Harmonisation of European occupational pension supervision will be a gradual process, according to the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
CEIOPS has released a 22-page draft protocol on how EU member states should collaborate on the occupational pensions directive relating to institutions for occupational retirement provision.
“This protocol describes how practical co-operation between the supervisory authorities can take place to enable effective supervision of pension schemes and IORPs that operate within the EU,” the document states.
“The protocol recognises that each home member state supervisory authority will use a variety of supervisory methods and these will differ between supervisory authorities,” CEIOPS says.
“However, through the regular exchange of information and experience necessary for effective co-operation and the development of best practice it is anticipated that there will be a gradual harmonisation of supervision and supervisory approaches.”
“In view of the implementation of the IORP directive in the EU member states, which is envisaged by 23 September, the draft protocol provides a framework for the co-operation of the relevant supervisory authorities in relation to the supervision of IORPs that operate cross-border,” CEIOPS says.
It calls for a “constructive and open dialogue” between the home and host member state supervisory authorities.
It states general principles for co-operation and establishes procedures for the authorisation of IORPs, the notification process and the additional exchange of information between supervisory authorities.
The protocol will be reviewed within three years of being introduced. Comments should be addressed to CEIOPS by 30 May.