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EIOPA conducted a public consultation on the draft Report between 21 December 2015 and 22 March 2016 seeking in particular stakeholder’s views and input on possible Good Practices. To facilitate giving feedback to EIOPA, dedicated questions to stakeholders were included. The comments received have been duly considered and the Report updated where appropriate.
The Good Practices outlined in this Report depict existing rules and market practices in one or more Member States that have particular merits in improving the communication tools and channels to occupational pension scheme members. Good Practices are neither binding on any party nor subject to the “comply or explain” principle and are not intended to be exhaustive nor universal. In this sense the Good Practices do not set forth any Guidelines, Recommendations or Opinions as defined under the formal tasks and powers of the Authority. [...]
The analysis concluded that most Member States follow a rules-based approach towards disclosure and communication, i.e. there are clear and detailed prescriptive regulatory and/or supervisory requirements regarding the frequency, content, calculation method, format and channels to be used. In a number of jurisdictions, a gradual transition towards a more principles-based approach can be observed.
Furthermore, in the absolute majority of cases, information is provided to pension scheme members by the IORP and/or insurance undertakings directly. There are only few examples when relevant information would be communicated by the employer or another relevant entity.
Building upon these findings as well as own research, EIOPA has developed seven Good Practices.
In line with common EIOPA policy with regard to Good Practices, these are aimed as an inspiration to any relevant parties interested in maintaining and continuously improving effective communication practices towards occupational pension scheme members with a clear focus on communication tools and channels. In this sense, EIOPA expects that the Good Practices put forward in this report will be considered for adoption by the relevant market players and may serve as reference for further work by National Competent Authorities whilst stressing that the Good Practises are voluntary and neither legally binding on any party nor subject to the ‘comply or explain’ principle.