1. Five years after the date of application of this Regulation, and every five years thereafter, the Commission shall carry out an evaluation of this Regulation, and after consulting EIOPA and the other ESAs where appropriate, present a report on the main findings to the European Parliament and the Council. That report shall be accompanied, where appropriate, by a legislative proposal.
2. The Report shall cover in particular the following:
(a) the functioning of the procedure for registration of PEPPs in accordance with Chapter II;
(b) portability, in particular the sub-accounts available to PEPP savers and the possibility for the saver to continue to contribute to the last opened sub-account in accordance with Article 20(3) and (4);
(c) development of partnerships;
(d) the functioning of the switching service and the level of the fees and charges;
(e) the level of market penetration of the PEPP and the effect of this Regulation on pension provision across Europe, including substitutio
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