IOPS Principles of Private Pension Supervision

Subject Area Financial Regulation and Supervision
Issuing Body International Organisation of Pension Supervisors (IOPS)
Date of Issuance

August 2006

Revised version due November 2010
Location

  http://www.iopsweb.org/dataoecd/59/7/40329249.pdf

Summary Description

The Principles cover the necessary requirements for a efficient and effective pension supervisory regime .

Detailed Description

The Principles outline 10 main areas for effective pension supervision:

  • Objectives:national laws should assign clear and explicit objectives to pension supervisory authorities
  • Independence:pension supervisory authorities should have operational independence
  • Adequate Resources: pension supervisory authorities require adequate financial, human and other resources
  • Adequate Powers: pension supervisory authorities should be endowed with the necessary investigatory and enforcementpowers to fulfill their functions and achieve their objectives
  • Risk-based Supervision Orientation: pension supervisoryion authorities should adopt a risk-based approach seek to mitigate the greatest potential risks to the pension system
  • Proportionality and Consistency: pension supervisory authorities should ensure that investigatory and enforcement requirements areproportional to the risks being mitigated and that their actions are consistent
  • Consultation and Cooperation: pension supervisory authorities should consult with the bodies they are overseeing and cooperatewith other supervisory authorities domestically and internationally
  • Confidentiality: pension supervisory authorities should treat confidential information appropriately
  • Transparency: pension supervisory authorities should conduct their operations in a transparent manner
Governance: the supervisory authority should adhere to its own good governance practices code- including governance codes, internal risk management systems and performance measurement -  and should be accountable.
International Endorsement

Principles endorsed by OECD (integrated in an OECD Recommendation), recognized by IAIS and used by World Bank/ IMF.

International Application

65 countries and territories

 
 

 

Assessment Methodology

 

Description The assessment methodology provides questions and suggests supporting material to allow for a self-assessment vs. the Principles by pension supervisory authorities or an assessment by 3rd parties.
Issuing Body IOPS
Date of Issuance November 2010
Location

http://www.iopsweb.org/dataoecd/50/0/44502991.pdf