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The Actuary The magazine of the Institute & Faculty of Actuaries

CEA calls for consistent regulation of occupational pension providers

Welcoming the European Commission's decision to review the Institutions for Occupational Retirement Provision (IORP) Directive, with the aim of creating a true EU market for occupational pension provision, the CEA submitted detailed comments in response to the first consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft response to the European Commission's call for advice on the review.

CEA director general Michaela Koller, explained: "The CEA welcomes EIOPA's recognition that the new Solvency II regulatory regime for insurers be used as the benchmark for the governance requirements for IORPs."

Occupational pension providers — whether life insurers, IORPs or mutual funds offering guaranteed benefits — are often in competition to provide consumers with pension solutions. Consequently, it is important to apply similar rules to products with similar risks.

Ms Koller continued: "Occupational pension products should be regulated not on the basis of the legal vehicle through which products are provided, but according to the risks those products present to the provider, members and beneficiaries. Consistent and appropriate regulation of all occupational pension providers is key to guaranteeing the protection of consumers and the continued viability and stability of the sector."

Read more on the CEA response to EIOPA's IORP consultation (pdf)