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15 November 2010

CEIOPS response to the EC Green Paper - “Towards adequate, sustainable and safe European pension systems”


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CEIOPS notes and welcomes that the Green Paper does not question the prerogatives of Member States in pensions and that it does not propose a one-size-fits-all pension system design.


It is CEIOPS’ view that any future development of pensions as a result of this Green Paper must take account of a number of factors:

Diversity and complexity
Pensions are more diverse and complex than many types of financial services because of the different patterns of provision among Member States, the social and employment aspects and the different supervisory structures. There are no simple answers to the questions posed in the Green Paper. This paper is a significant challenge for all involved in European pensions. CEIOPS looks forward to working with the Commission on the follow-up to the Green Paper including the intended review of the IORP Directive and stands ready to undertake any work needed in this area.

Governance
Private pension provision and pension institutions take many forms. However, in all cases, the success of the provision in achieving its objectives depends significantly on the governance standards of the institutions. This governance must be at the heart of future development of IORP regulation.

CEIOPS involvement
CEIOPS and its Members represent a source of considerable expertise and information about pension matters, and will be responsible for overseeing the implementation and ongoing application of any future IORP framework. It is important therefore that CEIOPS be involved in the development of this framework to ensure that the result can achieve its objectives as efficiently as possible.
 



© CEIOPS


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