EUROPE – CEIOPS, the European pension supervisory committee, has approved a protocol on cooperation between member states in the field of occupational pensions.

The measure, the so-called ‘Budapest Protocol’, was approved at a meeting this week of the Committee of European Insurance and Occupational Pensions Supervisors.

The chairman of CEIOPS’ occupational pensions committee is Hungary’s Mihály Erdos, who was not available for comment.

The protocol was drafted a year ago and had faced criticism from the European Federation for Retirement Provision.

The EFRP had criticised the original draft, published in February, saying it could undermine the new occupational pensions directive. But it welcomed revisions released last October.

CEIOPS this week said the protocol “lays down detailed provisions for the cooperation and communication between supervisory authorities regarding Institutions for Occupational Retirement Provision (IORPs) operating cross-border”.

“All aspects of the cooperation between competent EU/EEA authorities regarding cross-border activities are addressed in this cooperation framework.” The protocol will be published after some editorial amendments.

The changes to the draft included an open approach, meaning non-CEIOPS members can become involved via a special joining agreement. And only authorised IORPs may operate cross-border.