EUROPE – CEIOPS, the European pensions supervisory committee, says there are “particular challenges” in the transposition of the pensions directive due to differences at the member state level.
And it also there may be a need for consistency between the directive and the life insurance regime.
“Significant differences between jurisdictions in the legal status and management of the institutions concerned present particular challenges in this area,” the committee, the Committee of European Insurance and Occupational Supervisors, said, with regard to the Institutions for Occupational Retirement Provision directive.
The Frankfurt-based committee will monitor national transpositions – which could lead to more work. It said: “In this context, any need for consistency with the regime applicable to life insurance will be considered.”
CEIOPS’ occupational pensions committee has been working since February 2004 to enhance convergence between member states in supervising occupational pension funds - pursuant to the provisions of the pension directive.
CEIOPS says it has mainly worked in two areas. It has worked towards “enhancing a common understanding” of the directive to facilitate a consistent transposition and “convergent application”.
And it has also worked out questionnaires on the application of certain provisions in the directive. This was done to facilitate comparison between jurisdictions and create a forum for discussion.
A protocol on supervisory cooperation is currently being agreed and should be adopted by the end of the year.
A clearer view on CEIOPS’ workload will be available after the September 23 deadline for the implementation of the directive, it added.