- accumulation phase
means the period during which assets are accumulated in a PEPP account and ordinarily runs until the decumulation phase starts;
- advice
means a personal recommendation provided by the PEPP provider or PEPP distributor to a PEPP customer in respect of one or more PEPP contracts;
- annuity
means a sum payable at specific intervals over a period, such as the PEPP beneficiary’s life or a certain number of years, in return for an investment;
- Basic PEPP
means an investment option as laid down in Article 45;
- biometric risks
means risks linked to death, disability and/or longevity;
- capital
means aggregate capital contributions, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by PEPP savers;
- competent authorities
means the national authorities designated by a Member State to supervise PEPP providers or PEPP distributors, as the case may be or to carry out the duties provided for in this Regulation;
- decumulation phase
means the period during which assets accumulated in a PEPP account may be drawn upon to fund retirement or other income requirements;
- depositary
means an institution charged with the safekeeping of assets and oversight of compliance with the fund rules and applicable law;
- drawdown payments
means discretionary amounts which PEPP beneficiaries may draw up to a certain limit on a periodic basis;
- durable medium
means any instrument which:
- financial instruments
means those instruments specified in Section C of Annex I to Directive 2014/65/EU of the European Parliament and of the Council;
- home Member State of the PEPP distributor
means:
- home Member State of the PEPP provider
means home Member State as defined in the relevant legislative act referred to in Article 6(1);
- host Member State of the PEPP distributor
means a Member State, other than the home Member State of the PEPP distributor, in which the PEPP distributor distributes PEPPs under the freedom to provide services or the freedom of establishment;
- host Member State of the PEPP provider
means a Member State, other than the home Member State of the PEPP provider, in which the PEPP provider provides PEPPs under the freedom to provide services or the freedom of establishment or for which the PEPP provider has opened a sub-account;
- partnership
means cooperation between PEPP providers to offer sub-accounts for different Member States in the context of the portability service, as referred to in Article 19(2);
- PEPP
means a long-term savings personal pension product, which is provided by a financial undertaking eligible according to Article 6(1) under a PEPP contract, and subscribed to by a PEPP saver, or by an independent PEPP savers association on behalf of its members, in view of retirement, and which has no or strictly limited possibility for early redemption and is registered in accordance with this Regulation;
- personal pension product
means a product which:
- risk mitigation techniques
means techniques for a systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence;
- sub-account
means a national section which is opened within each PEPP account and which corresponds to the legal requirements and conditions for using possible incentives fixed at national level for investing in a PEPP by the Member State of the PEPP saver’s residence;
- switching provider
means, upon a PEPP saver’s request, transferring from one PEPP provider to another the corresponding amounts, or where applicable assets-in-kind in accordance with Article 52(4), from one PEPP account to the other, with closing the former PEPP account without prejudice to point (e) of Article 53(4);