EUROPE - The European Federation for Retirement Provision (EFRP) says the draft protocol on a single license for occupational pension funds compiled by its committee of pension supervisors is not consistent with the European pension funds directive.
Responding to consultation on the draft protocol, put together by its committee of European insurance and occupational pensions supervisors (CEIOPS), the EFRP called for changes to the draft to bring it in line with the directive.
“Members state supervisors seem to have lost sight of the fact that the pension funds directive obliges them to implement the pension funds directive in a way which creates a genuine internal market for occupational pension,” the federation said.
“This is a key objective of the directive. The directive also obliges member states to cooperate with each other to achieve this. Such a market is unlikely to emerge if the draft protocol for cooperation between national supervisors were adopted as it stands.”
The EFRP said its basic message was that the draft must be “made consistent with the pension funds directive” on the activities and supervision of Institutions for Occupational Retirement Provision (IORPs).
“In the EFRP’s view [the draft] proposes unnecessary administrative hurdles and is based on an inappropriate interpretation of what the pension funds directive requires,” it said. “In its response, the EFRP urges CEIOPS to ensure operational effectiveness, efficiency and clarity.”
As part of its submission, the EFRP included an amended version of the draft protocol suggesting alternative wording.
“EFRP hopes that CEIOPS can look at it as a constructive effort and take on board the concerns of the major industry representative,” the federation said.
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