EUROPE - Differences in occupational pensions' legal status in EU member states and in the management of the institutions have proved to be the greatest challenges the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) is facing in its efforts to establish supervisory convergence.
CEIOPS is planning to monitor the national transpositions of the IORP directive which could then lead to the committee taking further initiatives.
In light of these transpositions, which have not all been carried out, the committee aimed to facilitate exchange of information between supervisors across the EU, to encourage a common approach to such issues.
Authorisation and notification procedures, interpretation of social and labour law, definition of competent authorities and investment requirements place on cross-border schemes will be the main focus.
The committee will analyse case studies to gain a better understanding of the different EU national pension systems. A report on the first implementation of the IORP directive, following these studies, should be published next year.
Regarding its reaching the final aim of supervisory convergence across the union CEIOPS said: Obvious limits to supervisory convergence [in the occupational pensions sector] have related to the lack of harmonisation in the prudential regime, pending the actual implementation of the directive.
By Angele Spiteri Paris
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.