GLOBAL - Pensions supervisors across the globe have stepped up their supervision of pension fund reporting and increased the frequency of stress tests on asset liability strategies on the back of credit crunch market turbulence, the International Organisation of Pension Supervisors has revealed.

Officials from 30 pensions supervisory bodies are meeting in Mombasa, Kenya this week, at an annual assembly combined with talks with the Organisation for Economic Cooperation and Development (OECD) to discuss the regulatory frameworks across vastly different systems and regimes.

Within that meet, officials have approved a new set of guidelines for the assessment of pension funds but have, in particular, confirmed supervisors have increased their vigilance on and demands of pension funds in relation to reporting.

A statement from the IOPS said the reporting required by funds has increased, as has the frequency of stress tests on pension assets, while pension and other supervisory bodies have increased the frequency of their discussions and meetings with central banks and finance ministries as the market crisis ensues.

Importantly, IOPS states supervisory have been working to prevent ‘pro-cyclical behaviour' and have instead been encouraging pension funds to maintain a long-term focus on pension commitments and investments strategies.

Similarly, regulators have been working to develop communication and financial education strategies to ensure members and policyholders have the information they need to make sensible long-term decisions about their investments.

The latest round of guidelines was signed following changes to its

Ross Jones, deputy chairman of the Australian Prudential Regulatory Authority (APRA) continues to be president of IOPS while André Laboul, head of financial affairs division at the OECD, is still secretary general.

However, Solange Berstein, superintendent of pension funds in Chile, has replaced Aerdt Houben of De Nederlandsche Bank, as chairman of the technical committee.

Houben held the role for four years since IOPS' inception in 2004.

Will Price of the UK's Pensions Regulator, has been appointed as vice chairman while representatives from Hungary, the Netherlands, South Africa and the UK were also elected to serve on the IOPS executive committee.

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