cost-efficient returns over the long term, consistent with the long-term nature of pension obligations.1. Member States shall, taking into account the nature of the pension scheme, ensure that every IORP authorised in their territory always acts honestly, fairly and professionally, and in accordance with the best interests of their members and beneficiaries. Those interests shall include the objective of providing adequate, risk-adjusted and, over the long term cost-efficient net returns, consistent with the long-term nature of pension obligations and members’ profiles and may, where consistent with the prudent person principle, include exposure to qualifying productive investments.
The duty of care laid down in this Article shall be interpreted consistently with the prudent person principle referred to in Article 19.

Or. en

Justification

Duty of care is linked directly to PPP and clarifies returns to net returns therefore including the potential costs incurred.

Amendment 78

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 1 – subparagraph 1 – point a

Text proposed by the CommissionAmendment
(a) IORPs ensure that the structure, design and implementation of pension schemes are appropriate in view of the identified needs, characteristics and risk profile of the members and beneficiaries, in a manner that is proportionate to the nature, scale and complexity of the scheme.(a) IORPs ensure that the structure, design and implementation of pension schemes are appropriate in view of the identified needs, characteristics, including age and time horizons-biometric risks, and risk profile of the members and beneficiaries, in a manner that is proportionate to the nature, scale and complexity of the scheme.

Or. en

Amendment 79

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 1 – subparagraph 1 – point b

Text proposed by the CommissionAmendment
(b) IORPs regularly review and, where necessary, adapt the structure, design and implementation of the pension scheme, taking into account any material developments, in order to ensure that the scheme remains appropriate and consistent with the needs, characteristics and risk profile of members and beneficiaries, in a manner that is proportionate to the nature, scale and complexity of the scheme.(b) IORPs regularly review and, where necessary, adapt the structure, design and implementation of the pension scheme, taking into account any material developments, including demographic shifts, in order to ensure that the scheme remains appropriate and consistent with the needs, characteristics, including age-differentiated risk tolerances and risk profile of members and beneficiaries, in a manner that is proportionate to the nature, scale and complexity of the scheme.

Or. en

Amendment 80

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 2 – introductory part

Text proposed by the CommissionAmendment
2. Member States shall ensure that, where members bear investment risk, IORPs assess the long-term risk from the perspective of members and beneficiaries, including:2. Member States shall ensure that, where members bear investment risk, IORPs assess the long-term risk and performance from the perspective of members and beneficiaries, including:

Or. en

Amendment 81

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 2 – point b

Text proposed by the CommissionAmendment
(b) the introduction of the use of pension projections in the risk assessment from the perspective of members and beneficiaries;(b) the introduction of the use of pension projections in the risk and performance assessment from the perspective of members and beneficiaries;

Or. en

Amendment 82

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 2 – point c

Text proposed by the CommissionAmendment
(c) where the IORP offers multiple investment options, the periodical review of the suitability of the investment options for the members according to their risk tolerance, and where there is a default option, the review of the suitability of that default option;(c) where the IORP offers multiple investment options, the periodical review of the suitability of the investment options for the members according to their risk tolerance, and where there is a default option, the review of the suitability and performance of that default option;

Or. en

Amendment 83

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44b – paragraph 2 – point d

Text proposed by the CommissionAmendment
(d) where IORPs do not offer multiple investment options, the periodical review of the investment strategy to consider the long-term risk assessment from the perspective of the members and beneficiaries.(d) where IORPs do not offer multiple investment options, the periodical review of the investment strategy to consider the long-term risk and performance assessment from the perspective of the members and beneficiaries.

Or. en

Amendment 84

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 2

Text proposed by the CommissionAmendment
2. The procedures and arrangements referred to in paragraph 1 shall be available in the official languages of the Member State concerned, or in another language accepted by the competent authorities of that Member State, or agreed between the IORP and its members and beneficiaries.2. IORPs shall make information about those procedures, and about the competent alternative dispute resolution body or bodies to which the complaint can be referred, readily accessible to members, beneficiaries and their representatives, free of charge, in the official languages of the Member State concerned, or in another language accepted by the competent authorities of that Member State.

Or. en

Amendment 85

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 3

Text proposed by the CommissionAmendment
3. Member States shall require that IORPs reply, either electronically or on another durable medium, to the complaints of members and beneficiaries. The reply shall address all points raised within maximum 40 working days.3. In the case of cross-border activity, members, beneficiaries and their representatives shall be entitled to submit complaints, and to address either the competent alternative dispute resolution body located in the Member State of the IORP or the one located in the Member State in which the members, beneficiaries and their representatives reside.

Or. en

Amendment 86

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 4

Text proposed by the CommissionAmendment
4. Member States shall ensure that IORPs inform members and beneficiaries who lodge a complaint about at least one alternative dispute resolution (ADR) body which is competent to deal with disputes concerning the rights and obligations of members and beneficiaries laid down in this Directive.deleted

Or. en

Amendment 87

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 5

Text proposed by the CommissionAmendment
5. Member States shall ensure that the information on the procedures referred to in paragraph 1 is available free of charge to members and beneficiaries in a clear, comprehensive and easily accessible manner through electronic means, including on a durable medium or by means of a website, or on paper. That information shall specify how further information on the ADR body concerned and on the conditions for using it can be accessed.deleted

Or. en

Amendment 88

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 6

Text proposed by the CommissionAmendment
6. Member States shall ensure that the competent authorities set up procedures which allow members, beneficiaries and other interested parties, including consumer associations, to submit complaints to the competent authorities with regard to alleged infringements of this Directive by IORPs. Member States shall ensure that in all cases, complainants receive replies.deleted

Or. en

Amendment 89

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44c – paragraph 7

Text proposed by the CommissionAmendment
7. Member States shall ensure that were a case that concerns more than one Member State, the complainant may choose to lodge his or her complaint through the competent authorities of his or her Member State of residence, regardless of where the infringement occurred.deleted

Or. en

Amendment 90

Proposal for a directive

Article 1 – paragraph 1 – point 45

Directive (EU) 2016/2341

Article 44d – paragraph 1

Text proposed by the CommissionAmendment
1. Member States shall establish adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between IORPs and their members and beneficiaries concerning the rights and obligations laid down in this Directive. Where appropriate, those procedures shall be applied by existing competent bodies. Member States shall ensure that such ADR procedures are applicable, and the relevant ADR body’s competence shall effectively extend, to IORPs against whom the procedures are initiated.1. Member States shall establish adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between IORPs and their members and beneficiaries concerning their individual rights and obligations laid down in this Directive. Where appropriate, those procedures shall be applied by existing competent bodies. Member States shall ensure that such ADR procedures are applicable, and the relevant ADR body’s competence shall effectively extend, to IORPs against whom the procedures are initiated.

Or. en

Amendment 91

Proposal for a directive

Article 1 – paragraph 1 – point 53 – point b

Directive (EU) 2016/2341

Article 49 – paragraph 1b

Text proposed by the CommissionAmendment
1b. As part of the review process, the competent authority and each IORP shall conduct, at least every three years, a regular supervisory dialogue.;1b. As part of the review process, the competent authority and each IORP shall conduct a regular supervisory dialogue. The competent authority shall determine the frequency of the supervisory dialogue based on the risks, nature, scale, and complexity of the activities of the IORP concerned.

Or. en

Amendment 92

Proposal for a directive

Article 1 – paragraph 1 – point 53 – point d

Directive (EU) 2016/2341

Article 49 – paragraph 2a – subparagraph 1

Text proposed by the CommissionAmendment
The competent authorities shall assess the adequacy of the methods and practices of the IORP designed to identify possible events or future changes in economic conditions that could have adverse effects on the overall financial standing of the IORP concerned.deleted

Or. en

Amendment 93

Proposal for a directive

Article 1 – paragraph 1 – point 53 – point d

Directive (EU) 2016/2341

Article 49 – paragraph 2a – subparagraph 2

Text proposed by the CommissionAmendment
The supervisory authorities shall assess the ability of the IORP to withstand those possible events or future changes in economic conditions.;The supervisory authorities shall assess the ability of the IORP to withstand those possible events or future changes in economic conditions that could have adverse effects on the overall financial standing of the IORP concerned ;

Or. en

Amendment 94

Proposal for a directive

Article 1 – paragraph 1 – point 54

Directive (EU) 2016/2341

Article 49a – paragraph 2 – point ea (new)

Text proposed by the CommissionAmendment
(e a) the level and evolution of portfolio concentration, including concentration by single issuer, counterparty, asset class, sector and geographic exposure.

Or. en

Justification

Includes references to the general ambition of the report to ensure that more diversification is achieved in the allocation of assets of pension funds and therefore introduces this as part of the supervisory dialogue, whilst offering a way for IOPRs to explain, why they have not followed the recommendations therefore at least nudging IORPs to consider to invest more broadly into long-term assets.

Amendment 95

Proposal for a directive

Article 1 – paragraph 1 – point 54

Directive (EU) 2016/2341

Article 49a – paragraph 2 – point eb (new)

Text proposed by the CommissionAmendment
(e b) the adequacy of portfolio diversification, assessed in relation to the nature and duration of the IORP's liabilities and to the prudent person principle referred to in Article 19.

Or. en

Justification

Includes references to the general ambition of the report to ensure that more diversification is achieved in the allocation of assets of pension funds and therefore introduces this as part of the supervisory dialogue, whilst offering a way for IOPRs to explain, why they have not followed the recommendations therefore at least nudging IORPs to consider to invest more broadly into long-term assets.

Amendment 96

Proposal for a directive

Article 1 – paragraph 1 – point 54

Directive (EU) 2016/2341

Article 49a – paragraph 2a (new)

Text proposed by the CommissionAmendment
2a. Where the parameters referred to in paragraph 2, points (ea) and (eb), indicate material portfolio concentration or insufficient diversification, the competent authority shall invite the IORP to explain, in writing and within a reasonable timeframe, the rationale for the observed concentration or level of diversification. The explanation shall be proportionate to the size, nature, scale and complexity of the activities of the IORP.
The explanation referred to in the first subparagraph of this paragraph shall not require the IORP to disclose commercially sensitive information. The competent authority shall not require the IORP to modify its investment allocation on the sole ground of the content of the explanation, without prejudice to the competent authority's powers under paragraphs 3 and 4 in cases where material deficiencies are identified.

Or. en

Justification

Includes references to the general ambition of the report to ensure that more diversification is achieved in the allocation of assets of pension funds and therefore introduces this as part of the supervisory dialogue, whilst offering a way for IOPRs to explain, why they have not followed the recommendations therefore at least nudging IORPs to consider to invest more broadly into long-term assets.

Amendment 97

Proposal for a directive

Article 1 – paragraph 1 – point 55 – point b – point iii

Directive (EU) 2016/2341

Article 50 – paragraph 1a

Text proposed by the CommissionAmendment
Member States shall ensure that IORPs report on annual basis to the competent authorities information on investment returns, net of investment costs, and all costs and charges incurred in connection with their activities.Member States shall ensure that IORPs report to the competent authorities information on investment returns, net of investment costs, and all costs and charges incurred in connection with their activities.

Or. en

Amendment 98

Proposal for a directive

Article 1 – paragraph 1 – point 58

Directive (EU) 2016/2341

Article 55a

Text proposed by the CommissionAmendment
(58) the following Article 55a is inserted:deleted
‘Article 55a
Collaboration platforms
1. EIOPA may, in the case of justified concerns about negative effects on members and beneficiaries, on its own initiative or at the request of one or more of the relevant competent authorities, set up and coordinate a collaboration platform to strengthen the exchange of information and to enhance collaboration between the relevant competent authorities where an IORP carries out, or intends to carry out, cross-border activities, where such activities are of relevance with respect to the host Member State’s market.
2. Paragraph 1 shall be without prejudice to the right of the relevant competent authorities to set up a collaboration platform where they all agree to do so.
3. The setting up of a collaboration platform pursuant to paragraphs 1 and 2 is without prejudice to the supervisory mandate of the competent authorities of the home Member State and host Member State provided for in this Directive.
4. Without prejudice to Article 35 of Regulation (EU) No 1094/2010, at the request of EIOPA, the relevant competent authorities shall provide all necessary information in a timely manner.
5. Where two or more competent authorities of a collaboration platform disagree about the procedure or content of an action to be taken, or inaction, EIOPA may, at the request of any relevant competent authority or on its own initiative, assist the competent authorities in reaching an agreement in accordance with Article 19(1) of Regulation (EU) No 1094/2010.
6. In the event of disagreement within the platform and where there are serious concerns about negative effects on members and beneficiaries or about the content of an action or inaction to be taken in relation to an IORP, EIOPA may call for the competent authority of the home Member State to launch an on-site inspection of the IORP. The competent authority of the home Member State shall launch the on-site inspection without delay and shall invite EIOPA and other competent authorities concerned to participate in it.’;’

Or. en

Justification

This is already covered in:

• Information exchange — already provided for by Art. 66 of Directive (EU) 2016/2341 (IORP II) and by Art. 35 of Regulation (EU) No 1094/2010 (EIOPA information-request power).

• EIOPA mediation — already provided for by Art. 31(2)(c) of Regulation (EU) No 1094/2010 (ad hoc binding mediation in disputes between competent authorities).

• Joint on-site inspections — already provided for by Art. 31(2)(e) of Regulation (EU) No 1094/2010 (coordination of joint on-site inspections by EIOPA).

• Host-authority standing — already provided for by Arts. 11(5) and 11(6) of IORP II in respect of cross-border activity.

Amendment 99

Proposal for a directive

Article 1 – paragraph 1 – point 60

Directive (EU) 2016/2341

Article 62 – paragraph 1 – point ca (new)

Text proposed by the CommissionAmendment
(ca) the extent to which IORPs have diversified their portfolios, including into qualifying productive investments, and whether that diversification has contributed to delivering adequate retirement outcomes for members and beneficiaries and to the early-warning parameters referred to in Article 49a(1), points (f) and (g).

Or. en

Justification

Review’s objective is to assess whether and how far the diversification of investment aims that have been put forward in this report have been achieved and if changes to Article 19 and the PPP need to be made to further or restrict the diversification effort of IORPs.

Amendment 100

Proposal for a directive

Article 1 – paragraph 1 – point 60

Directive (EU) 2016/2341

Article 62 – paragraph 1 – point cb (new)

Text proposed by the CommissionAmendment
(cb) the progress made by Member States in providing the information provision required under Chapter I of Title IV in a digital manner assessing whether and how the information provided for by the Pension Benefit Statement referred to in Articles 38, 39 and 40 can equivantly be presented in the pension tracking systems established under Article 37a.

Or. en

Justification

The introduction in the review of phasing out the PBS has two objectives: to prevent overlap of information provision and to make information easily accessible and cheap.The aim is under the Commission review to see how equivalence can be achieved and it gives Member States and IORPs a clear migration path and forces a tangible commitment of resources to the PTS in each jurisdiction.

Amendment 101

Proposal for a directive

Article 1 – paragraph 1 – point 61

Directive (EU) 2016/2341

Article 64a – paragraph 2

Text proposed by the CommissionAmendment
2. The power to adopt delegated acts referred to in Articles 17(7) and 38(6) shall be conferred on the Commission for an indeterminate period of time from [PO = please insert date of entry into force].2. The power to adopt delegated acts referred to in Article 38(6) shall be conferred on the Commission for a period of five years from … [date of entry into force of this amending Directive]. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.

Or. en

Amendment 102

Proposal for a directive

Article 1 – paragraph 1 – point 61

Directive (EU) 2016/2341

Article 64a – paragraph 3

Text proposed by the CommissionAmendment
3. The delegation of powers referred to in Articles 17(7) and 38(6) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.3. The delegation of powers referred to in Article 38(6) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

Or. en

Amendment 103

Proposal for a directive

Article 1 – paragraph 1 – point 61

Directive (EU) 2016/2341

Article 64a – paragraph 5

Text proposed by the CommissionAmendment
5. A delegated act adopted pursuant to Articles 17(7) and 38(6) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council..5. A delegated act adopted pursuant to Article 38(6) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council..

Or. en