EIOPA shall apply the following criteria and factors when considering the degree of complexity of the PEPP:

the long-term retirement nature of the PEPP;

the type, and degree of transparency, of the underlying assets;

the degree of transparency of costs and charges associated with the PEPP;

the use of techniques drawing PEPP savers’ attention to non-essential features in the PEPP presentation;

the nature and transparency of risks;

the use of product names or terminology or other information that imply a greater level of security or return than those which are actually possible or likely, or misleading product features;

whether there was insufficient, or insufficiently reliable, information about the PEPP to enable market participants to which it was targeted to form their judgment, taking into account the nature and type of the PEPP;

the complexity of the performance calculation, taking into account in particular whether the return is dependent on the performance of one or more underlying assets which are in turn affected by other factors;

the nature and scale of risks;

whether the PEPP is bundled with other products or services;

the complexity of any terms and conditions of the PEPP;

the existence and degree of disparity between the expected return of the PEPP and the risk of loss, taking into account the following:

the cost structure and other costs;

the disparity in relation to the provider’s risk retained by the provider;

the risk and return profile;

the pricing and associated costs of PEPP, taking into account the following:

the use of hidden or secondary charges;

charges that do not reflect the level of service provided;

the costs of guarantees or costs that do not reflect the actual cost or the fair value of the capital guarantee in the case of a Basic PEPP;

the ease and cost with which the PEPP saver is able to make use of the switching and portability services, taking into account the following:

use of switching and portability services in relation to the phase in which the service is used, the fees and charges applied, or the loss of advantages and incentives;

the fact that the use of switching and portability services is not permitted or is made factually impossible.

COMMISSION DELEGATED REGULATION (EU) 2021/895 of 24 February 2021 supplementing Regulation (EU) 2019/1238 of the European Parliament and of the Council with regard to product intervention