Conditions for deregistration of a PEPP
- PEPP provider must cease distribution upon deregistration
Retained EU Law
2019
United Kingdom
Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (Text with EEA relevance)
At a glance
What's here
34 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Prudential regime applicable to different types of providers
- Comply with PEPP Regulation and your existing prudential regime
Exercise of the freedom to provide services and freedom of establishment by PEPP providers and PEPP distributors
- Notify host Member State before distributing PEPPs across borders
Exercise of the freedom to provide services by IORPs and EU AIFM
- Notify home regulator before first offering PEPPs in another EU/EEA state
Provision of the portability service
- Offer PEPP portability service and sub-accounts for at least 2 EU states
Sub-accounts of the PEPP
- Ensure new PEPP sub-accounts comply with the new member state's legal requirements when providing portability
Opening of a new sub-account
- Inform PEPP saver about sub-account opening and provide free KID when they move to another EU country
Provision of information on portability to the competent authorities
- Notify home regulator before opening a new PEPP sub-account abroad
General principle
- Always act honestly and in your customers' best interests when selling PEPPs
Distribution regime applicable to different types of PEPP providers and PEPP distributors
- Comply with PEPP distribution rules under IDD or MiFID II
Electronic distribution and other durable mediums
- Provide PEPP documents and information electronically and on request in other durable medium
Product oversight and governance requirements
- Set up and maintain product oversight and governance for PEPPs
PEPP KID
- Provide a PEPP KID and supplementary pre‑contractual information
Content of the PEPP KID
- Provide a compliant PEPP Key Information Document (KID)
Revision of the PEPP KID
- Review PEPP KID annually and revise if needed
Provision of the PEPP KID
- Provide PEPP KID to prospective savers before they sign a contract
Specification of demands and needs and provision of advice
- Assess customer needs and provide personalised PEPP advice
General provisions
- Provide annual PEPP Benefit Statement and notify changes to PEPP savers
Information to be given to PEPP savers during the pre-retirement phase and to PEPP beneficiaries during the decumulation phase
- Provide PEPP savers and beneficiaries with decumulation information
Information to be given on request to PEPP savers and PEPP beneficiaries
- Provide supplementary information on request
General provisions
- Submit additional supervisory information to your competent authority
Investment rules
- Follow prudent investment rules for PEPP pension assets
General provisions
- Design PEPP investment options with guarantee or risk-mitigation
The Basic PEPP
- Design Basic PEPP with capital protection and cap costs at 1% annually
Risk-mitigation techniques
- Use sound risk-mitigation techniques in PEPP investment strategies
Depositary
- Appoint one or more depositaries for PEPP assets and oversight
Complaints
- Set up and operate complaint handling procedures for PEPP customers
Provision of the switching service
- Provide a PEPP switching service on request
Protection of PEPP savers against financial loss
- Refund financial losses caused by PEPP switching non-compliance
Information about the switching service
- Give PEPP savers full details about the switching service and publish them on your website
Forms of out-payments
- Offer PEPP savers at least one form of out-payment (annuity, lump sum, drawdown, or combination)
Modifications of the forms of out-payments
- Let PEPP savers change their out-payment form for free at key times
Retirement planning and advice on out-payments
- Offer personal retirement planning and out-payment advice at decumulation
Processing of personal data
- Process personal data in line with UK data protection laws under PEPP
Browse 40 other sections — procedural / definitional / commencement
Subject matter
Definitions
Applicable rules
PEPP contract
Registration
Application for registration of a PEPP
Registration of a PEPP
Designation
Distribution of PEPPs
Publication of national provisions
Central public register
Powers of the competent authorities of the host Member State
The portability service
Language of the PEPP KID
Marketing materials
Civil liabilities
PEPP contracts which cover biometric risks
PEPP Benefit Statement
Supplementary information
Choice of investment option by the PEPP saver
Conditions for modification of the chosen investment option
Conditions related to the accumulation phase
Coverage of biometric risks
Out-of-court redress
The switching service
Fees and charges connected with the switching service
Conditions related to the decumulation phase
Supervision by the competent authorities and monitoring by EIOPA
Powers of competent authorities
Product intervention powers of competent authorities
Facilitation and coordination
Product intervention powers of EIOPA
Cooperation and consistency
Administrative penalties and other measures
Exercise of the power to impose administrative penalties and other measures
Publication of administrative penalties and other measures
Duty to submit information to EIOPA in relation to administrative penalties and other measures
Exercise of the delegation
Evaluation and report
Entry into force and application
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