PensionsEurope publishes position paper on the Review of the European Supervisory Authorities

PensionsEurope publishes position paper on the Review of the European Supervisory Authorities

PensionsEurope today published a position paper with its views on the review of the mandate of the European Supervisory Authorities (ESAs).

In our paper, we highlight the fact that pension funds do not fall under a harmonised European framework. National supervisors are therefore best equipped to take into account the specificities of pension funds, which are embedded in domestic labour and social law. This means that there less scope for supervisory convergence for pension funds and the mandate of EIOPA should reflect this. As pension funds are not directly supervised by the ESAs, they also feel they should not contribute directly to their budgets through industry fees.

Moreover, the governance structure of EIOPA should ensure that decision-making is underpinned by sufficient expertise in the area of pensions. We feel that individual stress test results of IORPs should not be disclosed and the Board of Supervisors should remain the decision-making body for the stress tests.

Finally, we welcome a bigger focus on better regulation and a stronger role for the Stakeholder Groups.