The Pensions Regulator

Two CEIOPS reports published

While the IORP directive is being implemented differently in member states across Europe, this approach is effective, a CEIOPS report has found.

The 'Initial Review of key aspects of the implementation of the IORP directive' outlines findings relating to the implementation of the IORP Directive across the European Economic Area. This work has been overseen by the Occupational Pensions Committee, the specialist pensions working group within CEIOPS, chaired by Pensions Regulator chief executive Tony Hobman.

The report finds that although there is considerable diversity of implementation across member states, problems have not arisen as a result. It also states that given member states' limited experience of its practical implementation in some areas, it would be premature to recommend any change to the directive. The report will inform the European Commission in their planned review of the IORP Directive and seeks clarification from the commission around certain key terms.

CEIOPS has also published its 'Survey on fully funded, technical provisions and security mechanisms' following work carried out by a sub-committee of the OPC, the Solvency Sub-Committee. It gives an overview of the valuation assumptions and security mechanisms used for pension funds in national supervisory frameworks across the EEA. The report finds that the existing prudential frameworks for pension funds/IORPs in Member States are very complex and diverse, in part reflecting differences in nationally determined social and labour laws. The report will inform the Commission in their plans for a broad consultation on pensions and solvency.

The Pensions Regulator has represented the UK at both the OPC and SCC and played a prominent role in both the content and framing for both reports. The reports are available to view on the CEIOPS website along with their press releases:

http://www.ceiops.eu/content/view/26/30/