EUROPE - The Organisation for Economic Cooperation and Development (OECD) will revise its guidelines on the governance of pension funds, IPE has learned.

"We will have a discussion in December and based on this we expect to have upgraded guidelines sometime in 2008, depending on the speed of the process," Andre Laboul, the OECD's head of the financial affairs division, directorate for financial and enterprise affairs, and secretary general of the International Organisation of Pension Supvervisors (IOPS), told IPE.

The OECD believes there is a need to strengthen the existing guidelines to further raise governance standards, while introducing further provisions related to the governance of defined contribution schemes.

"There is clearly a weakness in identifying the defined contribution issues," added Laboul.

The organisation is also drafting new guidelines on financial education on insurance and pensions aimed specifically at governments and financial institutions.

In a different move, the OECD last week published its report explaining the main quantitative investment regulations applied to pension funds in OECD and selected non-OECD countries from December 2006.