CEIOPS gives nod to ‘Budapest Protocol’

CEIOPS, the European pension supervisory committee, has approved a protocol on cooperation between member states in the field of occupational pensions.
The so-called ‘Budapest Protocol’ was approved at a recent meeting of the Committee of European Insurance and Occupational Pensions Supervisors.
Its first draft was criticised by the European Federation for Retirement Provision. But it welcomed revisions released last October.
CEIOPS 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.”