EFRP response on consultation on single licence for occupational pension funds

30 May 2005

The European Federation for Retirement Provisions (EFRP) published its response to the public consultation of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) on its draft protocol on how a single licence for occupational pension funds would operate, underlining that the draft must be made consistent with the Pension Funds Directive. EFRP urges CEIOPS to ensure operational effectiveness, efficiency and clarity.

According to the EFRP, a common market for occupational pension as foreseen in the Pension Funds Directive is unlikely to emerge if the draft Protocol for cooperation between national supervisors were adopted as it stands.

The EFRP is very concerned about the approaches on “authorisation” and “notification” taken in the draft Protocol as they are the heart of the 'single licence' for pension funds.

Contrary to the draft Protocol, the Directive includes no power for home supervisors to turn the procedure into one demanding approval or assent on each occasion a pension fund wants to accept a new sponsor.

Press release
EFRP response

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