1.   If the PEPP provider provides different forms of out-payments, the PEPP saver shall be allowed to modify the form of out-payments of each opened sub-account:

(a)	one year before the start of the decumulation phase;

(b)	at the start of the decumulation phase;

(c)	at the moment of switching.

The modification of the form of out-payment shall be free of charge for the PEPP saver.

2.   Upon receipt of a PEPP saver’s request to modify his or her form of out-payments, the PEPP provider shall provide the PEPP saver with information in a clear and understandable format about the financial implications of such change on the PEPP saver or PEPP beneficiary, in particular as regards any impact on the national incentives that might apply to the existing sub-accounts of the PEPP saver’s PEPP.