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OECD Principles of Occupational Pension Regulation

Methodology for Assessment and Implementation

image of OECD Principles of Occupational Pension Regulation

Occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. At the end of 2009, private pension savings reached USD 25 trillion. Population ageing has led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce public pension promises and, in turn, to increase the importance of private pension savings for retirement.

The Core Principles cover seven key areas: i) Conditions for effective regulation and supervision; ; ii) Establishment of pension plans, pension funds, and pension fund managing companies; iii) Pension plan liabilities, funding rules, winding up, and insurance; iv) Asset Management; v) Rights of members and beneficiaries and adequacy of benefits; vi) Governance; and vii) Supervision. Each of the seven core principles consists of a main text and a set of implementing guidelines. In the case of the core principle of supervision, the supporting guidelines integrate the IOPS Principles of Private Pension Supervision.

The Methodology provides a structured approach for evaluating a jurisdiction’s occupational pension regulatory system in relation to the OECD Core Principles of Occupational Pension Regulation.

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Overall Assessment

This Methodology is intended to underpin an assessment that will identify the nature and extent of specific strengths and weaknesses of the private pensions systems in a jurisdiction in order to help identify reform priorities through policy dialogue so as to ultimately improve the performance of private pensions in delivering deferred remuneration and to provide security to plan members. The emphasis is on how the private pensions regulatory framework actually functions as a whole or as a system: the whole can be greater than the sum of the parts which is important to take into account when considering policy priorities.

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