EUROPE – CEIOPS, the European pension supervisors’ committee, says the interpretation of social and labour law will be among its priorities when looking at occupational pensions in 2006.
The Committee of European Insurance and Occupational Pensions Supervisors said it would continue to work on facilitating the exchange of information between supervisors in the light of the transposition of the pension fund directive into national jurisdictions.
It said that in this context, it would give priority – among other things - to the interpretation of social and labour law.
This would appear to be significant because Directive 2003/41/EC on the Institutions for Occupational Retirement Provision is a purely financial market directive, coming under the remit of the DG Internal Market at the Commission. Last month the Commission revealed that 15 European Union member states have yet to fully notify it about the transposition of the directive
CEIOPS would also look at authorisation and notification procedures, competent authorities, the investment requirements placed on cross-border schemes and the mutual exchange of information.
It also envisaged exchanging information on the calculation of technical provisions and the progress achieved in the adaptation of the investment rules and the use of depositaries in the national supervisory systems.
And it said that case studies would be analysed to gain better knowledge and understanding of the different national pensions systems within the EU.
CEIOPS said that a draft protocol on the co-operation between supervisors in the implementation of the pension directive is now is expected to be finalized in early 2006.