1.   The information in the PEPP Benefit Statement shall be provided in a brief, clear and easily understandable manner. The information shall be presented in the following sequence, for each existing sub-account:

(a)	information referred to in Article 35(1) and (2) of Regulation (EU) 2019/1238;

(b)	in the section titled ‘Product name’, information referred to in points (a), (b) and (c) of Article 36(1) of Regulation (EU) 2019/1238;

(c)

in the section titled ‘How much have I saved in my PEPP?’, the following information: (i) information referred to in point (i) of Article 36(1) of Regulation (EU) 2019/1238; (ii) information on the total amount of the PEPP account, broken down by paid-in contributions and accumulated investment returns net of costs and charges since the PEPP saver started saving into the PEPP; (iii) information on biometric risk premiums;

(d)

in the section titled ‘What will I receive when I retire?’, the following information: (i) information referred to in point (d) of Article 36(1) and point (d) of Article 37(1) of Regulation (EU) 2019/1238 and Article 4(3) of this Regulation, where the actual contributions, expected contribution levels and individual terms and conditions are applied; (ii) where applicable, information on additional pension benefit projections based on national rules in accordance with Article 37(3) of Regulation (EU) 2019/1238;

(e)	information on the projected accumulated capital at the end of the accumulation period and the projected monthly retirement benefits;

(f)

in the section titled ‘How has my PEPP changed in the last 12 months?’, information referred to in points (e), (f) and (h) of Article 36(1) of Regulation (EU) 2019/1238 about the evolution of the PEPP account in the previous 12 months, reconciling the starting balance to the end balance by presenting contributions paid in, investment returns allocated to the PEPP account and costs and fees referred to in Article 5(2) of this Regulation;

(g)	in the section titled ‘Key factors affecting the performance of my PEPP’, information, where relevant, referred to in points (g), (j) and (l) of Article 36(1) of Regulation (EU) 2019/1238 and Article 3(10) of this Regulation;

(h)

in the section titled ‘Important information’, the following information: (i) information about any material changes to the PEPP terms and conditions referred to in Article 35(5) and (6) of Regulation (EU) 2019/1238; (ii) indication where and how to obtain supplementary information referred to in points (a), (b), (c) and (e) of Article 37(1) of Regulation (EU) 2019/1238; (iii) if applicable, a reference to the statement of investment policies considering ESG factors according to point (c) of Article 37(1) of Regulation (EU) 2019/1238.

Information referred to in point (c)(iii) of the first subparagraph shall be presented separately in accordance with Article 3(4).

Information referred to in point (e) of the first subparagraph shall be presented adjusted for the effects of inflation. The information shall be complemented by a narrative explanation of the translation in current values due to the changes in purchasing powers over time.

For the purposes of point (f) of the first subparagraph the compound effect of the costs on the projected accumulated capital at decumulation according to point (f) of Article 36(1) of Regulation (EU) 2019/1238 shall be presented as ‘Reduction in Wealth’ as specified in Part III of Annex III to this Regulation.

The information referred to in point (g) of the first subparagraph shall refer to the past performance of the PEPP saver’s investment option, as allocated to the PEPP savers, and shall be provided for the previous 10 years, if possible. If it is not possible to provide the information for the previous 10 years, the information shall be provided for the longest period the PEPP saver has been saving into the PEPP. That information shall be presented as the average investment returns, net of investment costs, for the periods of the previous year, the three previous years, the five previous years and the ten previous years, as a percentage of the accumulated capital.

2.   The assumptions for the information referred to in paragraph 1 shall be in line with Annex III.

3.   Where information is presented in an electronic format with layering of information, the first layer shall contain at least the information covered in points (a), (b), (d) and (e) of paragraph 1. Other information may be provided in the additional layers of detail.