Guidelines

• IOPS Principles of Private Pension Supervision

The IOPS Principles for Pension Supervision are designed to cover occupational and personal pension plans and pension funds . Pension supervision includes the monitoring of the activities of pension plans and funds to ensure that they remain within the requirements of the regulatory framework, essentially enforcing compliance with the rules . Supervisory activities vary depending on the regulatory and legal environment, policy choices and a variety of other factors. The scope of supervision can encompass any supervisory activity that is primarily concerned with ensuring the requirements and limitations imposed on pension funds or plans are adhered to . Pension Supervisory Authorities referred to in the Principles are defined as any entity, responsible in whole or in part for the supervision of pension funds, plans, schemes or arrangements in a country or in the subdivision of a country, whether invested with its own personality or not. The Principles are designed to cover the different types of supervisory structure (specialized, partially integrated and integrated). Pension products also come in many different forms (defined contribution vs. defined benefit, mandatory vs. voluntary etc.) and the pension systems of countries also differ greatly, having been shaped by many factors (from the nature of the state, to the level of economic development, and the pension market structure). The IOPS has taken account of such diversity, and intends that these Principles identify good practice which can be applied universally.

-- August 2006

• IOPS Guidelines for Supervisory Intervention, Enforcement and Sanctions

These Guidelines cover the supervision of private pensions, including both work-based occupational pensions and personal private pensions. Though mainly referring to pension funds and pension plans, a range of other market participants may be involved (such as plan sponsors or financial institutions serving as external service providers). The pension supervisory authority refers to the institution (mostly governmental agencies), which is empowered to supervise and oversee the pension industry. It is noted that in some countries this authority is a separate agency, while in many other countries it is integrated with the oversight of other financial activities into a single supervisory body.

--November 2009

• IOPS Guidelines for the Supervisory Assessment of Pension Funds

The purpose of these guidelines is to provide pension supervisors with general supervisory approaches for the conduct of the supervisory process. It should be noted that the focus of these guidelines is mainly prudential supervision. Some reference to conduct of business practices are made, but the IOPS may consider developing more detailed guidelines on this area in future (especially for contract type Defined Contribution pension funds). The guidelines are intended to cover all types of private pension arrangements , and although the term ‘pension fund’ is used in the document, some of the guidelines may also apply to the pension plan under which the fund itself is structured . Implementation of these guidelines will vary from country to country depending on the nature of the pension system and supervisory structure. Pension Supervisory Authorities referred to in the document  are defined as any entity, responsible in whole or in part for the supervision of pension funds, plans, schemes or arrangements in a country or in the subdivision of a country, whether invested with its own personality or not.

-- December 2008

• OECD/IOPS Guidelines on the Licensing of Pension Entities

Jointly developed by OECD and IOPS, these guidelines provide a framework for licensing regulations and the assessment of licensing applications from pension entities to determine whether or not they stand up to certain criteria: adequate governance structures, management in the best interest of plan members and other beneficiaries, financial security and performance of pension entities and maximimum operational efficiency.

-- March 2008

• Good Practices in the Risk Management of Alternative Investments by Pension Funds

The IOPS GPs in risk management of alternative investments by pension funds, outlined in this document, may help supervisory authorities to focus their general supervisory approach to the issues presented by pension funds and the risk management of these assets. The GPs provide assistance with the consideration of risk management for alternative investments, in particular the less liquid, less transparent, high-risk investment vehicles. The GPs are designed to assist such assessments in the context of a ‘principles-based’ approach to supervision.

--March 2008