Programme of Work

The Programme of Work for 2013-2014 was approved by the Governing Membership at the Annual General Meeting held in Santaigo de Chile in October 2012. In addition to the completion and continuation projects already launched, the Techncial Committee agreed to start work on 3 new projects.

Revised Programme of Work 2013-2014
On-going Projects    New Projects for 2013-14

 

Update of IOPS Work on Costs and Fees: an analysis of the costs and fees applying to pension funds in different IOPS jurisdictions (explaining the evolution of fees within countries and pointing out the main problems with making international comparisons).
Project team: Cost Rica, Hong Kong, India, Italy. Continue cost work with World Bank/ OECD.
Completed

Stress Testing and Scenario Analysis of Pension Plans: a qualitative study on stress testing of DC funds – exploring and comparatively assessing the current DC stress testing models and mechanisms in place, and possibly producing some high level ‘guidance’ drawn from the comparative analysis on the elements and factors that should be considered by both pension funds and pension supervisors in designing, applying and evaluating stress testing models.
Project team: Mexico, Australia

 


Supervising the distribution of annuities and other pension pay-out products:
 an overview of the distribution and supervision of pay-out products sold in IOPS Member countries and supervisory, followed by discussion on challenges faced in the pay-out stage and possible supervisory responses. The paper contains detailed country studies of the Chilean and UK cases. Project Team: UK, Chile, IAIS

Role of pension supervisory authorities in automatic enrolment: a study focusing on the role of pension supervisory authorities in automatic enrolment process and the issues that supervisors have to address when preparing, implementing and overseeing compliance with automatic enrolment legal requirements. The paper synthesises the information and identifies main lessons from the country case studies of jurisdictions that introduced the auto-enrolment at the national level (Italy, New Zealand, and the UK) or for some particular categories of workers (Chile) and occupational pension schemes (US). Project team: Chile, Brazil, Colombia, Ghana

Target retirement income: this paper will attempt to study how to assess DC funds vs. some sort of replacement rate or income target and will present latest developments on this topic and indirect examples of how this sort of assessment takes place.

Role of actuarial review and calculations in pension supervision: this is the joint project with the International Actuarial Association (IAA) to examine the functions of the actuarial review and calculations in pension supervision, interactions between actuarial experts and pension supervisors and identify challenges that arise in supervisors’ use of actuarial input, as well as potential solutions that can be applied. 

Other on-going work


Tour d’horizon:
IOPS Technical Committee's regular reviews of major developments related to the supervision of private pensions, based on information provided by members on major reform in their countries.

IOPS Toolkit: further work will be undertaken on the IOPS Toolkit. This would include updating and adding case study material to illustrate practical challenges which were encountered by IOPS members when moving to RBS and how these were overcome.
Project team: IOPS Secretariat.

Statistics: IOPS Members currently provide statistical data via the OECD’s Global Pensions Statistics Project.

ISSA/IOPS/OECD database: a comprehensive data source on the regulation of private pension systems worldwide previously coordinated by the International Social Security Association (ISSA), IOPS and OECD.
Project team: IOPS Secretariat, OECD Secretariat

Technical Assistance - ongoing

 


Case Study:
other international organizations (BIS/ IAIS) will be asked if they have case studies as part of their existing training material which could be appropriate for the IOPS Membership

Financial Consumer Protection: follow-up work related to the OECD High Level Principles on Financial Consumer Protection adopted for G20.
Project team:IOPS Secretariat, OECD Secretariat, countries tbc. Also follow up with IAIS as their conduct of business work develops.

Other G20 work: the IOPS may also be asked to contribute sectoral expertise to other G20 projects.

Pensions and Financial Sector Stability: continuation of the dialogue with the Financial Stability Board (FSB) to ascertain whether the pension sector can be included in their macro stability work.

Partnering OECD Projects: the IOPS has partnered successfully with the OECD in previous years on projects of joint interest. For 2014, the OECD is working on the following topics, which IOPS could potentially contribute to: Long-term investing (further work on pension fund investment in infrastructure in emerging markets is planned); Mortality assumptions and longevity risk (mortality tables from IOPS member countries could be included in this project); Retirement savings adequacy (IOPS members could volunteer to provide data for OECD projections to be run for their country); Project on annuity products; and Financial incentives and retirement savings.

 

 

 

PROGRAMME OF WORK
2012-2013 Programme of Work
2011-2012 Programme of Work

2010-2011 Programme of Work

2009-2010 Programme of Work