OPSG Work Plan mid-2016 end-2017

Transcription

1 OCCUPATIONAL PENSIONS STAKEHOLDER GROUP (OPSG) OPSG OCTOBER 2016 OPSG Work Plan mid-2016 end /10

2 I. Introduction This document presents the work plan for mid-2016 End 2017 as adopted by the Occupational Stakeholder Group (OPSG) during its of 4 October Given the role of OPSG to help facilitate EIOPA s consultation with stakeholders in areas relevant to EIOPA s tasks, the mid-2016 end 2017 work plan is largely based on EIOPA s own Work Programme. In addition it covers planned own initiative OPSG work. Structure of OPSG work At its inaugural in April 2016, the OPSG discussed the previous and possible new structure for the organisation of OPSG s work. The discussion continued during the second OPSG in June 2016, and it was decided to establish three OPSG subgroups to prepare the work and draft the opinions and feedback statements that will be discussed and endorsed by the full OPSG. These subgroups and their leads are: 1) Occupational pensions subgroup: Francesco Briganti 2) Consumer Protection subgroup: Alexandru Ciuncan 3) Personal subgroup: Bernard Delbecque The subgroup lead is responsible for either preparing the OPSG output or delegating it to a Work Stream (WS) or a Working Party (WP).. A WS will prepare a response when EIOPA officially consults the OPSG is officially consulted (in line with Art 37 (1) of the EIOPA Regulation). A WP prepare opinions and advice (in line with Art 37 (6) of the EIOPA Regulation) when the OPSG decides to provide its views on specific issues at its own initiatives. In addition there are topics (e.g. Pension Database and Big Data) that are included in EIOPA s Work Programme but they do not fit the remit of the established subgroups and thus do not yet belong to any WS or WP. The preparation of OPSG output for these types of topics will be the responsibility of separately formed groups and selected topic s. Occupational pensions subgroup has the following Work Streams (WS) and Working Parties (WP) Work Streams: 1. Risk Assessment and Transparency (Lead Falco Valkenburg) 2. Communication tools (Lead Charlotta Carlberg) 3. Financial Stability (Lead Fieke van der Lecq) 4. IORP Stress Tests (Lead Stefan Nellshen) 5. IORP II and its implementation (Lead Paul Kelly) 6. Pan-EU Occupational Defined Contribution (Francesco Briganti) 2/10

3 Working Parties: 1. Financial instruments & ALM (Lead Giuseppe Corvino) Consumer Protection subgroup will prepare topics in the following Work Streams (WS) and Working Parties (WP) which are under the SG. Work Streams: Working Parties: 1. Annual Consumer Trends Report (Lead Alexandru Ciuncan) 2. Automated Advice and Financial Literacy (Lead Charlotta Carlberg) 3. IORP II: Advice on Information and Risk, including consumer protection ( Lead Paul Kelly) 1. Distribution (Lead TBD) 2. Transparency (Lead TBD) 4. Performance, costs and fees (Lead Guillaume Prache) Personal subgroup will wait until EIOPA seeks the OPSG views on topics related to personal pensions before creating Work Streams on these topics. Working Parties: 1. Commission s consultation document on Capital Markets Union: Action on a Potential EU Personal Pension Framework (Lead Francesco Briganti) 2. Possible legislative proposal by the European Commission in 2017 to create an EU personal pension framework (Lead Laure Delahousse) 3. Protecting outcomes in personal pensions (Lead Paul Cox) 4. Pay-out solutions in personal pensions (Lead Raimond Maurer) Comments The Work Plan below is for some parts very precise and for other parts indicative and still to be decided in detail. There will be some overlap between the subgroups in some topics (e.g. IORP II) and the structure aims to cover all relevant views of the OPSG. The work undertaken is described in more detail in the mandates of the OPSG subgroups published on the OPSG website (link). The OPSG will review the Work Plan in all of its s during 2017 in order to secure that the planned work is completed and revise the plan when necessary. 3/10

4 In this section, the Occupational Stakeholder Group s work plan for mid-2016 end 2017 is presented in a table, sorted by areas of work and allocation of topics to OPSG subgroups, Work Streams and Work Parties. 1. Occupational OPSG reaction to EIOPA s IORP Quantitative Assessment 2015 and EIOPA s opinion for Risk Assessment and Transparency for IORPs October 2016 SG Occupational pensions/ws Risk Assessment and Transparency /Falco Valkenburg 2. Budapest Protocol SG Occupational pensions/wp or WS /Matti Leppälä to questionnaire Opinion about cross-border authorisation process and the need to change the Protocol 3. Communication tools and channels for occupational pension schemes Q SG Occupational pensions/ WS Communication tools/ Charlotta Carlberg Opinion to be adopted in December /10

5 4. Occupational EIOPA s financial stability reports Q SG Occupational pensions/ WS Financial Stability /Fieke van der Lecq to questionnaire Responses to biannual reports to be discussed/adopted by the OPSG in EIOPA 2nd Stress Tests on IORPs Q 1-2 and Q (tbd, depending on TS) SG Occupational pensions/ws IORP Stress Tests/Stefan Nellshen Opinion 6. IORP II and its implementation, incl. consumer protection issues Q and Q1 Q SG Occupational pensions/ws IORP II and its implementation/ Paul Kelly Reactions to the final IORP II Directive to be discussed and during the implementation period of IORP II Directive during /10

6 7. Occupational Pan-European occupational DC Q1 Q SG Occupational pensions/ws Pan-EU occupational DC/Francesco Briganti to questionnaire Input about EIOPA s own on creating a pan-eu framework for occupational DC pensions. 8. Financial instruments & ALM Q1-Q SG Occupational pensions/wp Financial instruments & ALM/Giuseppe Corvino Follow pension investment issues, investigate issues relating to the use of derivatives in managing liabilities and prepare OPSG reactions. 9. Opportunities for the future of for the changing world work: Auto-enrolment Taxation Q? 2017 Damien Lagaude Position paper 6/10

7 10. Occupational Funded pensions contribution to growth and employment Q? 2017 Janwillem Bouma Position paper to questionnaire 11. Consumer Protection Annual Consumer Trends Report Q SG Consumer protection/ WS Annual Consumer Trends Report/Lead Alexandru Ciuncan Opinion about EIOPA s Annual Consumer Trends Report 12. Automated Advice and Financial Literacy Q Q SG Consumer protection/ws Automated Advice/Charlotta Carlberg Opinion about EIOPA s report on automated advice 7/10

8 to questionnaire 13. Consumer Protection Performance, costs and fees Q SG Consumer protection/wp Costs and fees/guillaume Prache Position paper about costs and fees in pension products 14. Distribution tbc SG Consumer protection/wp Distribution/tbd Position paper about distribution of pension products (tbd) 15. Transparency tbc SG Consumer protection/wp Transparency/tbd Position paper about transparency of pension products (tbd) 16. Personal Commission s Consultation on personal pensions Q SG Personal pensions/ WP on Commission s Consultation on personal pensions/ Francesco Briganti Response to EC consultation 8/10

9 to questionnaire 17. Personal EC proposals on personal pensions Q SG Personal pensions/wp EC legislative proposals/laure Delahousse Response to EC legislative proposals on personal pensions 18. Protecting outcomes in personal pensions Q SG Personal /WP/Paul Cox Position paper 19. Pay-out solutions in personal pensions Q SG Personal / WP/ Raimond Maurer Position paper 20. Other work EU COM White paper on ESAs review Q1 2017, depending on COM publication Michaela Koller Response to European Commissions White Paper on ESAs review 9/10

10 21. Other work Pension database to questionnaire Q tbd Opinion about EIOPAs database on pensions 22. Joint Committee Report on Big Data Q tbd Opinion about Big Data and pensions 23. Occupational pension funds direct reporting obligation to ECB Q1-Q Matti Leppälä Position paper about ECB s planned reporting obligation (ECB Regulation) from 2019 onwards and pension taxonomy in reporting. 10/10