GLOBAL - The International Organisation of Pension Supervisors has launched a set of standards to strengthen supervisory techniques globally.
The global supervisory forum will offer an online ‘toolkit' for risk-based supervision to help pension supervisors identify weaknesses and potential problems.
The organisation has also revised its ‘Principles for Private Pension Supervision' to take into account lesson from the global financial crisis.
IOPS president Ross Jones said: "The IOPS felt it was important to revise the principles in light of our collective experience and lessons learnt during the recent volatile years. Pension supervisors learnt that we need to apply risk based supervision principles in a manner to avoid pro-cyclical impacts which might make already difficult situations worse."
IOPS said the financial crisis had changed the approach of pension supervisors in the UK and abroad and led to more dialogue between scheme members and industry figures.
Jones said: "We also learnt the importance of communication - not only with our supervised community and with supervisory authorities covering other financial sectors, but also with the general public - primarily stressing the message that pensions are long-term products and that short-term decisions can be harmful."
IOPS currently has about 60 members and observers representing 50 countries and territories worldwide. The treasurer of the IOPS is Philip Diamond from The Pensions Regulator.
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