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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) article 58 CELEX: 02019R1238-20240109 Forms of out-payments
1. PEPP providers shall make available to PEPP savers one or more of the following forms of out-payments: (a) annuities; (b) lump sum; (c) drawdown payments; (d) combinations of the above forms. 2. PEPP savers shall choose the form of out-payments for the decumulation phase when they conclude a PEPP contract and when they request an opening of a new sub-account. The form of out-payments may differ from sub-account to sub-account. 3. Without prejudice to paragraph 1 of this Article or to Article 57 or 59, Member States may adopt measures to privilege particular forms of out-payments. Such measures may include quantitative limits on lump sum payments to further encourage the other forms of out-payments referred to in paragraph 1 of this Article. Such quantitative limits shall only apply to out-payments corresponding to the capital accumulated in PEPP sub-accounts linked to Member States whose national law provides for quantitative limits on lump sum payments. 4. Member States may specify conditions under which advantages and incentives granted shall be repaid to them. |