opinion parliamentary committee draft, 13 May 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 EMPL-PA-787878 · (COM(2025)0842 – C10-0306/2025 – 2025/0362(COD))
Committee on Employment and Social Affairs · Rapporteur: Estelle Ceulemans
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Amendments 247 paragraphs
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 directive
Recital 1
| Text proposed by the Commission | Amendment |
|---|---|
| (1) In view of the ageing population of the European Union 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 pension systems across the Union. | (1) In view of the ageing population of the European Union and the rising dependency ratio, it is essential to ensure that all people in the Union can rely on adequate, safe and sustainable pension systems that guarantee a decent standard of living in retirement to preserve intergenerational solidarity, social cohesion and the long-term stability of pension systems across the Union. Public statutory pension schemes should remain, as a matter of fact, a cornerstone to prevent old age poverty, in line with the principles of the European Pillar of Social Rights. |
Or. en
Amendment 2
Proposal for a directive
Recital 1 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (1 a) While complementary pension schemes can contribute to retirement income, they should only be a complement to adequate first-pillar statutory pensions. Developing supplementary pensions across the Union should not justify, directly or indirectly, the weakening of statutory public pension schemes, especially as regards the adequacy of pensions. |
Or. en
Amendment 3
Read the rest (235 paragraphs)
Proposal for a directive
Recital 2
| 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) While the organisation of pension systems remains a national competence, the adequacy and financial sustainability of pensions are matters of common concern for the Union. Complementary occupational and personal pension arrangements can contribute to retirement income, provided they operate in compliance with strict governance, transparency and consumer protection standards. In this context it is essential to further strengthen the role, autonomy and active involvement of social partners and enable them to design well-functioning occupational pension solutions through collective agreements. |
Or. en
Amendment 4
Proposal for a directive
Recital 3
| 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 occupational and personal pension products can help mobilise those savings for long-term investment, generating higher returns for savers and channelling capital towards productive uses that support growth, innovation and the green and digital transitions. | (3) Developing well-managed occupational pensions systems can help to mobilise savings for long-term investment, generating higher returns for savers and channelling capital towards productive uses that support growth, innovation and the green and digital transitions. However, the primary objective of pension systems should remain the provision of stable and adequate retirement income for members and beneficiaries. Any policy measures aimed at increasing pension funds’ participation in capital markets should therefore fully respect the prudent-person principle and prioritise the protection of the interests of members and beneficiaries. |
Or. en
Amendment 5
Proposal for a directive
Recital 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (3 a) Member States should ensure the complementarity of statutory public pension schemes and occupational pension schemes to ensure adequate old age provisions for all workers and to close any existing gender pension gaps. |
Or. en
Amendment 6
Proposal for a directive
Recital 3 b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (3 b) Member States may consider tax incentives in order to support occupational pension schemes designed by social partners and established on the basis of collective agreements |
Or. en
Amendment 7
Proposal for a directive
Recital 5
| Text proposed by the Commission | Amendment |
|---|---|
| (5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20154 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in the 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 occupational pensions, embodies this citizen-centred approach. | (5) The Savings and Investments Union (SIU) announced by the Commission in its Communication of 19 March 20154 aims to enable citizens to save and invest for their future, channel investments towards the priorities of the Union, deepen integration and scale in the 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 occupational pensions, embodies this citizen-centred approach. Nevertheless, the development of capital markets should not lead to an excessive financialisation of pension systems. Occupational pension schemes should be managed with a long-term perspective and with the primary objective of providing stable retirement income for members and beneficiaries, rather than maximising short-term financial returns. |
| 4 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. | 4 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. |
Or. en
Amendment 8
Proposal for a directive
Recital 6
| Text proposed by the Commission | Amendment |
|---|---|
| (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 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 investments in different asset classes may contribute to diversification and long-term returns, such investments should be closely monitored by social partners to ensure they remain consistent with the prudent-person rule and with the long-term interests of members and beneficiaries. Occupational pension funds should not be exposed to excessive market risks. |
Or. en
Amendment 9
Proposal for a directive
Recital 7
| Text proposed by the Commission | Amendment |
|---|---|
| (7) The review of Directive (EU) 2016/2341 builds on the European Insurance and Occupational Pensions Authority (EIOPA)’s 2023 technical advice for the review of the IORP II Directive5 and its 2025 ‘technical input on the review of the IORP II Directive and the PEPP Regulation in the context of the Savings and Investments Union’6 . It also takes into account recent findings and recommendations from the Special Report 14/2025 of the European Court of Auditors concerning the development of supplementary pensions in the Union7 , as well as the OECD Core Principles of Private Pension Regulation8 , which set out internationally recognised standards for the governance, transparency and supervision of occupational pensions. | (7) Given the intertwined roles of statutory first-pillar pensions schemes and supplementary occupational schemes, the Commission should set up a European Pension Forum ('Forum') to monitor pension policies. The Forum should involve competent authorities of the Member States and social partners at Union level, with relevant financial stakeholders and civil society organisations as observers. |
| 5 See EIOPA’s Technical advice for the review of the IORP II Directive | |
| 6 See EIOPA’s Technical input for the reviews of the IORP II Directive and the PEPP Regulation in the context of the Savings and Investments Union. | |
| 7 See the Special report 14/2025 of the European Court of Auditors | |
| 8 See OECD Core Principles of Private Pension Regulation |
Or. en
Amendment 10
Proposal for a directive
Recital 32 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (32 a) Transparency requirements are essential to allow members and beneficiaries to take informed decisions regarding their occupational pension. Excessively complex or technical disclosures could, however, limit the effective use of such information. Information requirements should therefore be proportionate and the provided information easy to comprehend, including for persons with disabilities. The Commission and the Member States should support capacity building measures in order to improve the financial literacy of social partners regarding occupational pension schemes and IORPs. |
Or. en
Amendment 11
Proposal for a directive
Article 1 – paragraph 1 – point 5
Directive (EU) 2016/2341
Article 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Member States shall ensure that national auto-enrolment systems are governed within the framework of collective agreements. |
Or. en
Amendment 12
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b
Directive (EU) 2016/2341
Article 12 – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| Member States may provide that, for a transfer to be approved, a participation threshold of up to 25 % of the members and beneficiaries concerned shall be reached.; | Member States shall ensure that for a transfer to be approved a participation of at least 50 % of the members and beneficiaries shall be reached. |
Or. en
Amendment 13
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point a – point ii
Directive (EU) 2016/2341
Article 14 – paragraph 2 a – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| The limited period of time referred to in the introductory wording of the first subparagraph shall be determined by national law and shall in any case not exceed ten years.; | The limited period of time referred to in the introductory wording of the first subparagraph shall be determined by national law and shall in any case not exceed ten years. Providers shall be required to submit annual reports and correction plans supervised by the competent authority, with early warning mechanisms and automatic compensation for affected members. Competent national authorities shall assess the optimum number of years, making a distinction between temporary and structural factors, and assess the correction plan accordingly; |
Or. en
Amendment 14
Proposal for a directive
Article 1 – paragraph 1 – point 22 a (new)
Directive (EU) 2016/2341
Article 19 – paragraph 1 – points a, aa and ab (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (22 a) in Article 19, paragraph 1, point a) is replaced by the following: | |
| '(a) the assets shall be invested in the best long-term interests of members and beneficiaries as a whole; | |
| Article 19, paragraph 1, points aa, ab (new) | |
| (aa) changes to multi-annual investment strategies shall be approved by the board or other governing bodies in which members and beneficiaries of statutory occupational pension institutions, including IORPs for the self-employed, are represented, either directly or through representatives elected or appointed by the social partners; | |
| (ab) IORPs shall determine members’ and beneficiaries’ investment preferences, including sustainability preferences, and inform members and beneficiaries about major investment lines, including those involving ESG criteria.'; |
Or. en
Amendment 15
Proposal for a directive
Article 1 – paragraph 1 – point 22 – point a – point b a (new)
Directive (EU) 2016/2341
Article 19 – point ba (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (b a) the following point is inserted: | |
| '(ba) IORPs shall ensure that the selection of investment managers and investment mandates takes into account the prudent person principle, the interests of members and beneficiaries, and potential sustainability risks in accordance with point (b) of this paragraph'; |
Or. en
Amendment 16
Proposal for a directive
Article 1 – paragraph 1 – point 23 – point b
Directive (EU) 2016/2341
Article 21 – paragraph 3a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3 a. IORPs that are jointly managed by representatives of employers and employees are excluded from the requirement of establishing and applying written policies in relation to remuneration where those are determined in founding collective agreements. |
Or. en
Amendment 17
Proposal for a directive
Article 1 – paragraph 1 – point 26
Directive (EU) 2016/2341
Article 25 – paragraph 4 (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 4. IORPs shall develop and monitor the implementation of sustainability risk plans that include quantifiable targets and processes to monitor and address any risks arising in the short-, medium- or long-term from environmental, social and governance factors, with particular regard to their potential impact on the adequacy and stability of members’ and beneficiaries’ retirement income. |
Or. en
Amendment 18
Proposal for a directive
Article 1 – paragraph 1 – point 28 – point b – point ii
Directive (EU) 2016/2341
Article 28 – paragraph 2 – point ii ii
| Text proposed by the Commission | Amendment |
|---|---|
| (i) an assessment of how the risks to which the IORP is or could be exposed compare to the risk tolerance limits approved by the administrative, management or supervisory body of the IORP; | (i) an assessment of how the risks to which the IORP is or could be exposed compare to the risk tolerance limits approved by the administrative, management or supervisory body of the IORP, with particular regard to the potential impact on the adequacy and stability of members’ and beneficiaries’ retirement income; |
Or. en
Amendment 19
Proposal for a directive
Article 1 – paragraph 1 – point 28 – point b – point ii
Directive (EU) 2016/2341
Article 28 – paragraph 2 – point ii
| Text proposed by the Commission | Amendment |
|---|---|
| (k) an assessment of the economies of scale and efficiency options, including the participation in pooled investment structures, shared services or transfers, and of their impact on members and beneficiaries.; | (k) an assessment of the economies of scale and efficiency options, including the participation in pooled investment structures, shared services or transfers, and of their impact on members and beneficiaries in particular on the level of costs borne by members and beneficiaries and the adequacy of retirement income; |
Or. en
Amendment 20
Proposal for a directive
Article 1 – paragraph 1 – point 29
Directive (EU) 2016/2341
Article 30
| Text proposed by the Commission | Amendment |
|---|---|
| Member States shall require that the statement identifies clear investment objectives for each pension scheme that are consistent with its retirement income objective, the overall performance objectives for the scheme and the means of monitoring performance. The statement shall also identify when deviations from the asset allocation strategy and performance objectives may be tolerated and to what extent. The investment policy shall also include any overarching decisions regarding tactical asset allocation, security selection and trade execution. | Member States shall require that the statement identifies clear investment objectives for each pension scheme that are consistent with its retirement income objective and that prioritise the provision of a stable and adequate retirement income for members and beneficiaries, the overall performance objectives for the scheme and the means of monitoring performance. The statement shall also identify when deviations from the asset allocation strategy and performance objectives may be tolerated and to what extent. The investment policy shall also include any overarching decisions regarding tactical asset allocation, security selection and trade execution. |
Or. en
Amendment 21
Proposal for a directive
Article 1 – paragraph 1 – point 29
Directive (EU) 2016/2341
Article 30
| Text proposed by the Commission | Amendment |
|---|---|
| The statement shall also address whether, why, to what extent and how more complex classes of assets, including alternative asset classes, will be used, and shall specify the appropriate extent of exposure to counterparty risk. | The statement shall also address whether, why, to what extent and how more complex classes of assets, including alternative asset classes, will be used, taking into account the long-term risk profile of pension schemes and the capacity of members and beneficiaries to bear investment risks, and shall specify the appropriate extent of exposure to counterparty risk. |
Or. en
Amendment 22
Proposal for a directive
Article 1 – paragraph 1 – point 30 – point b
Directive (EU) 2016/2341
Article 31 – paragraph 5
| Text proposed by the Commission | Amendment |
|---|---|
| 5. Member States shall ensure that IORPs outsourcing key functions, the management of those IORPs, or other activities covered by this Directive enter into a legally enforceable written agreement with the service provider. Such agreement shall include a breakdown of direct and indirect costs and shall clearly define the rights and obligations of the IORP and the service provider. In case of a potential conflict of interest with the service provider, IORPs shall document and implement procedures to prevent or manage conflicts of interest.; | 5. Member States shall ensure that IORPs outsourcing key functions, the management of those IORPs, or other activities covered by this Directive enter into a legally enforceable written agreement with the service provider. Such agreement shall include a breakdown of direct and indirect costs and shall clearly define the rights and obligations of the IORP and the service provider, ensuring that outsourcing arrangements do not undermine the protection of members’ and beneficiaries’ interests. In case of a potential conflict of interest with the service provider, IORPs shall document and implement procedures to prevent or manage conflicts of interest.’; |
Or. en
Amendment 23
Proposal for a directive
Article 1 – paragraph 1 – point 36
Directive (EU) 2016/2341
Article 37 – paragraph 1 – point g
| Text proposed by the Commission | Amendment |
|---|---|
| (g) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the pension scheme for a minimum of ten years, or for all the years that the scheme has been operating where this is less than ten years;; | (g) where members bear investment risk or can take investment decisions, information on the past performance of investments related to the pension scheme for a minimum of ten years, or for all the years that the scheme has been operating where this is less than ten years, together with a clear explanation of the risks that might affect the future level and stability of members’ and beneficiaries’ retirement income; |
Or. en
Amendment 24
Proposal for a directive
Article 1 – paragraph 1 – point 36
Directive (EU) 2016/2341
Article 37 – article 1 – point ga (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (g a) the structure of costs borne by members and beneficiaries must be presented for those schemes that do not provide for a given level of benefits (defined-contribution schemes); costs shall also be presented by showing their impact on the future benefits, on the basis of a standardised simulation to be established at national level in order to ensure comparability between institutions; |
Or. en
Amendment 25
Proposal for a directive
Article 1 – paragraph 1 – point 37
Directive (EU) 2016/2341
Article 37a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 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 ensure that, where pension tracking systems are in place, they cover the pension entitlements administered by IORPs, including the respective breakdown of management costs borne by individuals per fund subscribed, whether collective or individual. In that system, the three pillars must be reported in a homogeneous way to the pensions of the first pillar, that is, in life annuity with the same periodicity of payments. |
Or. en
Amendment 26
Proposal for a directive
Article 1 – paragraph 1 – point 37
Directive (EU) 2016/2341
Article 37a – paragraph 3
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Member States shall ensure that the information referred to in paragraph 2 is transmitted in a standardised, machine-readable and interoperable format enabling pension tracking systems to aggregate data on accrued rights, accumulated capital and projected benefits in a coherent and comparable manner. | 3. Member States shall ensure that the information referred to in paragraph 2 is transmitted in a standardised, machine-readable and interoperable format facilitating comparability of pension entitlements for workers across different pension schemes and providers and enabling pension tracking systems to aggregate data on accrued rights, accumulated capital and projected benefits in a coherent and comparable manner. |
Or. en
Amendment 27
Proposal for a directive
Article 1 – paragraph 1 – point 37
Directive (EU) 2016/2341
Article 37a – paragraph 3a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3 a. Projections provided through pension tracking systems must clearly distinguish between guaranteed and non-guaranteed components and present expected benefits net of all administrative and management costs, expressed in real (inflation-adjusted) terms; |
Or. en
Amendment 28
Proposal for a directive
Article 1 – paragraph 1 – point 37
Directive (EU) 2016/2341
Article 37 a – paragraph 3c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| 3 b. The tracking system must also provide information on the risks covered (longevity, reduced earning capacity, and death). It must also provide information on adjustment rules during the pension phase and make them comparable in terms of their value. |
Or. en
Amendment 29
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point a
Directive (EU) 2016/2341
Article 38 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Member States shall require IORPs to draw up a concise document containing key information for each member. That document shall provide information on the level of risk borne by the member and take into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (‘Pension Benefit Statement’). The title of the document shall contain the words ‘Pension Benefit Statement’. | 1. Member States shall require IORPs to draw up a concise document containing key information for each member. That document shall provide information on the level of risk borne by the member and take into consideration the specific nature of national pension systems and of relevant national social, labour and tax law (‘Pension Benefit Statement’) including clear information on tax advantages for workers where applicable and of projected retirement income and key risks affecting pension outcomes. The title of the document shall contain the words ‘Pension Benefit Statement’. |
Or. en
Amendment 30
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point b
Directive (EU) 2016/2341
Article 38
| Text proposed by the Commission | Amendment |
|---|---|
| The format and structure of the Pension Benefit Statement shall be provided to members and beneficiaries using a Union standardised format, while also taking into account the characteristics of different types of pension schemes. | The format and structure of the Pension Benefit Statement shall be provided to members and beneficiaries using a Union standardised format taking into account the characteristics of different types of pension schemes. |
Or. en
Amendment 31
Proposal for a directive
Article 1 – paragraph 1 – point 38 – point b
Directive (EU) 2016/2341
Article 38 – paragraph 6a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Member States shall ensure that IORPs provide detailed technical information to members and beneficiaries, accompanied by clear and visualised executive summaries in accessible language |
Or. en
Amendment 32
Proposal for a directive
Article 1 – paragraph 1 – point 43
Directive (EU) 2016/2341
Article 42
| Text proposed by the Commission | Amendment |
|---|---|
| In addition to the Pension Benefit Statement, IORPs shall provide each member, in due time before the retirement age as specified in Article 39(1), point (a), or at the request of the member, with information about the upcoming start of the pay-out phase and the benefit pay-out options available in taking their retirement benefits, including the costs and charges associated with each option and the applicable tax treatment. | In addition to the Pension Benefit Statement, IORPs shall provide each member, in due time before the retirement age as specified in Article 39(1), point (a), or at the request of the member, with information about the upcoming start of the pay-out phase and the benefit pay-out options available in taking their retirement benefits, including the costs and charges associated with each option and the applicable tax treatment as well as their impact on the level and duration of retirement benefits for members and beneficiaries. |
Or. en
Amendment 33
Proposal for a directive
Article 1 – paragraph 1 – point 43
Directive (EU) 2016/2341
Article 42 – point b
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the risks and factors that could adversely affect the level, stability or duration of retirement income; | (b) the risks and factors that could adversely affect the level, stability or duration of retirement income for members and beneficiarites, including market volatility, longevity risk and inflation risk; |
Or. en
Amendment 34
Proposal for a directive
Article 1 – paragraph 1 – point 43
Directive (EU) 2016/2341
Article 42 – point d (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (c a) Member States shall assess decumulation practices and their impact on members and beneficiaries, including in the view of tax rules applicable after retirement, possibly by reducing or simplifying these options, favouring those of greatest interest. |
Or. en
Amendment 35
Proposal for a directive
Article 1 – paragraph 1 – point 44 – point a
Directive (EU) 2016/2341
Article 43 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| The information shall also describe the main factors that could affect the level or duration of retirement income, including investment and life-expectancy risks, and shall indicate, where relevant, the right to change the pay-out option.; | The information shall also describe the main factors that could affect the level or duration of retirement income, including investment and life-expectancy risks, and shall indicate, where relevant, the right to change the pay-out option, in a clear and comprehensible manner enabling members and beneficiaries to assess the sustainability of their retirement income |
Or. en
Amendment 36
Proposal for a directive
Article 1 – paragraph 1 – point 45
Directive (EU) 2016/2341
Article 44a – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 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 prioritise the objective of providing stable and adequate retirement income over purely financial or short-term investment considerations, in accordance with the best interests of their members and beneficiaries ensuring that the provision of stable and adequate retirement income for members and beneficiaries remains the primary objective of the financial operations of the scheme. 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 and the long-term security of members’ and beneficiaries’ retirement income. |
Or. en
Amendment 37
Proposal for a directive
Article 1 – paragraph 1 – point 53 – point c
Directive (EU) 2016/2341
Article 49 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| Member States shall ensure that IORPs have procedures in place to identify deteriorating financial conditions and immediately notify the competent authorities when such deterioration occurs. | Member States shall ensure that IORPs have procedures in place to identify deteriorating financial conditions that may adversely affect the level or stability of retirement income for members and beneficiaries and immediately notify the competent authorities when such deterioration occurs and take corrective action. |
Or. en
Amendment 38
Proposal for a directive
Article 1 – paragraph 1 – point 59 a (new)
Directive (EU) 2016/2341
Article 60 – paragraph 5 (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (59 a) Article 60 para 5: Cooperation between the Commission, Member States, and social partners | |
| a) The Commission shall set up a European Pension Forum, to monitor pension policies and make policy recommendations in view of future reforms. The Forum shall involve competent authorities of the Member States and social partners at Union level, with relevant financial stakeholders and civil society organisations as observers. | |
| b) Member States shall support the capacity building of social partners in view of setting up occupational pension schemes based on collective agreements. | |
| c) Member States, in cooperation with social partners, shall offer educational opportunities for workers with a view to improving their financial literacy, in particular with regard to statutory and occupational pension systems. |
Or. en