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EIOPA to focus attention on occupational pensions

The European Insurance and Occupational Pensions Authority (EIOPA) is looking to put a “stronger emphasis” on occupational pensions next year by implementing new technical standards and conducting further work for the revised IORP Directive.

As part of its work programme, the Frankfurt-based authority said it intended to implement a first technical standard on the reporting of information of prudential nature by national supervisors in 2014.

The authority also plans to conduct “extensive advisory work” as part of the upcoming legislative proposal for the revised IORP Directive.

EIOPA said it would continue to work on the creation of a Europe-wide approach to personal pensions, with a clear focus on consumer protection.

Carlos Montalvo, EIOPA’s executive director, said the work programme was “ambitious”.

“Our priorities are driven by supervisory and regulatory convergence, enhancement of financial stability and promoting a leading role in consumer protection, which is key in our daily work,” he added.

“We have made strategic choices in each of the different areas of work. And we need to keep developing the organisation, to ensure that in all these areas we can make a difference for Europe and its citizens.”

EIOPA’s working programme is in line with the authority’s request for more independence.

Earlier this year, it called on the European Commission to strengthen the authority’s operational independence, reinforce its independent role towards national authorities and enhance its mandate and powers.

EIOPA’s plans also come at a time when the European Commission is supposed to launch a legislative proposal for pillars two and three – which focus on governance and transparency issues, respectively – of the IORP II Directive sometime this autumn.

However, the Commission, which originally sought to launch its proposal at the end of this month, recently decided to postpone its plan, according to sources close to the situation.

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