Occupational Pensions Committee. Mandate 2015

Transcription

1 EIOPABoS14/ February I. Background Occupational Pensions Committee andate The Occupational Pensions Committee (OPC) contributes to enhancing convergence, consistency and coordination of supervisory practices in the field of occupational pensions in the context of the IORP Directive (2003/41/EC) of 3 June II. Tasks of the Occupational Pensions Committee The list reflects duties, tasks and responsibilities according to the EIOPA Regulation and the IORP Directive as supplemented by the Omnibus I Directive (Directive 2010/78/EU of 24 November 2010): Potentially develop another draft technical standard in area specified in the IORP Directive, as amended by the Omnibus I Directive. Issue guidelines and recommendations, in order to help establish consistent, efficient and effective supervisory practices within the ESFS in the field of IORPs for a common, uniform and consistent application of the IORP Directive. Provide opinions to the European Parliament, the Council and the Commission on issues related to IORPs, on request to EIOPA or on EIOPA s own initiative. Cooperate with the Commission and Competent Authorities in examining and solving any major difficulties to which the application of the IORP Directive gives rise to, as notified to EIOPA and the Commission by the ember States. onitor and assess market developments in the area of crossborder IORPs. Publish on the EIOPA website information on IORPs as by Article 4(1)(a) and Article 4(1)(b) of the Omnibus I Directive. Collect information from Competent Authorities necessary to carry out duties according to the EIOPA Regulation and the IORP Directive. The Committee will continue to work on improving the information and data on IORPs in accordance with 1/5

2 the BOS call for further action in this area (conclusion of 8 ay Strategy Day). Contribute to the development of a common European Union supervisory culture and consistent supervisory practices. Contribute to training seminars on IORPs and related matters. Where appropriate, undertake work on pensions other than IORPs in cooperation with other EIOPA working groups and task forces. Analyse the potential related costs and benefits in accordance with Articles 10, 15 and 16 of the EIOPA Regulation respectively when drafting technical standards and guidelines. Provide the forum and means to facilitate transfer of knowledge among EIOPA embers Authorities, EIOPA internal working groups and EU institutions to address IORP specific needs and characteristics. III. Organisation of work EIOPA will ensure that, through a both OPC members and assigned EIOPA staff, adequate expertise is available for delivering the tasks identified above. The work has been organised as follows: The OPC is a forum for technical discussions and approval of the work prepared by its substructures, both when initiating and finalising assignments, to ensure technical coordination and ownership of the work. The OPC work on the advice to the Commission on EU solvency rules for IORPs including the quantitative impact assessment is the responsibility of the OPC Solvency Subgroup. The subgroup is composed of OPC members, specialist resources made available by national Authorities, EIOPA staff and, where advisable, representatives of the Actuarial sociation of Europe (AAE). Work on other topics or groups of topics included in the OPC annual work program is carried out through a number of work streams and, as appropriate, subgroups, each with a lead or chair reporting to the OPC and responsible for the timely delivery of the allocated assignments. In its ongoing work, the OPC makes maximum use of the EIOPA pensions database, contributing to its maintenance and further development. The OPC contributes its occupational pensions expertise and input to relevant projects residing under other working groups, committees and task forces. Notable examples are the conduct of the IORP stress test in led by the Financial Stability Committee (FSC) and the technical advice to the Commission on an EU single market for personal pensions developed by the Task Force on Personal Pensions (TFPP). The OPC continues to liaise with EIOPA s Stakeholder Groups on occupational pensions related issues. The OPC contributes its occupational pensions expertise to the crosssector work carried out by the Joint Committee of ES. One example is input provided for the crosssector work on technical standards regarding over the counter derivatives. 2/5

3 IV. Chairperson Olaf Sleijpen, NL (since January ). The OPC has a Vice Chairperson Nigel Peaple, UK (since February ). V. Review of the andate (including Chairmanship) A review is carried out at least every three years on policy matters and once a year for detailed deliverables. VI. Deliverables for (N.B. This section will be updated annually) Listed below are the projects planned or in progress at the time of writing. EIOPA prioritises the work on areas that are by the EIOPA Regulation or as requested by the European Commission; in particular those deliverables with a set deadline or which may have a high impact on the affected sectors. EIOPA may need to revise the list of deliverables in view of the further developments of the IORP II proposal or other regulatory initiatives. 3/5

4 Project Timeline (Q1 to Q4) EIOPA Board of Supervisors Priority igh (), edium (), Low (L) OPC technical input to the further development of the IORP Directive: Information to members and beneficiaries, considering past work on cost and charges, effective investment decisions and decumulation practices, which may feed into the Pension Benefit Statement (joint work stream with CCPFI) Risk evaluation for pensions Remuneration policies of IORPs governing body This project includes the consideration and assessment of the application of the proportionality principle to the regulation and supervision of IORPs. Advice to the Commission on solvency of Institutions for Occupational Retirement Provision (IORPs) Draft technical specificati ons Q1 arch Quantitati ve impact assessme nt Q2/Q3 Report on effective methods of helping individuals with investment decisions in occupational DC schemes. Advice to CO on solvency of IORPs Q4/Q Q1 December January Report on cost and charges Q1 January Report on developments regarding crossborder IORPs Q2 July 4/5

5 eeting with crossborder IORPs Q2 n/a L Database of pension plans and products in the EEA next release of data OPC input to register of IORPs next release of data (project led by ITDC) OPC input to register of IORPs prudential provisions next release of data (project led by ITDC) OPC input to IORP stress test (project led by FSC) To date the following key areas have been identified where cooperation with other EIOPA working groups and task forces is : Committee on Consumer Protection and Financial Innovation (CCPFI): where relevant, consumer protection related issues, in particular regarding the provision of information to IORP members and beneficiaries and formally established by the joint work stream on pensions benefit statement (PBS) and regarding transferability of supplementary pension rights.. Task Force on Personal Pensions (TFPP): input on personal pension products linked to IORPs. IT and Data Committee (ITDC): technical input to new releases of IORP registers. Financial Stability Committee (FSC): from OPC technical input on stress tests and to OPC input on financial stability issues relation to IORPs. 5/5