SUPERVISORY STRUCTURES AND METHODS FOR PRIVATE PENSIONS IN OECD COUNTRIES
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1 SUPERVISORY STRUCTURES AND METHODS FOR PRIVATE PENSIONS IN OECD COUNTRIES (Room Document N 12, Session 6) Vinicius Carvalho Pinheiro, OECD vinicius.pinheiro@oecd.org Moscow, Russia, September 2003.
2 Institutional structure of the private pension supervision is related to: 1. State political and administrative organisation: federalism, unitarism, centralization, decentralization 2. Characteristics the Private Pension Scheme: mandatory, voluntary, occupational, personal, DC or DB 3. Market structure: number of funds/plans, type of fund/plans, market concentration (financial conglomerates, oligopolies) 4. Regulatory and supervisory approach: qualitative, prudential, quantitative, self supervision, re-active, pro-active
3 Private Pension Supervision in OECD countries 2001/2002 (*) PRELIMINARY INFORMATION ANNUAL BUDGET NUMBER OF NUMBER OF PARTICIPANTS ASSETS COUNTRY ( million) EMPLOYEES FUNDS/PLANS (thousands) ( billion) APRA (AUS) ,262 funds/plans 24, OSFI (CAN) ,195 plans OSIPF (Czech R) funds 2, FSA (DEN) (1) funds BAFIN (GER) funds 3, HFSA (HUN) funds 3, FME (ICE) funds PB (IRE) ,965 funds/plans COVIP(IT) funds 1, PB (JAP) ,807 funds/plans 14, CONSAR (MEX) funds 29, GA (NZ) funds KNUIFE (POL) (1) funds 11, OPRA (UK) ,588 plans 40,000 1,050.0 EBSA (US) ,000 plans - 3,700.0 Source: Replies to the OECD Secretariat questionnaire DAFFE/AS/PEN/WD (2002)26 and country papers prepared by OECD Delegations. (1) Information for employment refers to insurance and pension supervision
4 Supervisory Strategies 1. APRA (Australia)- few entry limitations (only for trustees operating public offer pension funds 28 in the last 3 years), primarily risk based on going supervision combining reactive and proactive on site and off site quantitative examinations (2.000 inspections in the last 3 years) 2. Pension Board () Some entry limitations (45 thousand new schemes were licensed), on going supervision based on random examinations and re-active investigations 3. HFSA () Several limits to entry (5 registrations in the last 3 years), pro-active integral surveillance with on-site examinations and off-site monitoring 4. CONSAR () Several limits to entry (2 registrations in the last 3 years), integral pro-active surveillance with on-site examinations and off-site monitoring 5. EBSA (US) - Few barriers to entry (IRS received 130 thousand applications in the last 3 years), effective targeting, protect at-risk population, deterring violations
5 Supervisory Structures by Sector in the OECD INTEGRATED (Banks, Securities, Insurance Companies, Pension Funds) Australia Austria Iceland Korea Norway PARTIALLY INTEGRATED (Insurance Companies and Pension Funds) Belgium Czech Republic Finland Luxembourg Netherlands New Zealand Portugal Spain Turkey SPECIALISED (Pension Funds) Italy Japan Slovak Republic Switzerland Sweden United Kingdom United States
6 Integration versus Specialization: Pros and Cons Financial Integration Specialization - Financial conglomerates - Economies of scale and scope - Avoid authority overlapping - Intersectoral supervisory consistency - Information flow - Pensions are different product with several non financial characteristics - Pension reform - Co-ordination mechanisms
7 Co-ordination mechanisms between supervisory agencies - Co-ordination forums/commissions - Governing boards including members of other supervisory authorities - Memorandums of understandings for division of activities, reduction of duplication and costs for industry, joint-operations - Databases integration - Legal mandate or agreements for information sharing - Liaison meetings
8 Good practises 1: Supervisory agency should have institutional independence Formally dependent Formally independent Czech Republic (Ministry of Finance) Japan (Min. of Health, Labour and Welfare) New Zealand (Min. of Econ. Develop.) Spain (Ministry of Economy) Turkey (Ministry of Economy) Australia Iceland Italy Netherlands Portugal Sweden UK
9 Regulation x Supervision Ministries are the responsible for regulation and supervision Czech Republic Japan New Zealand Spain Turkey Independent agencies are the main regulators and supervisors Ministries are the main regulators and independent agencies are the main supervisors Australia Iceland (regulatory powers) Italy (regulatory powers) Netherlands (regulatory powers) Portugal (regulatory powers) Sweden (regulatory powers) United Kingdom
10 Good Practises 2: Private Sector should participate on the financing supervisory agencies General budget Czech Republic Italy Japan Spain Turkey Mixed (government and supervised entities) New Zealand United Kingdom Supervised entities Australia Iceland Netherlands Portugal Sweden
11 Should supervised entities finance the supervisor? Pros - Private pension supervision is a public service provided to a group and those who benefit should be the ones who pay - Increasing flexibility and reducing constraints Cons - Captured Agencies
12 Good Practises 3: Supervisory institutions should have stability on the high directive level Mandate Without Mandate Australia 5 years 7 years 6 years Iceland 4 years 4 years Italy 4 years Netherlands 6/5 years 5 years Portugal 5 years Sweden 6 years Czech Republic Japan New Zealand Spain Turkey United Kingdom
13 and flexibility on the human resources management (firing, hiring, paying) Complete Autonomy Australia Partial autonomy Italy Portugal Sweden UK No autonomy Czech Republic Iceland Japan New Zealand Spain Turkey
14 Supervisors getting a job in the private sector Private sector pays better Public sector pays similar to private sector Restrictions for movements No restrictions form movements Czech Rep. Australia Australia (*) Czech Rep. Italy (*) New Zealand Turkey Iceland Iceland Italy Portugal New Zealand Portugal Sweden UK (*) Restriction for the disclosure of inside information Spain Turkey and UK
15 Good Practises 4: Supervisory agencies should be endowed with adequate powers. Revision of the its acts should be done only by judicial decision Supervision Acts Revised by Superior Authority (Minister) Japan Spain Turkey Supervision Acts Revised by Court of Justice Australia Czech Republic Iceland Italy Netherlands New Zealand Sweden United Kingdom
16 Good Practises 5: Principal-agent problems should be avoided by external boards. Agencies oversight by boards Australia Iceland Italy Netherlands Portugal Sweden UK Agencies without boards Czech Republic Spain Japan New Zealand Turkey
17 Good Practises 6: Supervisors should be supervised - Parliament (Australia,,, New Zealand) - Ministries (, Czech Rep,,,, Iceland,, Italy, Japan,, New Zealand,, Spain, Turkey) - Prime Ministers / President (Sweden, UK) - National Audit Office (All countries) - Pension Industry (Australia) - General Public disclosure policies - annual reports and information available in the internet (all countries)
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