opinion parliamentary committee, 4 September 2026

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP)

Document EMPL-AD-787853 · (COM(2025)0840 – C100307/2025 – 2025/0363(COD))

Committee on Employment and Social Affairs · Rapporteur: Liesbet Sommen

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Amendment 1
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Text 270 paragraphs

The revision of the Regulation on the pan-European Personal Pension Product (PEPP) could offer an opportunity to strengthen complementary retirement savings in the European Union, while ensuring that such instruments remain firmly anchored in their social purpose. In the context of demographic ageing, changing labour markets, working in different Member States and increasingly fragmented careers, supplementary pension solutions can play a supportive role in enhancing retirement adequacy. However, they must complement—and not undermine—robust public and occupational pension systems, which remain the cornerstone of social protection in the Member States.

The Savings and Investments Union (SIU) seeks to create better opportunities for EU citizens by improving the way savings are channelled into investments that support Europe’s strategic priorities and economic resilience, as also highlighted in the Draghi report on EU competitiveness. I fully support the purpose of the SIU goal of fostering European growth and innovation, while ensuring that the use of long-term pension savings must remain focused on providing citizens with adequate, secure, and sustainable retirement income.

From an EMPL-perspective, it is essential that the development of PEPPs fully respects Member States’ competences in the organisation of pension systems, including taxation, and labour law. At the same time, it is crucial that we strengthen the active involvement of social partners in the organisation of pension systems.

A central objective of this opinion is to ensure that PEPPs deliver adequate, safe and transparent retirement outcomes for savers. It should reinforce consumer protection by introducing clearer rules on cost transparency, comparability and value for money, including simplified and comprehensible disclosure of fees. it is equally important to reaffirm the central role of the prudent person principle in the management of pension savings. In addition, the draft report highlights the importance of tackling the gender pension gap and improving financial awareness among citizens.

The establishment of an annual European Union Pension Forum is proposed as a structured platform bringing together Member States, Union institutions, social partners and relevant stakeholders. This forum would facilitate the exchange of best practices and evidence on both the financial and social aspects of pension systems, including adequacy, coverage of non-standard workers, inequality and the interaction between public, occupational and personal pensions. Ensuring the active involvement of social partners, in line with national practices, will be essential to foster balanced and informed discussions and to support evidence-based policymaking at Union level.

Finally, by reinforcing both the social and economic dimensions of supplementary pensions, this opinion aims to contribute to a more inclusive, resilient and sustainable European pension landscape, consistent with the principles of the European Pillar of Social Rights.

AMENDMENTS

The Committee on Employment and Social Affairs submits the following to the Committee on Economic and Monetary Affairs, as the committee responsible:

Amendment 1

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
Text proposed by the Commission(1) In view of the Union’s ageing population and the rising dependency ratio, strengthening complementary sources of retirement income has become indispensable to preserve intergenerational solidarity, social cohesion and the long-term stability of multi-layered pension systems across the Union.	Amendment(1) In view of the Union’s ageing population demographic challenges, the resulting pressure on pension systems and the rising dependency ratio, it is essential to ensure adequate, safe and sustainable pension systems that preserve intergenerational solidarity, social cohesion and the long-term stability of multi-layered pension systems across the Union. Strengthening complementary sources of retirement income may contribute to pension adequacy and resilience. Public statutory pension schemes, complemented where applicable by occupational pension schemes, should remain the primary source of retirement income and a key instrument for preventing old age poverty. Personal pension products should help address potential pension gaps while complementing, and not replacing or weakening, well-functioning public and occupational pension schemes based on solidarity and collective bargaining. In 2023, 83% of pensioners had no other pension than a statutory pension.1a
Text proposed by the Commission	Amendment1a https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52025SC0367&qid=1763971481746

Text proposed by the Commission

Amendment

(1) In view of the Union’s ageing population and the rising dependency ratio, strengthening complementary sources of retirement income has become indispensable to preserve intergenerational solidarity, social cohesion and the long-term stability of multi-layered pension systems across the Union.

(1) In view of the Union’s ageing population demographic challenges, the resulting pressure on pension systems and the rising dependency ratio, it is essential to ensure adequate, safe and sustainable pension systems that preserve intergenerational solidarity, social cohesion and the long-term stability of multi-layered pension systems across the Union. Strengthening complementary sources of retirement income may contribute to pension adequacy and resilience. Public statutory pension schemes, complemented where applicable by occupational pension schemes, should remain the primary source of retirement income and a key instrument for preventing old age poverty. Personal pension products should help address potential pension gaps while complementing, and not replacing or weakening, well-functioning public and occupational pension schemes based on solidarity and collective bargaining. In 2023, 83% of pensioners had no other pension than a statutory pension.1a

1a https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52025SC0367&qid=1763971481746

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Amendment 2

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1a) While occupational pension schemes should remain supplementary to adequate and sustainable first-pillar statutory pensions, they may contribute to improved retirement income. The pan-European Personal Pension Product (PEPP) should remain a voluntary third-pillar product and should neither replace nor undermine national pension systems or occupational pension schemes.
Text proposed by the Commission	AmendmentAdequate and fiscally sustainable pension systems presuppose quality jobs, including adequate wages, collective bargaining, and fair working conditions, as well as inclusive labour markets.
Text proposed by the Commission	AmendmentOccupational pension schemes negotiated by social partners have proven effective in providing additional, stable and reliable retirement income.

Amendment 3

Proposal for a regulation

Recital 1 b (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1b) Without prejudice to Member State competences, Union-level coordination, including the exchange of best practices and the development of common communication tools, may contribute to improving awareness and understanding of personal pension products across the Union.

Amendment 4

Proposal for a regulation

Recital 1 c (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1c) Many people in the Union, including those in vulnerable situations and savers with discontinuous careers, such as temporary agency workers, students, platform workers, and solo self-employed, would benefit from enhanced pension literacy and a better understanding of the need to build up adequate retirement savings and of the functioning of pension systems and pension products. In order to build up sufficient retirement savings, is important for people to know their expected pension income in relation to their financial needs in old age. Any policy measures taken in this regard may support broader participation in supplementary pension schemes, where needed, and contribute to more adequate retirement outcomes.

Text proposed by the Commission

Amendment

(1c) Many people in the Union, including those in vulnerable situations and savers with discontinuous careers, such as temporary agency workers, students, platform workers, and solo self-employed, would benefit from enhanced pension literacy and a better understanding of the need to build up adequate retirement savings and of the functioning of pension systems and pension products. In order to build up sufficient retirement savings, is important for people to know their expected pension income in relation to their financial needs in old age. Any policy measures taken in this regard may support broader participation in supplementary pension schemes, where needed, and contribute to more adequate retirement outcomes.

Amendment 5

Proposal for a regulation

Recital 1 d (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1d) The development and distribution of PEPPs should not adversely affect the adequacy of retirement income, in line with Principle 15 of the European Pillar of Social Rights.

Amendment 6

Proposal for a regulation

Recital 1 e (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(1e) Where appropriate, indicators derived from the Social Scoreboard of the European Pillar of Social Rights should be used to evaluate the impact of PEPPs.

Amendment 7

Proposal for a regulation

Recital 2

Text proposed by the Commission	Amendment
Text proposed by the Commission(2) While the organisation of pension systems remains a national competence, the adequacy and financial sustainability of pensions are of common concern for the stability and cohesion of the Union. Ensuring that citizens have access to well-designed personal pension products contributes both to individual financial security and to the resilience of the Union’s economy.	Amendment(2) In accordance with Article 153 TFEU the definition of fundamental principles of national social security systems is primarily the competence of Member States. This includes the organisation of pension systems and related taxation and labour law matters. While the organisation of pension systems remains a national competence, the adequacy and financial sustainability of pensions are a matter of common concern for the Union. Union action should therefore fully respect the principle of subsidiarity and support Member States in ensuring adequate pensions without compromising national pension systems. It should also respect the role and autonomy of social partners regarding the development of occupational pension schemes through collective agreements.

Text proposed by the Commission

Amendment

(2) While the organisation of pension systems remains a national competence, the adequacy and financial sustainability of pensions are of common concern for the stability and cohesion of the Union. Ensuring that citizens have access to well-designed personal pension products contributes both to individual financial security and to the resilience of the Union’s economy.

(2) In accordance with Article 153 TFEU the definition of fundamental principles of national social security systems is primarily the competence of Member States. This includes the organisation of pension systems and related taxation and labour law matters. While the organisation of pension systems remains a national competence, the adequacy and financial sustainability of pensions are a matter of common concern for the Union. Union action should therefore fully respect the principle of subsidiarity and support Member States in ensuring adequate pensions without compromising national pension systems. It should also respect the role and autonomy of social partners regarding the development of occupational pension schemes through collective agreements.

Amendment 8

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(2a) In the Union, the gender pension gap decreased from 34% in 2010 to 29% in 20191a and stood at 25% in 20241b. The gap is due to more frequently interrupted careers of women, lower wages and lower access to occupational pension schemes, which exacerbates inequalities. However, there is only limited union-wide data available as regards the gender pension gaps when it comes to occupational and private pension schemes. Nevertheless, research in some Members States suggests a larger pension gender gap in occupational and private pension schemes than in public ones1c. The Commission, in cooperation with the Member States, should make efforts to improve the statistical data basis in this regard as it is an important precondition to closing the gender pension gap.
Text proposed by the Commission	AmendmentIn accordance with Principles 2 and 15 of the European Pillar of Social Rights, and the EP Report on the gender pay and pension gap in the EU: state of play, challenges and the way forward, and developing guidelines for the better evaluation and fairer remuneration of work in female-dominated sectors (2025/2038(INI)), this Regulation contributes to equality between women and men in acquiring pension rights and thus to the closing of the gender pension gap. Moreover, it should help to ensure that everyone in old age has the resources for a life in dignity.
Text proposed by the Commission	Amendment1a Eurostat: https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20210203-1
Text proposed by the Commission	Amendment1b Eurostat: https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260225-1
Text proposed by the Commission	Amendment1c In Germany, Sweden, the Netherlands: Institute of Labour Economics, Exposing the Gap: Gender Inequality in Occupational Pension Coverage and Income Across Europe, in Denmark, Statistics Denmark, Gender equality - Statistics Denmark, and in Spain, Closingap Report, https://closingap.com/en/sin-categorizar/the-gender-gap-in-savings-and-pensions-costs-the-spanish-economy-28-5-billion-euros-and-half-a-million-jobs-per-year/

Amendment 9

Proposal for a regulation

Recital 3

Text proposed by the Commission	Amendment
Text proposed by the Commission(3) Despite being among the world’s highest savers, Union households still hold a large share of their financial wealth in short-term bank deposits with limited returns. Developing attractive occupational and personal pension products can help mobilise part of these savings for long-term investment, generating higher returns for savers, which would correspond to their retirement needs.	Amendment(3) Despite being among the world’s highest savers, Union households still hold a large share of their financial wealth in short-term bank deposits with limited returns. Developing attractive supplementary occupational and personal pension products can help mobilise part of these savings for long-term investment, innovation and the twin transition, generating higher returns for savers, which would correspond to their retirement needs. However, the primary objective of pension systems should remain the provision of stable and adequate retirement income for savers and beneficiaries.

Text proposed by the Commission

Amendment

(3) Despite being among the world’s highest savers, Union households still hold a large share of their financial wealth in short-term bank deposits with limited returns. Developing attractive supplementary occupational and personal pension products can help mobilise part of these savings for long-term investment, innovation and the twin transition, generating higher returns for savers, which would correspond to their retirement needs. However, the primary objective of pension systems should remain the provision of stable and adequate retirement income for savers and beneficiaries.

Amendment 10

Proposal for a regulation

Recital 4

Text proposed by the Commission	Amendment
Text proposed by the Commission(4) Personal pensions are a key link between long-term savers and long-term investment opportunities, helping to deepen capital markets and expand the supply of stable funding for the real economy. Pensions funds are an important category of institutional investors that can help financing productive investments, supporting growth, innovation and the green and digital transitions, which will create better job opportunities and higher productivity.	Amendment(4) Personal pensions are a key link between long-term savers and long-term investment opportunities, helping to deepen capital markets and expand the supply of stable funding for the real economy. Pensions funds are an important category of institutional investors that can help financing productive investments, supporting growth, innovation and the green and digital transitions and the creation of quality jobs. However, all kind of measures intended to boost pension funds’ engagement in capital markets should comply with the prudent person rule and ensure that the interests of savers and beneficiaries remain the primary consideration.

Text proposed by the Commission

Amendment

(4) Personal pensions are a key link between long-term savers and long-term investment opportunities, helping to deepen capital markets and expand the supply of stable funding for the real economy. Pensions funds are an important category of institutional investors that can help financing productive investments, supporting growth, innovation and the green and digital transitions and the creation of quality jobs. However, all kind of measures intended to boost pension funds’ engagement in capital markets should comply with the prudent person rule and ensure that the interests of savers and beneficiaries remain the primary consideration.

Amendment 11

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
Text proposed by the Commission(5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20153 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in Union’s capital markets, and ensure effective supervision across the single market. Among those four strands, helping citizens save and invest for their future is at the heart of the SIU’s ambition. Ensuring that Union citizens can build adequate retirement income is one of the most concrete ways in which the Union can make a difference in people’s lives. The work on supplementary pensions, and in particular on personal pensions, embodies that citizen-centred approach. The pan-European Personal Pension Product (PEPP) is designed to give Union citizens access to a simple, transparent, and portable product that they can trust, helping them to save with confidence and to plan for their retirement wherever they live or work in the Union. By revitalising the PEPP framework, the Union seeks not only to strengthen citizens’ financial security but also to channel long-term savings towards productive investments that support the growth, resilience, and green and digital transitions of the Union.	Amendment(5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20253 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in Union’s capital markets, and ensure effective supervision across the single market. Among those four strands, helping citizens save and invest for their future is at the heart of the SIU’s ambition. While supporting the development of the Capital Markets Union, this Regulation should not undermine the primary objective of ensuring adequate and safe retirement income for citizens. The work on supplementary pensions, and in particular on personal pensions, embodies that citizen-centred approach. The pan-European Personal Pension Product (PEPP) is designed to give Union citizens access to a simple, transparent, and portable product that they can trust, helping them to save with confidence and to plan for their retirement wherever they live or work in the Union. By revitalising the PEPP framework, the Union seeks not only to strengthen citizens’ financial security but also to channel long-term savings towards productive investments that support the growth, resilience, and green and digital transitions of the Union.
Text proposed by the Commission3 Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions of 19 March 2025, COM(2025) 124 final.	Amendment3 Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions of 19 March 2025, COM(2025) 124 final.

Text proposed by the Commission

Amendment

(5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20153 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in Union’s capital markets, and ensure effective supervision across the single market. Among those four strands, helping citizens save and invest for their future is at the heart of the SIU’s ambition. Ensuring that Union citizens can build adequate retirement income is one of the most concrete ways in which the Union can make a difference in people’s lives. The work on supplementary pensions, and in particular on personal pensions, embodies that citizen-centred approach. The pan-European Personal Pension Product (PEPP) is designed to give Union citizens access to a simple, transparent, and portable product that they can trust, helping them to save with confidence and to plan for their retirement wherever they live or work in the Union. By revitalising the PEPP framework, the Union seeks not only to strengthen citizens’ financial security but also to channel long-term savings towards productive investments that support the growth, resilience, and green and digital transitions of the Union.

(5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20253 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in Union’s capital markets, and ensure effective supervision across the single market. Among those four strands, helping citizens save and invest for their future is at the heart of the SIU’s ambition. While supporting the development of the Capital Markets Union, this Regulation should not undermine the primary objective of ensuring adequate and safe retirement income for citizens. The work on supplementary pensions, and in particular on personal pensions, embodies that citizen-centred approach. The pan-European Personal Pension Product (PEPP) is designed to give Union citizens access to a simple, transparent, and portable product that they can trust, helping them to save with confidence and to plan for their retirement wherever they live or work in the Union. By revitalising the PEPP framework, the Union seeks not only to strengthen citizens’ financial security but also to channel long-term savings towards productive investments that support the growth, resilience, and green and digital transitions of the Union.

3 Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions of 19 March 2025, COM(2025) 124 final.

Amendment 12

Proposal for a regulation

Recital 6

Text proposed by the Commission	Amendment
Text proposed by the Commission(6) Experience with the pan-European Personal Pension Product (PEPP) established by Regulation (EU) 2019/1238 of the European Parliament and of the Council4 has shown very limited take-up, with only two providers active across the Union at the end of 2025.	Amendment(6) Experience with the pan-European Personal Pension Product (PEPP) established by Regulation (EU) 2019/1238 of the European Parliament and of the Council4 has shown very limited take-up, with only two providers active across the Union at the end of 2025, highlighting the lack of interest for such a product.
Text proposed by the Commission4 Regulation (EU) 2019/1238 of the European Parliament and of the Council on a pan-European personal pension product (PEPP), establishing a voluntary, standardised personal pension framework across the EU (PEPP) (OJ L 198, 25.7.2019, p. 1, ELI: http://data.europa.eu/eli/reg/2019/1238/oj)	Amendment4 Regulation (EU) 2019/1238 of the European Parliament and of the Council on a pan-European personal pension product (PEPP), establishing a voluntary, standardised personal pension framework across the EU (PEPP) (OJ L 198, 25.7.2019, p. 1, ELI: http://data.europa.eu/eli/reg/2019/1238/oj).

Amendment 13

Proposal for a regulation

Recital 10

Text proposed by the Commission	Amendment
Text proposed by the Commission(10) To foster the uptake of PEPPs, it is essential that a PEPP provides value for money to savers and is therefore attractive and competitive. To ensure that potential PEPP providers design products in line with those objectives, the application for registration of a PEPP should demonstrate capacity to comply with the product oversight and governance requirements and show how the product is designed to provide value for money to PEPP savers.	Amendment(10) To foster the uptake of PEPPs, it is essential that a PEPP provides value for money to savers and is therefore attractive. To ensure that potential PEPP providers design products in line with those objectives, the application for registration of a PEPP, with all its options, should demonstrate capacity to comply with all applicable product oversight and governance requirements and show how the product is designed to provide value for money to PEPP savers.

Text proposed by the Commission

Amendment

(10) To foster the uptake of PEPPs, it is essential that a PEPP provides value for money to savers and is therefore attractive and competitive. To ensure that potential PEPP providers design products in line with those objectives, the application for registration of a PEPP should demonstrate capacity to comply with the product oversight and governance requirements and show how the product is designed to provide value for money to PEPP savers.

(10) To foster the uptake of PEPPs, it is essential that a PEPP provides value for money to savers and is therefore attractive. To ensure that potential PEPP providers design products in line with those objectives, the application for registration of a PEPP, with all its options, should demonstrate capacity to comply with all applicable product oversight and governance requirements and show how the product is designed to provide value for money to PEPP savers.

Amendment 14

Proposal for a regulation

Recital 12

Text proposed by the Commission	Amendment
Text proposed by the Commission(12) Effective supervision of cross-border PEPPs is essential to maintain trust in PEPPs and to protect savers. To ensure consistent application of Union rules and address cases where the competent authority of the home Member State fails to take appropriate measures, it is necessary to grant EIOPA powers to directly intervene in problematic cross-border cases. Such powers should include the possibility to settle disagreements in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council, thereby ensuring coherent and effective supervision across the Union, or to require the home authority to organise a joint onsite inspection with host authorities and EIOPA, to swiftly address risks to PEPP savers.	Amendment(12) Effective supervision of cross-border PEPPs is essential to maintain trust in PEPPs and to protect savers. To ensure consistent application of Union rules and address cases where the competent authority of the home Member State fails to take appropriate measures, it is necessary to grant EIOPA powers of coordination and targeted intervention, to be exercised exclusively in case where the competent authority of the Member State fails to take appropriate action. Such powers should include the possibility to settle disagreements in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council, thereby ensuring coherent and effective supervision across the Union. In exercising those powers, the principles of proportionality and subsidiarity should be fully respected, ensuring that any Union intervention is strictly necessary and appropriate to achieve the objectives of protecting savers and of the proper functioning of the internal market.

Text proposed by the Commission

Amendment

(12) Effective supervision of cross-border PEPPs is essential to maintain trust in PEPPs and to protect savers. To ensure consistent application of Union rules and address cases where the competent authority of the home Member State fails to take appropriate measures, it is necessary to grant EIOPA powers to directly intervene in problematic cross-border cases. Such powers should include the possibility to settle disagreements in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council, thereby ensuring coherent and effective supervision across the Union, or to require the home authority to organise a joint onsite inspection with host authorities and EIOPA, to swiftly address risks to PEPP savers.

(12) Effective supervision of cross-border PEPPs is essential to maintain trust in PEPPs and to protect savers. To ensure consistent application of Union rules and address cases where the competent authority of the home Member State fails to take appropriate measures, it is necessary to grant EIOPA powers of coordination and targeted intervention, to be exercised exclusively in case where the competent authority of the Member State fails to take appropriate action. Such powers should include the possibility to settle disagreements in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council, thereby ensuring coherent and effective supervision across the Union. In exercising those powers, the principles of proportionality and subsidiarity should be fully respected, ensuring that any Union intervention is strictly necessary and appropriate to achieve the objectives of protecting savers and of the proper functioning of the internal market.

Amendment 15

Proposal for a regulation

Recital 18

Text proposed by the Commission	Amendment
Text proposed by the Commission(18) Article 42 of Regulation (EU) 2019/1238 requires that PEPP providers distribute the Basic PEPP if they also want to distribute alternative variants. That requirement constraints some providers’ ability and interest in distributing PEPPs, as the Basic PEPP may not fit with their business model or strategy. In addition, the current limitation to a maximum of five alternative options restricts providers’ ability to design products that reflect the preferences, circumstances and risk profiles of savers. Allowing providers to determine the number and nature of investment options would enable them to offer more tailored solutions, including personalised PEPPs suited to workplace arrangements or auto-enrolment. It is therefore necessary to provide for greater flexibility to PEPP providers while ensuring that transparency, comparability and consumer protection remain safeguarded through appropriate disclosure and product governance requirements.	Amendment(18) Article 42 of Regulation (EU) 2019/1238 requires that PEPP providers distribute the Basic PEPP if they also want to distribute alternative variants. This requirement constraints some providers’ ability and interest in distributing PEPPs, as the Basic PEPP may not fit with their business model or strategy. In addition, the current limitation to a maximum of five alternative options restricts providers’ ability to design products that reflect the preferences, circumstances and risk profiles of savers. Allowing providers to determine the number and nature of investment options would enable them to offer more tailored solutions. It is therefore appropriate to provide for greater flexibility to PEPP providers while ensuring that transparency, comparability and consumer protection remain safeguarded through appropriate disclosure and product governance requirements.

Text proposed by the Commission

Amendment

(18) Article 42 of Regulation (EU) 2019/1238 requires that PEPP providers distribute the Basic PEPP if they also want to distribute alternative variants. That requirement constraints some providers’ ability and interest in distributing PEPPs, as the Basic PEPP may not fit with their business model or strategy. In addition, the current limitation to a maximum of five alternative options restricts providers’ ability to design products that reflect the preferences, circumstances and risk profiles of savers. Allowing providers to determine the number and nature of investment options would enable them to offer more tailored solutions, including personalised PEPPs suited to workplace arrangements or auto-enrolment. It is therefore necessary to provide for greater flexibility to PEPP providers while ensuring that transparency, comparability and consumer protection remain safeguarded through appropriate disclosure and product governance requirements.

(18) Article 42 of Regulation (EU) 2019/1238 requires that PEPP providers distribute the Basic PEPP if they also want to distribute alternative variants. This requirement constraints some providers’ ability and interest in distributing PEPPs, as the Basic PEPP may not fit with their business model or strategy. In addition, the current limitation to a maximum of five alternative options restricts providers’ ability to design products that reflect the preferences, circumstances and risk profiles of savers. Allowing providers to determine the number and nature of investment options would enable them to offer more tailored solutions. It is therefore appropriate to provide for greater flexibility to PEPP providers while ensuring that transparency, comparability and consumer protection remain safeguarded through appropriate disclosure and product governance requirements.

Amendment 16

Proposal for a regulation

Recital 19

Text proposed by the Commission	Amendment
Text proposed by the Commission(19) Article 45(2) of Regulation (EU) 2019/1238 requires that the Basic PEPP is subject to a cap on costs and fees of 1 %, while Article 34(2) of that Regulation obliges a PEPP provider or PEPP distributor to provide advice prior to the conclusion of a Basic PEPP contract. Those requirements have raised concerns among potential providers and distributors, as those requirements are deemed to limit the commercial viability of offering PEPPs, including through digital channels. Furthermore, the fixed 1 % cap on fees is not necessarily the most effective way to protect savers and beneficiaries, and does not reflect a proportional relationship between the benefits and returns offers to savers, the expenses borne by providers, and the fees charged. Providers often incur losses in the early years of a contract, when acquisition and setup costs are high, while savers may be disadvantaged by a fee cap in later years as their accumulated capital gros and the absolute costs charged increase, even though less management effort is required. The 1% fee cap may also lead to an unlevel playing field due to differences in VAT treatment across Member States. Therefore, to promote the uptake of the PEPP, and ensure a sustainable, high-quality product, it is necessary to remove those requirements. To preserve consumer protection and ensure that the Basic PEPP remains a simple product suitable for retirement purposes, it should be designed with an embedded life-cycle investment strategy, providing a suitable balance between growth and risk mitigation. For the same reason, the assets of the Basic PEPP should be invested predominantly in listed and non-complex assets within the meaning of Article 25(4), first subparagraph, of Directive 2014/65/EU of the European Parliament and of the Council7 . To promote diversification while maintaining simplicity, providers of the Basic PEPP should be allowed to allocate a small portion of assets, not exceeding 5 %, to other financial instruments, including alternative assets.	Amendment(19) Article 45(2) of Regulation (EU) 2019/1238 requires that the Basic PEPP is subject to a cap on costs and fees of 1 %, while Article 34(2) of that Regulation obliges a PEPP provider or PEPP distributor to provide advice prior to the conclusion of a Basic PEPP contract. To promote the uptake of the PEPP, and ensure a sustainable, high-quality product, it is necessary that the total costs of a Basic PEPP should not exceed 1 % of the accumulated capital per year. The Commission should be empowered to adopt delegated acts, after consulting EIOPA, to set a lower maximum cost level where this is justified by market developments and the need to ensure a high level of consumer protection. To preserve consumer protection and ensure that the Basic PEPP remains a simple product suitable for retirement purposes, it should be designed with an embedded life-cycle investment strategy, providing a suitable balance between growth and risk mitigation. For the same reason, the assets of the Basic PEPP should be invested predominantly in listed and non-complex assets within the meaning of Article 25(4), first subparagraph, of Directive 2014/65/EU of the European Parliament and of the Council7 . To promote diversification while maintaining simplicity, providers of the Basic PEPP should be allowed to allocate a small portion of assets, not exceeding 5 %, to other financial instruments, including alternative assets.
Text proposed by the Commission7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast), (OJ L 173 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj)	Amendment7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj)

Text proposed by the Commission

Amendment

(19) Article 45(2) of Regulation (EU) 2019/1238 requires that the Basic PEPP is subject to a cap on costs and fees of 1 %, while Article 34(2) of that Regulation obliges a PEPP provider or PEPP distributor to provide advice prior to the conclusion of a Basic PEPP contract. Those requirements have raised concerns among potential providers and distributors, as those requirements are deemed to limit the commercial viability of offering PEPPs, including through digital channels. Furthermore, the fixed 1 % cap on fees is not necessarily the most effective way to protect savers and beneficiaries, and does not reflect a proportional relationship between the benefits and returns offers to savers, the expenses borne by providers, and the fees charged. Providers often incur losses in the early years of a contract, when acquisition and setup costs are high, while savers may be disadvantaged by a fee cap in later years as their accumulated capital gros and the absolute costs charged increase, even though less management effort is required. The 1% fee cap may also lead to an unlevel playing field due to differences in VAT treatment across Member States. Therefore, to promote the uptake of the PEPP, and ensure a sustainable, high-quality product, it is necessary to remove those requirements. To preserve consumer protection and ensure that the Basic PEPP remains a simple product suitable for retirement purposes, it should be designed with an embedded life-cycle investment strategy, providing a suitable balance between growth and risk mitigation. For the same reason, the assets of the Basic PEPP should be invested predominantly in listed and non-complex assets within the meaning of Article 25(4), first subparagraph, of Directive 2014/65/EU of the European Parliament and of the Council7 . To promote diversification while maintaining simplicity, providers of the Basic PEPP should be allowed to allocate a small portion of assets, not exceeding 5 %, to other financial instruments, including alternative assets.

(19) Article 45(2) of Regulation (EU) 2019/1238 requires that the Basic PEPP is subject to a cap on costs and fees of 1 %, while Article 34(2) of that Regulation obliges a PEPP provider or PEPP distributor to provide advice prior to the conclusion of a Basic PEPP contract. To promote the uptake of the PEPP, and ensure a sustainable, high-quality product, it is necessary that the total costs of a Basic PEPP should not exceed 1 % of the accumulated capital per year. The Commission should be empowered to adopt delegated acts, after consulting EIOPA, to set a lower maximum cost level where this is justified by market developments and the need to ensure a high level of consumer protection. To preserve consumer protection and ensure that the Basic PEPP remains a simple product suitable for retirement purposes, it should be designed with an embedded life-cycle investment strategy, providing a suitable balance between growth and risk mitigation. For the same reason, the assets of the Basic PEPP should be invested predominantly in listed and non-complex assets within the meaning of Article 25(4), first subparagraph, of Directive 2014/65/EU of the European Parliament and of the Council7 . To promote diversification while maintaining simplicity, providers of the Basic PEPP should be allowed to allocate a small portion of assets, not exceeding 5 %, to other financial instruments, including alternative assets.

7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast), (OJ L 173 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj)

7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj)

Amendment 17

Proposal for a regulation

Recital 20

Text proposed by the Commission	Amendment
Text proposed by the Commission(20) To ensure the quality of advice and to safeguard the interests of prospective PEPP savers, any advice provided in relation to the Basic PEPP should be given on an independent basis and only upon the request of the client. Considering both the non-complex nature of the Basic PEPP and the independent character of the advice, it is appropriate to provide that, where such advice is given, the PEPP distributor is under no obligation to obtain information on the prospective PEPP saver’s knowledge and experience. That approach ensures that the advice remains objective, proportionate and efficient for distributors, while maintaining a high standard of investor protection and promoting the accessibility of the Basic PEPP across the Union through a variety of distribution channels. For the tailored, more sophisticated PEPPs, advice remains essential to provide the most suitable and tailor-made offer to prospective savers, taking into account their knowledge, financial situation, and risk appetite.	Amendment(20) To ensure the quality of advice and to safeguard the interests of prospective PEPP savers, any advice provided in relation to the Basic PEPP should be given on an independent basis, free from inducements or conflict of interest and only upon the request of the client. Considering both the non-complex nature of the Basic PEPP and the independent character of the advice, it is appropriate to provide that, where such advice is given, the PEPP distributor is under no obligation to obtain information on the prospective PEPP saver’s knowledge and experience. That approach ensures that the advice remains objective, proportionate and efficient for distributors, while maintaining a high standard of investor protection and promoting the accessibility of the Basic PEPP across the Union through a variety of distribution channels. For the tailored, more sophisticated PEPPs, advice remains essential to provide the most suitable and tailor-made offer to prospective savers, taking into account their knowledge, financial situation, and risk profile. In order to ensure effective transparency and informed decision-making by PEPP savers, information on costs should be presented in a clear, simple and comprehensible manner. The use of multiple cost concepts, indicators and presentation formats may reduce rather than enhance transparency and hinder comparability between products. It is therefore appropriate to streamline the presentation of cost information so that savers can easily understand, at a glance, the overall impact of costs on their investment and compare different providers. More detailed and technical information may, where appropriate, be provided through layered disclosures, ensuring that essential information remains accessible while additional details are available for those who seek them.

Text proposed by the Commission

Amendment

(20) To ensure the quality of advice and to safeguard the interests of prospective PEPP savers, any advice provided in relation to the Basic PEPP should be given on an independent basis and only upon the request of the client. Considering both the non-complex nature of the Basic PEPP and the independent character of the advice, it is appropriate to provide that, where such advice is given, the PEPP distributor is under no obligation to obtain information on the prospective PEPP saver’s knowledge and experience. That approach ensures that the advice remains objective, proportionate and efficient for distributors, while maintaining a high standard of investor protection and promoting the accessibility of the Basic PEPP across the Union through a variety of distribution channels. For the tailored, more sophisticated PEPPs, advice remains essential to provide the most suitable and tailor-made offer to prospective savers, taking into account their knowledge, financial situation, and risk appetite.

(20) To ensure the quality of advice and to safeguard the interests of prospective PEPP savers, any advice provided in relation to the Basic PEPP should be given on an independent basis, free from inducements or conflict of interest and only upon the request of the client. Considering both the non-complex nature of the Basic PEPP and the independent character of the advice, it is appropriate to provide that, where such advice is given, the PEPP distributor is under no obligation to obtain information on the prospective PEPP saver’s knowledge and experience. That approach ensures that the advice remains objective, proportionate and efficient for distributors, while maintaining a high standard of investor protection and promoting the accessibility of the Basic PEPP across the Union through a variety of distribution channels. For the tailored, more sophisticated PEPPs, advice remains essential to provide the most suitable and tailor-made offer to prospective savers, taking into account their knowledge, financial situation, and risk profile. In order to ensure effective transparency and informed decision-making by PEPP savers, information on costs should be presented in a clear, simple and comprehensible manner. The use of multiple cost concepts, indicators and presentation formats may reduce rather than enhance transparency and hinder comparability between products. It is therefore appropriate to streamline the presentation of cost information so that savers can easily understand, at a glance, the overall impact of costs on their investment and compare different providers. More detailed and technical information may, where appropriate, be provided through layered disclosures, ensuring that essential information remains accessible while additional details are available for those who seek them.

Amendment 18

Proposal for a regulation

Recital 20 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(20a) The increasing use of digital distribution channels, automated guidance tools and robo-advice in the provision of personal pension products may improve accessibility and reduce costs for PEPP savers. However, given the long-term nature and social importance of retirement savings decisions, PEPP savers should retain access to appropriate human assistance where automated or partially automated systems are used. Such safeguards are particularly important for vulnerable consumers, including persons with low financial literacy, older persons, young workers and persons in non-standard forms of employment. The use of automated tools should therefore not reduce the level of investor protection or limit the ability of prospective PEPP savers to obtain clear and comprehensible explanations before concluding a PEPP contract.

Text proposed by the Commission

Amendment

(20a) The increasing use of digital distribution channels, automated guidance tools and robo-advice in the provision of personal pension products may improve accessibility and reduce costs for PEPP savers. However, given the long-term nature and social importance of retirement savings decisions, PEPP savers should retain access to appropriate human assistance where automated or partially automated systems are used. Such safeguards are particularly important for vulnerable consumers, including persons with low financial literacy, older persons, young workers and persons in non-standard forms of employment. The use of automated tools should therefore not reduce the level of investor protection or limit the ability of prospective PEPP savers to obtain clear and comprehensible explanations before concluding a PEPP contract.

Amendment 19

Proposal for a regulation

Recital 25 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(25a) Given the growing importance of supplementary pensions in the Union’s retirement systems, it is important to monitor their social impact alongside their market development. The development of PEPPs should contribute to adequate retirement income and should not exacerbate old-age poverty, gender pension gaps or inequalities between workers, including workers in non-standard forms of employment.

Text proposed by the Commission

Amendment

(25a) Given the growing importance of supplementary pensions in the Union’s retirement systems, it is important to monitor their social impact alongside their market development. The development of PEPPs should contribute to adequate retirement income and should not exacerbate old-age poverty, gender pension gaps or inequalities between workers, including workers in non-standard forms of employment.

Amendment 20

Proposal for a regulation

Recital 26

Text proposed by the Commission	Amendment
Text proposed by the Commission(26) Where a PEPP is distributed across borders, effective supervision of PEPP providers and distributors requires close cooperation and consistent approaches among competent authorities across the Union. Divergences in supervisory actions may create uncertainty for market participants and lead to unequal levels of consumer protection. To strengthen supervisory coordination and ensure proportionate and consistent action in cases where the interests of PEPP savers or beneficiaries may be at risk, it is necessary to formalise the role of the European Insurance and Occupational Pensions Authority (EIOPA) as a facilitator in finding appropriate solutions. To that end, EIOPA should be empowered to set up and coordinate collaboration platforms bringing together the relevant competent authorities, to promote the exchange of information, support convergence of supervisory practices, and, where appropriate, assist in resolving disagreements between authorities in accordance with its powers under Regulation (EU) No 1094/2010.	Amendment(26) Where a PEPP is distributed across borders, effective supervision of PEPP providers and distributors requires close cooperation and consistent approaches among competent authorities across the Union. Divergences in supervisory actions may create uncertainty for market participants and lead to unequal levels of consumer protection. To strengthen supervisory coordination and ensure proportionate and consistent action in cases where the interests of PEPP savers or beneficiaries may be at risk, it is necessary to formalise the role of the European Insurance and Occupational Pensions Authority (EIOPA) as a facilitator in finding appropriate solutions, while fully respecting the supervisory responsibilities and competences of national authorities. To that end, EIOPA, at the request of one or more of the competent authorities, should be empowered to set up and coordinate collaboration platforms bringing together the relevant competent authorities, to promote the exchange of information, support convergence of supervisory practices, and, where appropriate, assist in resolving disagreements between authorities in accordance with its powers under Regulation (EU) No 1094/2010.

Text proposed by the Commission

Amendment

(26) Where a PEPP is distributed across borders, effective supervision of PEPP providers and distributors requires close cooperation and consistent approaches among competent authorities across the Union. Divergences in supervisory actions may create uncertainty for market participants and lead to unequal levels of consumer protection. To strengthen supervisory coordination and ensure proportionate and consistent action in cases where the interests of PEPP savers or beneficiaries may be at risk, it is necessary to formalise the role of the European Insurance and Occupational Pensions Authority (EIOPA) as a facilitator in finding appropriate solutions. To that end, EIOPA should be empowered to set up and coordinate collaboration platforms bringing together the relevant competent authorities, to promote the exchange of information, support convergence of supervisory practices, and, where appropriate, assist in resolving disagreements between authorities in accordance with its powers under Regulation (EU) No 1094/2010.

(26) Where a PEPP is distributed across borders, effective supervision of PEPP providers and distributors requires close cooperation and consistent approaches among competent authorities across the Union. Divergences in supervisory actions may create uncertainty for market participants and lead to unequal levels of consumer protection. To strengthen supervisory coordination and ensure proportionate and consistent action in cases where the interests of PEPP savers or beneficiaries may be at risk, it is necessary to formalise the role of the European Insurance and Occupational Pensions Authority (EIOPA) as a facilitator in finding appropriate solutions, while fully respecting the supervisory responsibilities and competences of national authorities. To that end, EIOPA, at the request of one or more of the competent authorities, should be empowered to set up and coordinate collaboration platforms bringing together the relevant competent authorities, to promote the exchange of information, support convergence of supervisory practices, and, where appropriate, assist in resolving disagreements between authorities in accordance with its powers under Regulation (EU) No 1094/2010.

Amendment 21

Proposal for a regulation

Recital 31 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(31a) The promotion of personal pension products should not lead to a weakening of statutory pension systems and/or occupational pension schemes, which remain the cornerstones of retirement provision in Member States and a life in dignity in old age.

Amendment 22

Proposal for a regulation

Recital 31 b (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(31b) Given the intertwined roles of statutory first-pillar pensions schemes and supplementary schemes, the Commission should set up a European Pension Forum ('Forum') to monitor pension policies on an annual basis. The Forum should involve competent authorities of the Member States, social partners, relevant financial stakeholders and civil society organisations.

Amendment 23

Proposal for a regulation

Recital 31 c (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(31c) An EU-wide pension tracking systems should cover all accrued retirement entitlements, including PEPP. It should allow simple comparability of all pensions’ entitlements, with a clear distinction between guaranteed and non-guaranteed components and an overview of all administrative costs across different pensions schemes and providers.

Amendment 24

Proposal for a regulation

Recital 31 d (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(31d) PEPP providers shall ensure equal access to PEPPs without discrimination based on gender, racial or ethnic origin, religion or belief, disability, age, sexual orientation, nationality, contractual status, part-time status or type of employment relationship.

Amendment 25

Proposal for a regulation

Recital 31 e (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(31e) Life-cycle investment strategies can play an important role in helping PEPP savers and beneficiaries achieve adequate retirement outcomes by aligning investment risk with the saver’s stage in the accumulation phase. Such strategies should allow savers who are furthest from retirement to benefit from long-term investment opportunities with higher growth potential, while gradually reducing exposure to investment risk as retirement approaches. By enabling a progressive transition towards more liquid and lower-risk assets, life-cycle investment strategies can help protect accumulated savings against significant losses while preserving the potential for long-term appreciation.

Text proposed by the Commission

Amendment

(31e) Life-cycle investment strategies can play an important role in helping PEPP savers and beneficiaries achieve adequate retirement outcomes by aligning investment risk with the saver’s stage in the accumulation phase. Such strategies should allow savers who are furthest from retirement to benefit from long-term investment opportunities with higher growth potential, while gradually reducing exposure to investment risk as retirement approaches. By enabling a progressive transition towards more liquid and lower-risk assets, life-cycle investment strategies can help protect accumulated savings against significant losses while preserving the potential for long-term appreciation.

Amendment 26

Proposal for a regulation

Article 1 – paragraph 1 – point 1

Regulation (EU) 2019/1238

Article 2 – paragraph 1 – point 35

Text proposed by the Commission	Amendment
Text proposed by the Commission(35) ‘life-cycle investment strategy’ means an investment strategy that adjusts the level of risk attached to investments according to a predetermined glide path directed at mitigating investment risk and providing a reasonable degree of long-term appreciation, taking into account the individual’s age or retirement date, and where relevant, the pay-out profile of the product, to minimise the risk of large losses.;	Amendment(35) ‘life-cycle investment strategy’ means an investment strategy that adjusts the level of risk attached to investments according to a predetermined glide path directed at mitigating investment risk and providing a reasonable degree of long-term appreciation, taking into account especially the individual’s age or retirement date, risk profile and where relevant, the pay-out profile of the product, enabling a gradual transition from investments with higher long-term growth potential towards more liquid and lower-risk assets as the accumulation phase approaches, in order to minimise the risk of large losses and have thereby their accumulated wealth protected without artificial suppressing of long-term growth.

Text proposed by the Commission

Amendment

(35) ‘life-cycle investment strategy’ means an investment strategy that adjusts the level of risk attached to investments according to a predetermined glide path directed at mitigating investment risk and providing a reasonable degree of long-term appreciation, taking into account especially the individual’s age or retirement date, risk profile and where relevant, the pay-out profile of the product, enabling a gradual transition from investments with higher long-term growth potential towards more liquid and lower-risk assets as the accumulation phase approaches, in order to minimise the risk of large losses and have thereby their accumulated wealth protected without artificial suppressing of long-term growth.

Amendment 27

Proposal for a regulation

Article 1 – paragraph 1 – point 4 – point a

Regulation (EU) 2019/1238

Article 6 – paragraph 2 – point fa

Text proposed by the Commission	Amendment
Text proposed by the Commission(fa) documentation that demonstrates compliance with product oversight and governance requirements referred to in Article 25, including information on how the PEPP is designed to provide value for money to PEPP savers;;	Amendment(fa) documentation that demonstrates compliance with product oversight and governance requirements referred to in Article 25, including that the PEPP with all its options is designed to provide value for money to PEPP savers;;

Amendment 28

Proposal for a regulation

Article 1 – paragraph 1 – point 4 a (new)

Regulation (EU) 2019/1238

Article 6 – paragraph 4 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	AmendmentIn Article 6 the following paragraph is inserted:
Text proposed by the Commission	Amendment(4a) Requirements imposed on PEPP providers regarding product design, default options and investment strategies shall be proportionate and shall not unduly restrict the diversity of national pension products or business models.

Amendment 29

Proposal for a regulation

Article 1 – paragraph 1 – point 8

Regulation (EU) 2019/1238

Article 23 – paragraph 3

Text proposed by the Commission	Amendment
Text proposed by the CommissionIn article 23 the following paragraph is inserted:	Amendmentdeleted
Text proposed by the Commission3. Employers in the cases referred to in Article 47(3) and (4) shall not be considered acting as PEPP distributors.;

Amendment 30

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2019/1238

Article 25 – paragraph 1 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment1a. Benchmarks on value for money developed by EIOPA, based on common indicators defined in cooperation with national competent authorities, shall constitute minimum Union standards. The value for money for savers and beneficiaries shall be assessed on the basis of those common indicators. This Regulation shall not prevent Member States from maintaining or introducing more stringent national measures or protection requirements for savers and beneficiaries, including on costs, guarantees or consumer protection, provided that such measures are non-discriminatory.

Text proposed by the Commission

Amendment

1a. Benchmarks on value for money developed by EIOPA, based on common indicators defined in cooperation with national competent authorities, shall constitute minimum Union standards. The value for money for savers and beneficiaries shall be assessed on the basis of those common indicators. This Regulation shall not prevent Member States from maintaining or introducing more stringent national measures or protection requirements for savers and beneficiaries, including on costs, guarantees or consumer protection, provided that such measures are non-discriminatory.

Amendment 31

Proposal for a regulation

Article 1 – paragraph 1 – point 9

Regulation (EU) 2019/1238

Article 25 – paragraph 2 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment2a. Costs and charges exceeding those applicable to the Basic PEPP may only be permitted for PEPPs requiring mandatory independent and personalised advice, provided that the PEPP provider can demonstrate that such costs are proportionate to the additional value delivered to the PEPP saver.

Amendment 32

Proposal for a regulation

Article 1 – paragraph 1 – point 10 – point a – point ii

Regulation (EU) 2019/1238

Article 28 – paragraph 3

Text proposed by the Commission	Amendment
Text proposed by the Commission(ii) the following points (xv) to (xviii) are added:	Amendmentdeleted
Text proposed by the Commission‘(xv) where the PEPP is provided to an employee as part of a workplace arrangement using auto-enrolment , the following information:
Text proposed by the Commission— the opt out rights agreed at the time of enrolment;
Text proposed by the Commission— applicable vesting rules;
Text proposed by the Commission— where applicable, the default decumulation pathways or the other different decumulation options;
Text proposed by the Commission(xvi) where a PEPP provider offers several investment options, a description of the range of investment options offered by that provider;
Text proposed by the Commission(xvii) an indication that under Union law a PEPP may be either Basic or tailored, and the main differences between the two types of PEPPs;
Text proposed by the Commission(xviii) information that all registered PEPPs are available in the central public register referred to in Article 13, including the internet link to that register.’;

Amendment 33

Proposal for a regulation

Article 1 – paragraph 1 – point 10 – point b

Regulation (EU) 2019/1238

Article 28 – paragraph 3 – point f

Text proposed by the Commission	Amendment
Text proposed by the Commissionunder a section titled ‘What are the costs?’, the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of those costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment over the previous 12 months and an estimation of the impact of the costs on the final capital accumulated. Where applicable, the costs charged for the capital guarantee shall be explicitly and separately disclosed.	Amendmentunder a section titled ‘What are the costs?’, the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of those costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment over the previous 12 months and an estimation of the impact of the costs on the final capital accumulated. Where applicable, the costs charged for the capital guarantee shall be explicitly and separately disclosed.
Text proposed by the Commission	AmendmentInformation on costs and charges shall be disclosed in a clear, simple and understandable way and shall avoid unnecessary complexity or overlapping cost categories. The presentation of such information, in a standardised format and including information on the impact of costs and charges on long-term returns, shall enable PEPP savers, including persons with disabilities, to easily assess the overall impact of costs and to compare different PEPP providers and products.

Text proposed by the Commission

Amendment

under a section titled ‘What are the costs?’, the costs associated with an investment in the PEPP, comprising both direct and indirect costs to be borne by the PEPP saver, including one-off and recurring costs, presented by means of summary indicators of those costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment over the previous 12 months and an estimation of the impact of the costs on the final capital accumulated. Where applicable, the costs charged for the capital guarantee shall be explicitly and separately disclosed.

Information on costs and charges shall be disclosed in a clear, simple and understandable way and shall avoid unnecessary complexity or overlapping cost categories. The presentation of such information, in a standardised format and including information on the impact of costs and charges on long-term returns, shall enable PEPP savers, including persons with disabilities, to easily assess the overall impact of costs and to compare different PEPP providers and products.

Amendment 34

Proposal for a regulation

Article 1 – paragraph 1 – point 11

Regulation (EU) 2019/1238

Article 33 – paragraph 2a

Text proposed by the Commission	Amendment
Text proposed by the Commission(11) in Article 33, the following paragraph 2a is inserted:	Amendmentdeleted
Text proposed by the Commission‘2a. Where the PEPP is provided to an employee as part of a workplace arrangement using auto-enrolment, the information referred to in paragraph 1 shall be provided to the employee promptly after the enrolment in the arrangement concerned.’;

Amendment 35

Proposal for a regulation

Article 1 – paragraph 1 – point 12 – point c

Regulation (EU) 2019/1238

Article 34 – paragraph 4 b (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment‘4b. In case automated or partially automated tools are used for the provision of information, guidance or advice in relation to a PEPP shall be available, prospective PEPP savers shall have access, upon request and free of charge, to appropriate human assistance before concluding the contract.’

Amendment 36

Proposal for a regulation

Article 1 – paragraph 1 – point 13 – point a

Regulation (EU) 2019/1238

Article 36 – paragraph 1 – point d – second sentence

Text proposed by the Commission	Amendment
Text proposed by the CommissionIf the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario, a favourable scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP contract;;	AmendmentIf the pension benefit projections are based on economic scenarios, that information shall also include a best estimate scenario, a favourable scenario and an unfavourable scenario, taking into consideration the specific nature of the PEPP contract. The information shall be presented in a clear, simple and comprehensible manner, avoiding unnecessary complexity;

Amendment 37

Proposal for a regulation

Article 1 – paragraph 1 – point 16 – point b

Regulation (EU) 2019/1238

Article 41 – paragraph 1 – point b a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(ba) PEPP providers shall take into account ESG-criteria when designing investment policies.

Amendment 38

Proposal for a regulation

Article 1 – paragraph 1 – point 19

Regulation (EU) 2019/1238

Article 45 – paragraph 1 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment1a. The Basic PEPP shall include at least one of the following protection mechanisms: (a) capital protection at the end of the accumulation phase; (b) a minimum real return guarantee; or (c) a return linked to a prudent and objectively defined benchmark, such as real wage or income growth.

Amendment 39

Proposal for a regulation

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

Regulation (EU) 2019/1238

Article 45 – paragraph 2 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment2a. The total annual costs and charges of a Basic PEPP, including all direct and indirect costs, shall not exceed 1 % of the accumulated capital per year. The Commission shall be empowered to adopt delegated acts, after consulting EIOPA, to set a lower maximum cost level where this is justified by market developments and the need to ensure a high level of consumer protection.

Amendment 40

Proposal for a regulation

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

Regulation (EU) 2019/1238

Article 45 – paragraph 5 (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment5. In Member States where national personal pension products are subject to mandatory minimum protection or return guarantees, PEPPs distributed in those Member States shall not provide a lower level of protection.

Amendment 41

Proposal for a regulation

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

Regulation (EU) 2019/1238

Article 45 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(19c) The following article is inserted:
Text proposed by the Commission	Amendment‘Article 45a
Text proposed by the Commission	AmendmentPEPPs for savers with discontinuous careers
Text proposed by the Commission	AmendmentFor savers with discontinuous careers, such as temporary agency workers, students, platform workers, PEPP providers shall ensure: (a) an automatic low-cost structure; (b) no entry, exit or transfer fees; (c) preservation of accrued rights during short interruptions; (d) a highly defensive investment allocation. In Member States where collectively managed pension schemes exist for such groups, Member States may provide that PEPPs shall not be offered as a substitute.’

Amendment 42

Proposal for a regulation

Article 1 – paragraph 1 – point 21

Regulation (EU) 2019/1238

Article 47 – paragraphs 3, 4 and 5

Text proposed by the Commission	Amendment
Text proposed by the Commission(21) in Article 47, the following paragraphs 3, 4 and 5 are added:	Amendmentdeleted
Text proposed by the Commission‘3. Without prejudice to national social and labour law on the organisation of pension systems and the autonomy of social partners, including compulsory membership and the outcomes of collective bargaining agreements, and insofar as it does not interfere with the existing occupational pension schemes, Member States shall not prevent employers from voluntarily contributing to a PEPP for their employees that are PEPP savers and who agree to this.
Text proposed by the Commission4. Without prejudice to national social and labour law regarding the organisation of pension systems and the autonomy of social partners, including compulsory membership and the outcomes of collective bargaining agreements, and insofar as it does not interfere with the existing occupational pension schemes, Member States may allow the PEPP to be provided to an employee as part of a workplace arrangement using auto-enrolment.
Text proposed by the CommissionIn the case the PEPP is provided to an employee as part of a workplace arrangement using auto-enrolment, the PEPP saver shall have the right to opt out and rejoin in accordance with the national framework governing auto-enrolment, including relevant social and labour law on the organisation of pension systems, compulsory membership and the outcomes of collective bargaining agreements.’

Amendment 43

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2019/1238

Article 51 a – paragraph 1

Text proposed by the Commission	Amendment
Text proposed by the Commission‘1. Member States shall ensure that, where pension tracking systems are in place, they cover the PEPP accrued retirement entitlements.	Amendment1. Member States shall ensure that, where pension tracking systems are in place, they cover the PEPP accrued retirement entitlements. It should allow simple comparability of all pensions entitlements, with a clear distinction between guaranteed and non-guaranteed components and an overview of all administrative costs across different pensions schemes and providers.

Amendment 44

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2019/1238

Article 51 a – paragraph 2

Text proposed by the Commission	Amendment
Text proposed by the Commission2. For the purposes of paragraph 1, PEPP providers and PEPP distributors shall transmit to pension tracking systems, where pension tracking systems are in place in the Member State where the PEPP is distributed,, all information necessary to provide customers with a comprehensive, reliable and up-to-date overview of their entitlements.	Amendment2. For the purposes of paragraph 1, PEPP providers and PEPP distributors shall, in accordance with a European data standard defined by EIOPA, transmit to pension tracking systems all information necessary to provide savers and beneficiaries with a comprehensive, reliable and up-to-date overview of their entitlements.

Amendment 45

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2019/1238

Article 51 a – paragraph 3

Text proposed by the Commission	Amendment
Text proposed by the Commission3. The information referred to in paragraph 2 shall be transmitted in standardised and interoperable format enabling pension tracking systems to aggregate data on accumulated value, accrued rights and projected benefits in a coherent and comparable manner.	Amendment3. The information referred to in paragraph 2 shall be transmitted in accordance with a European data standard defined by EIOPA. This standard shall take into account the size and capacity of providers and allow for a gradual and proportionate implementation.

Amendment 46

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2019/1238

Article 51 a – paragraph 6

Text proposed by the Commission	Amendment
Text proposed by the Commission6. The format and structure of the information to be transmitted to pension tracking systems shall be consistent with the format and structure laid down in the Delegated Regulation adopted pursuant to Article 37.	Amendmentdeleted

Amendment 47

Proposal for a regulation

Article 1 – paragraph 1 – point 24

Regulation (EU) 2019/1238

Article 57 – paragraph 3

Text proposed by the Commission	Amendment
Text proposed by the Commission(24) in Article 57, the following paragraph 3 is added:	Amendmentdeleted
Text proposed by the Commission‘3. In the case of PEPPs provided to an employee as part of a workplace arrangement using auto-enrolment, the provisions referred to in this Chapter shall be without prejudice to the right of an employer to determine default decumulation pathways where this is provided for under the law of the Member State concerned.’;

Amendment 48

Proposal for a regulation

Article 1 – paragraph 1 – point 26 a (new)

Regulation (EU) 2019/1238

Article 63 – paragraph 1 – point e (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(e) where the competent national authorities determine that a PEPP provider does not comply with the applicable requirements under this Regulation, they shall take appropriate and proportionate supervisory measures in accordance with national law to protect the interests of savers and beneficiaries;

Amendment 49

Proposal for a regulation

Article 1 – paragraph 1 – point 26 b (new)

Regulation (EU) 2019/1238

Article 63 – paragraph 1 – point f (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(f) the primary responsibility for day-to-day supervision and enforcement shall remain the competence of national authorities, while ensuring effective cooperation and transparency at Union level.

Amendment 50

Proposal for a regulation

Article 1 – paragraph 1 – point 28 a (new)

Regulation (EU) 2019/1238

Article 65 – paragraph 8 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	AmendmentThe following paragraph is inserted:
Text proposed by the Commission	Amendment“8a. The intervention powers of EIOPA shall be exercised without prejudice to the right of national competent authorities to impose stricter measures, including cost caps or guarantee requirements, to protect PEPP savers.”

Amendment 51

Proposal for a regulation

Article 1 – paragraph 1 – point 29 a (new)

Regulation (EU) 2019/1238

Article 66 a (new)

Text proposed by the Commission	Amendment
Text proposed by the Commission	Amendment(29a) The following article 66a is inserted:
Text proposed by the Commission	Amendment‘a) The Commission shall set up a European Pension Forum, to monitor pension policies and to exchange best practices. The Forum shall involve EIOPA, the competent authorities of the Member States, the social partners, stakeholders active in the provision of retirement products and civil society organisations and meet at least once per year. The outcomes of the Forum shall be summarised in a subsequent annual report published by the Commission, including a special focus on occupational pension schemes and social aspects of pension provisions.
Text proposed by the Commission	Amendmentb) The Commission and the Member States shall support the capacity building of social partners in view of setting up occupational pension schemes based on collective agreements.
Text proposed by the Commission	Amendmentc) Member States, in cooperation with social partners, shall offer educational opportunities for workers with a view to improving their financial literacy, in particular regarding statutory and occupational pension systems as well as the closing of the gender pension gap.’

Amendment 52

Proposal for a regulation

Article 1 – paragraph 1 – point 30

Regulation (EU) 2019/1238

Article 73 – paragraph 1

Text proposed by the Commission

Amendment

By [PO = please insert the date corresponding to five years after the application date of this Regulation], and every five years thereafter, the Commission shall carry out an evaluation of this Regulation, and after consulting EIOPA and the other ESAs where appropriate, present and publish a report on the main findings to the European Parliament, and the Council. That evaluation shall not be limited to financial market aspects, but shall give equal consideration to the social dimension of pension provision.

Annex: declaration of input 4 paragraphs

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for opinion declares that she included in her opinion input on matters pertaining to the subject of the file that she received, in the preparation of the opinion, from the following interest representatives falling within the scope of the Interinstitutional Agreement on a mandatory transparency register, or from the following representatives of public authorities of third countries, including their diplomatic missions and embassies:

1. Interest representatives falling within the scope of the Interinstitutional Agreement on a mandatory transparency register

The Permanent Representation of Belgium to the European Union

European Trade Union Confederation

Pensioplus

ACV-CSC

CNV

FNV

European Commission - Directorate General for Financial Stability, Financial Services and Capital Markets Union

2. Representatives of public authorities of third countries, including their diplomatic missions and embassies

None

The list above is drawn up under the exclusive responsibility of the rapporteur for opinion.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for opinion declares that she has submitted to the natural persons concerned the European Parliament's Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

Procedure pages

How the committees handled the text, and how their members voted on it.

Procedure – committee asked for opinion 1 paragraph

Title	Amending Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP)
References	COM(2025)0840 – C10-0307/2025 – 2025/0363(COD)
Committee(s) responsible Date announced in plenary	ECON 12.2.2026
Opinion by Date announced in plenary	EMPL 12.2.2026
Rapporteur for opinion Date appointed	Liesbet Sommen 16.1.2026
Discussed in committee	22.6.2026
Date adopted	2.9.2026
Result of final vote	+: –: 0:	31 8 13

Final vote by roll call by the committee asked for opinion 3 paragraphs

31 · For

No group: Jan-Peter Warnke
EPP: Maravillas Abadía Jover, Hildegard Bentele, Andrzej Buła, David Casa, Niels Geuking, Norbert Herhammer, Sérgio Humberto, Martine Kemp, Isabelle Le Callennec, Eleonora Meleti, Letizia Moratti, Romana Tomc
Renew: Valérie Devaux, Hristo Petrov, Jana Toom
S&D: Marc Angel, Vilija Blinkevičiūtė, Estelle Ceulemans, Vivien Costanzo, Alicia Homs Ginel, Marina Kaljurand, Marit Maij, Ana Catarina Mendes, Idoia Mendia, Matjaž Nemec, Aodhán Ó Ríordáin, Marianne Vind
Greens: Katrin Langensiepen, Maria Ohisalo, Villy Søvndal

8 · Against

ESN: Petr Bystron, Petar Volgin
No group: Branislav Ondruš
The Left: Konstantinos Arvanitis, Leila Chaibi, Per Clausen, Kathleen Funchion, João Oliveira

13 · Abstained

ECR: Elena Donazzan, Chiara Gemma, Marlena Maląg, Georgiana Teodorescu, Francesco Torselli, Mariateresa Vivaldini
EPP: Henrik Dahl
Patriots: Mélanie Disdier, Julien Leonardelli, Margarita de la Pisa Carrión, Ernő Schaller-Baross, Petra Steger, Séverine Werbrouck