Article 73 — Evaluation and report
- Five years after the date of application 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 a report on the main findings to the European Parliament and the Council. That report shall be accompanied, where appropriate, by a legislative proposal.
- The Report shall cover in particular the following:
- the functioning of the procedure for registration of PEPPs in accordance with Chapter II;
- portability, in particular the sub-accounts available to PEPP savers and the possibility for the saver to continue to contribute to the last opened sub-account in accordance with Article 20(3) and (4);
- development of partnerships;
- the functioning of the switching service and the level of the fees and charges;
- the level of market penetration of the PEPP and the effect of this Regulation on pension provision across Europe, including substitution of existing products and the uptake of the Basic PEPP;
- the complaints procedure;
- the integration of ESG factors in the PEPP investment policy;
- the level of fees, charges and expenses that are directly or indirectly borne by PEPP savers, including an assessment of possible market failures;
- the compliance of PEPP providers with this Regulation and the standards set by the applicable sectorial law;
- the application of different risk-mitigation techniques used by the PEPP providers;
- the provision of PEPP under the freedom to provide services and freedom of establishment;
- if there are merits to disclosing information on the past performance of the product to prospective PEPP savers, taking into account the information for the performance scenarios which will be included in the PEPP;
- whether advice provided to PEPP savers is adequate, in particular regarding possible forms of out-payments.
The assessment referred to in point (e) of the first subparagraph shall take into account reasons for not opening sub-accounts in certain Member States and assess the progress and effort made by PEPP providers in developing technical solutions for opening sub-accounts.
- The Commission shall set up a panel with relevant stakeholders to monitor the development and implementation of PEPPs on an ongoing basis. That panel shall include at least EIOPA, the competent authorities, industry and consumer representatives and independent experts.
The secretariat of the panel shall be EIOPA.