The International Organisation of Pension Supervisors published revised Guidelines for the Supervisory Assessment of Pension Funds, updating its 2008 framework for how pension supervisory authorities should assess private pension funds through regular monitoring and analysis, in-depth evaluations such as on-site inspections, and risk-based supervision. The guidelines focus mainly on prudential supervision and set out expectations for proportionate information gathering and reporting, including policies for protecting confidential information and, where relevant, formal arrangements for cross-border information sharing. They outline baseline reporting across fund, financial, governance, conduct-of-business and investment information, alongside ad hoc data requests, deviation reporting, and periodic review of reporting requirements with adequate lead times for changes. The supervisory process section describes analytical checks spanning legal compliance, asset and liability valuation, solvency and stress testing, governance and internal controls, operations, disclosure, performance, market conduct and risk management, supported by risk assessment and (where used) risk-scoring systems that combine quantitative triggers, qualitative judgement and early warning systems. For in-depth evaluations, the guidance covers risk-based planning of inspections, integration of findings into the overall risk assessment, and written reporting with recommendations, opportunities for pension funds to respond, and follow-up. It also addresses supervisory powers and organisation, including the ability to investigate outsourced functions, resourcing options such as using external experts, and the use of information technology, data governance and advanced tools including artificial intelligence with appropriate human oversight. IOPS indicates it may develop more detailed guidance on conduct-of-business practices in future, particularly for contract-type defined contribution pension funds.
International Organisation of Pension Supervisors 2025-11-01
International Organisation of Pension Supervisors updates supervisory assessment guidelines for pension funds with a stronger risk-based and technology-enabled approach
The International Organisation of Pension Supervisors updated its 2008 Guidelines for Supervisory Assessment of Pension Funds, emphasizing prudential supervision, proportionate information gathering, and cross-border sharing. The focus is on legal compliance, asset valuation, and risk management. Future guidance may address conduct-of-business practices for contract-type defined contribution pension funds.