GLOBAL – A new international organisation of private pension supervisors called the International Organisation of Pension Supervisors has been set up.

It would be headed by John Ashcroft, strategic policy director at the UK’s Occupational Pensions Regulatory Authority, who will hold a one-year term as president.

“The International Organisation of Pension Supervisors (IOPS) was established in Paris on 12 July 2004, at the instigation of the OECD’s network of pensions supervisors and regulators,” said the Organisation for Economic Cooperation and Development.

“IOPS aims to set international standards on pension supervisory issues, whilst taking into account the variety of different pension systems in different countries.”

Ashcroft said: "I am glad to have been offered this important post at a time when the supervision of pensions is taking an increasingly international dimension.

“It is also appropriate that Opra and its planned successor organisation, the Pensions Regulator, should play a leading role in any organisation that will set standards for regulators and that we seize any opportunity to learn from the experience of other countries.”

He added: “Members of IOPS can all learn a great deal from each other and I am delighted that we have now established an organisation to promote the sharing of experience and expertise in pensions supervision.

“I am especially pleased that IOPS will be able to help countries with less advanced pensions systems as they develop their own arrangements.”

Vice president will be Dube Tshidi, registrar of pensions at the Financial Services Board of South Africa. Other executive committee members are drawn from pension supervisors in Australia, the People’s Republic of China, Hungary, Italy, Jamaica, Jordan, Mexico, Netherlands and Pakistan.