Europe needs 'consistent' pension system - CEIOPS
EUROPE - The chairman of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has called for a more consistent pension system across Europe ahead of the publication of a green paper by the European Commission (EC) later this year.
In the foreword to CEIOPS 2009 Annual Report chairman Gabriel Bernardino reasoned that changes are ahead for the European pension landscape.
"On the occupational pensions side it is particularly important to recognise that, despite the huge diversity of products in the European Union pensions' landscape, steps will need to be taken to build a more consistent and robust European approach to the security of pensions," he said
The chairman added that a Green Paper, soon to be published by the EC, would set a "challenging agenda for the regulations of pensions in the years to come". (See earllier IPE articles: IORPS banck on agenda and EC's pensions paper aims unclear)
Bernardino added that much of CEIOPS' time last year had been consumed by preparing guidance for the incoming Solvency II directive, calling it "one of the most resource absorbing projects during 2009".
The Committee's annual report also gave an indication of further incoming reports. "An issues paper on the ring-fencing of assets and liabilities in cross-border IORPs [institutions for occupational retirement provision] will be published around the middle of 2010," it promised.
CEIOPS had also concluded that there was no need for further guidance on the definition of capital risk markets.