I PS/ G M ( O A 2005) REV 3expos edr t 9/ ur af

TH E I TER N ATI N A L O R G A N I N O SATI N O F O PEN SI N SU PER VI R S (O PS) O SO I

I PS A N N U A L G EN ER A L M EETI G O N

I PS PR I C I O N PLES O F PR I VATE PEN SI N SU PERV I O N O SI

15 D ecem ber 2005 O EC D ,PA R I S

Thi Expos D raf oft I PS Pri pl ofPri e Pens on Supervi i s ure t he O nci es vat i s on w as approved by t I PS M em bers p att 2005 A nnualG eneralM eetng he O hi he i

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I PS PR I C I O N PLES O F PR I A TE PEN SI N SU PER V I O N V O SI

Pream bl e 1. The m ai obj i of prvat pens on s n ectve i e i uper s on i t pr ot t s abiiy,s vi i s o om e, he t lt ecurt and good iy gover nance of pens on f i unds and pl , and t pr ect t i er t of pens on f ans o ot he nt es s i und m em ber and s benefci i . Pens on s i ares i uper s on i ves t over i of pens on i tt i and t enf cem ent of vi i nvol he s ght i ns iutons he or and pr oton of adher om i ence t com plance w ih r aton r atng t t s r ur and oper i of o i t egul i el i o he tuct e aton pens on f i unds and pl , w ih t goal of pr otng a w el f i ng pens ons s or I addii ans t he om i l unctoni i ect . n ton, achi ng s abiiy w ihi t pens on s or i an i porantpar of s i t s abiiy of t fnanci evi t lt t n he i ect s m t t ecurng he t lt he i al s t as w hol Pens on s ys em e. i uper s on s vi i houl be m i ul of fnanci i d ndf i al nnovaton. Pens on s i i uper s on vi i s houl al o pay atenton t fnanci crm e. d s t i o i al i 2. The pr s on of pens ons i of f ovi i i s undam ent econom i and s al i porance, ens i t al c oci m t urng he s ucces f delver of adequat r iem ent i s ul i y e etr ncom e. The ef ectve s f i uper s on of pens ons and of t vi i i , he i tt i t pr de pens on pr ns iutons hat ovi i oduct and s vi ,i r r t ens e t pr ecton ofcons er s er ces s equied o ur he ot i um s a neces ar t k w ih any fnanci pr s y as t i al oductbei s d t non- of s onal .Pens on s ng ol o pr es i s i uper s on i r r vi i s equied t achi t degr of pr ecton needed t s o eve he ee ot i o uppor prvat y m anaged s ngs and i a m eans t hel t i el avi s o p pens ons adaptt m ar rs .Such rs can be pari ary pr em atc w ih r d t pens ons due t i o ket i ks i ks tcul l obl i t egar o i o t uni char ers i oft e fnanci pr he que act i tcs hes i al oduct ,s as s uch : t l t m nat e of t contacti ved,and t s equentr r ent f i he ong-er ur he r nvol he ubs equiem or ncentves or i even com pul i t over e i vi yopi t ar l t m s ngs s on o com ndi duals m a ow ds ong-er avi ; t r cover hei age of a w i s al and econom i r de oci c ange of t popul i ( tcul l w her he aton pari ary e i ncentves orcom pul i ar appled) i s on e i ; t l he ow rs t er i k ol ance of pens on m em ber and benefci i , as s i t i s i ares ubs s ence r her t at han di cr i y s ngs i ofen i ved; s etonar avi s t nvol t com pl t of t pr he exiy he oduct ,i vi t i s ,as um ptons over f ur s ares l s nvol ng ax s ues s i ut e al i , ongeviy, t difculy i t val i of as et and labiii et a com pl t w hi i beyond t f i t n he uaton s s i ltes c. exiy ch s he fnanci lt acy of m os i i al ier t nves or and w hi gi rs t as m eti i or aton bet een t s ch ves i e o ym rcal nf m i w pens on pr der orfnanci i er edi i and cons er ; i ovi s i al nt m ares um s lm ied com petton and choi w ih deci i ofen m ade colectvel by em pl s oruni ; i t ii ce, t s ons t l i y oyer ons t rpot i i pacton fnanci m ar and econom i s abiiy gi t rl ge and i eas ng hei ental m i al ket c t lt ven hei ar ncr i s ze r atve t fnanci m ar s and counti G D P; i el i o i al ket res t r oci as w el as fnanci r e, w hi i becom i m or i porant as r or s i m any hei s al l i al ol ch s ng e m t ef m n counti have gi res ven an i eas ng r e t prvat pens ons (hr ncr i ol o i e i t ough t i ax ncentves and ot i her

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publc polcy) as agi popul i ar i s e cas m aki s als iy an ever i eas ng i i , ng atons e n om es ng oci ecurt ncr i bur on gover entr our ,f ci publc pens ons t be r den nm es ces or ng i i o educed. 3. Cons equenty pens on s l i uper s on f vi i aces uni que chalenges i t m s of br h, i udi t l : n er eadt ncl ng he num berofpens on f i unds orpl bei s ans ng uper s t num berofm em ber and benefci i ,t dif ent vi ed, he s i ares he f er t ypes ofpens on pr i oduct i ved,and t f t s s nvol he act hat uper s on m ay need t be coor nat acr s s or vi i o di ed os ect s due t t di s nat e of pr der ;as w el as i t dept of s o he ver e ur ovi s l n he h uper s on w hi i r r due t t vi i ch s equied, o he vul abiiy ofm em ber and benefci i and,i m any cas ,t m andat y nat e oft s t . ner lt s i ares n es he or ur he ys em 4. Though pens on s i uper s on has m any uni as s t I PS r vi i que pect , he O ecogni t m any pens on zes hat i s uper s s w or i i egr ed fnanci s vi or k n nt at i al uper s y s r ur and i i t ef e i porant t t e vi or tuct es t s her or m t hat hes prnci es ar noti i pl e ncons s entw ih i er i it t nt natonalprnci es coverng ot fnanci s vi i tt i i a i pl i her i al er ce ns iutons n dam agi w ay.The I PS w ilt ef e s rve t cons tw ih ot i er i ng O l her or ti o ul t her nt natonalor s i . gani atons Scope and C overage 5. The I PS Prnci es f Pens on Super s on ar des gned t cover occupatonal and per onal O i pl or i vi i e i o i s 1 i uper s on i udes t m oniorng oft actvii ofpens on vi i ncl he t i he i tes i pens on pl and pens on f i ans i unds .Pens on s pl and f ans unds t ens e t t r ai w ihi t r r ent oft r at y f am ew or es entaly o ur hat hey em n t n he equiem s he egul or r k, s i l vi or i tes y ng he egul or egal enf ci com plance w ih t r es . Super s y actvii var dependi on t r at y and l or ng i t he ul 2 envionm ent polcy choi and a varet of ot f or .I gener t m ay be defned as i l r , i ces iy her act s n al hey i nfuenci ng changes i pens ons pr s on t conti e t t achi n i ovi i hat rbut o he evem entof pens on s i uper s y obj i ,eiher vi or ectves t t ough diecti er i or gui hr r nt venton dance.The s cope of s uper s on can encom pas any s vi i s uper s y actviy vi or i t t i prm arl concer hat s i iy ned w ih ens i t r r ent and lm iatons i pos on pens on f t urng he equiem s i ti m ed i unds or i vi or hortes ef r o n he i pl e i pl ar adher t 3. Pens on Super s y A ut ii r er ed t i t Prnci es ar defned as any ans e ed o entt r pons bl i w hol ori par f t s iy, es i en e n t or he uper s on ofpens on f vi i i unds pl ,s , ans chem es orar angem ent r s i a county or i t s n r n he ubdi s on of a county, w het i t w ih is ow n per onalt or not The vi i r her nves ed t t s iy . Prnci es ar des gned t cover t dif ent t i pl e i o he f er ypes of s uper s y s r ur ( peci i vi or tuct e s alzed, pari l taly i egr ed and i egr ed) Pens on pr nt at nt at . i oduct al o com e i m any dif entf m s ( i conti i vs s s n f er or defned rbuton . defned beneft m andat y vs vol ar et ) and t pens on s t s of counti al o dif gr l i i, or . unt y c. he i ys em res s f er eaty, havi been s ng haped by m any f or ( r t nat e of t s at t t l act s f om he ur he t e, o he evelof econom i devel ent c opm , and t pens on m ar s r ur .The I PS has t he i ket tuct e) O aken account of s uch di s t and i ends t t e ver iy, nt hat hes Prnci es i iy good pr i w hi can be appled uni s l Though pens on s i pl dentf actce ch i ver aly. i uper s on has m any vi i
1

Prnci es m ay notappl t t e pens on pl and pens on f i pl y o hos i ans i und i Eur n opean U ni counti w hi f lout i on res ch al s de t s he cope of t D iectve 2003/ EC of t Eur he r i 41/ he opean Pari entand t Counci of t 3 J lam he l he une 2003 on t actvii and s he i tes uper s on of i tt i f occupatonal r iem ent pr s on ( or exam pl pens ons vi i ns iutons or i etr ovi i f e i f unded vi book r er ) a es ves .

The Prnci es do notcoveri ur i pl ns ance contact as s ( t r s uch alhough t m ay be us i bot occupatonaland per onal hey ed n h i s pens on pl ) Prnci es f t s i ans . i pl or he uper s on ofi ur vi i ns ance i ar pr ded by t I er i s e ovi he nt natonalA s oci i s aton of I ur ns ance Super s s vi or : ns ance Cor I ur e Pr nci es and M et i pl hodol ogy s ee htp:/ t /www.ai web. g/ i s or 358cor i cpl m et epr ni es hodol ogyoct evi ed. 03r s pdf
2

Pens on r aton encom pas es al actons havi t com m on obj i of delneatng t f m , r es and i egul i s l i ng he ectve i i he or ul s andar t w il defne per i s bl or s i and actvii ,es entaly es abls ng t par et s t ds hat l i m s i e gani atons i tes s i l t i hi he am er w ihi w hi i tt i w ilbe r r t f i Prnci es ofpens on r aton ar pr ded by t t n ch ns iutons l equied o uncton. i pl i egul i e ovi he O ECD : e Cor Pr nci es i pl of O ccupatonal i Pens on i Regul i aton s ee htp:/ t /www. oecd. g/ aoecd/ 46/ or dat 14/ 33619987. pdf The I PS Prnci es ar dr n f om and ar O i pl e aw r e com patbl w ih O ECD Cor Prnci e 6 on Super s on. i e t e i pl vi i A s r l ed i t I PS by-aw s s efect n he O l , uper s on m ai y i ves i s vi i nl nvol s ues r at t t or s i s r ur and el ed o he gani aton, tuct e f i unctons of t s he uper s y body, t devel ent of pr vi or he opm oper s uper s y t vi or echni ques and t he i pl ent i ofenf ceabl r atons by s m em aton or e egul i uper s y bodi . vi or es

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uni as s t I PS r que pect , he O ecogni t m any pens on s zes hat i uper s s w or i i egr ed fnanci s vi vi or k n nt at i al er ce s uper s y s r ur and i i t ef e i porant t t e prnci es ar not i vi or tuct es t s her or m t hat hes i pl e ncons s ent w ih it t i er i nt natonal prnci es coverng ot fnanci s vi i tt i i a dam agi w ay. The I PS w il i pl i her i al er ce ns iutons n ng O l t ef e be cons tng w ih ot i er i her or uli t her nt natonalor s i t ens e com patbiiy bet een t rand t gani atons o ur i lt w hei he I PS Prnci es O i pl .

Pri pl 1 :O bj i nci e ectves Natonall s i aws houl as i cl and explci obj i t pens on s d s gn ear i t ectves o i uper s y aut ii vi or hor tes

1. 1 The prnci s r egi obj i of t pens on s i pal tat c ectves he i uper s y aut iy s vi or hort houl be cl l and d eary publcl s fed.They s i y pecii houl i ude a f d ncl ocus on t pr ecton of pens on m em ber and benefci i he ot i i s i ares i er t .O bj i can al o be diect t ar t s abiiy and s iy ofpens on f nt es s ectves s r ed ow ds he t lt ecurt i unds and pl ,t ans he s t nabiiy oft pens on s oras a w hol and t pr oton ofgood gover us ai lt he i ect e he om i nance. 1. 2 The r pons biii of t pens on s es i ltes he i uper s s vi or houl be cl l and obj i y s at gi ng a d eary ectvel t ed, vi cl m andat and as i ng s fc dutes ear e s gni pecii i .

Pri pl 2 :I nci e ndependence Pens on s i uper s y aut ii s vi or hor tes houl have oper i d atonali ndependence4

2. 1 The pens on s i uper s y aut iy s vi or hort houl be gr ed oper i d ant atonal i ndependence f om bot r h poltcalaut ii and com m er ali er er ii hortes ci nt f ence i t exer s ofis f i and pow er . n he ci e t unctons s 2. 2 To ens e i ur ndependence,s abiiy and aut t lt onom y ar pari ary r r at t s or diect e tcul l equied he eni r or l evel of t pens on s he i uper s y aut iy.The nom i i appoi m ent and r oval of t head of t vi or hort naton, nt em he he pens on s i uper s y aut iy s vi or hort houl be done vi explci pr d a i t ocedur and tans ent m echani m s The es r par s . head oft aut iy m ay be appoi ed f a fxed t m . he hort nt or i er 2. 3 The pens on s i uper s y aut iy s vi or hort houl al o be f d s unded i s a w ay as t ens e i n uch o ur ndependence and t e s her houl be a tans entbudget y pr s d r par ar oces . 2. 4 Super s y act s vi or s houl be over r ed onl by j ci deci i i udi ti d - ul y udi al s on, ncl ng rbunal w ih r evant s t el pow er ,orby pari ent y pr s lam ar oces . s
O per i atonal i ndependence i t s aken t m ean t at t day t day oper i o hat he o atonal and deci i m aki l s on ng evel t he s uper s y aut iy has aut vi or hort onom ous m anagem ent of is actvii . A t a hi , m or polcy orent ed l , t i tes gher e i i at evel s uper s y agenci m ay be s ectt natonalgover ent and poltcali l vi or es ubj o i nm al ii nfuences w hi ar outoft r contol ch e hei r . Ther m ay be an i er edi e s age w her M i s eral appr e nt m at t e ni t i oval i r r f enf cem ent actons t i ve s equied or or i hat nvol r ovalorder s r i ofan i em egi taton ndus r pari pant ty tci .
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Pri pl 3:A dequat R es nci e e ources Pens on s i uper s y aut ii r vi or hor tes equi e adequat fnanci ,hum an and ot r our r ei al her es ces

3. 1.

Pens on s i uper s y aut ii s vi or hortes houl be gr ed adequat s af and acces t r our . d ant e t f s o es ces

3. 2 The pens on s i uper s y aut iy s vi or hort houl have is ow n budgets fci t enabl i t conduct d t uf i ent o e to pr opori e,ef ectve and i tonat f i ndependents uper s on.Fundi i par ori f l oft pens on s vi i ng, n t n ul, he i uper s y vi or aut iy by s hort uper s pens on f vi ed i unds and pl ans coul be cons der d i ed, pr ded i ovi ndependence i s m ai ai nt ned. 3. 3 The pens on s i uper s y aut iy s vi or hort houl hie, tai and m ai ai s fci s af w ih hi d r r n nt n uf i ent t f t gh pr es i of s onals andar ,i udi appr i e s andar ofconfdentalt and di cl ur ( g.ofi er t i t ds ncl ng oprat t ds i i iy s os e e. nt es s n r at enttes . egul ed ii ) 3. 4 The diect s and head of t aut iy s r or he hort houl be s t y qualfed,w ih s fci educaton, d uiabl ii t uf i ent i experence,capaciy and r aton. i t eput i 3. 5 I is ow n capacii ar i uf i ent or f ot r ons deem ed neces ar t pens on f t tes e ns fci , or her eas s y, he i s uper s y aut iy s vi or hort houl have t aut iy t out our t t r pari ( g. audior , act i ) d he hort o s ce o hid tes e. t s uares s uper s y t ks W her pens on s vi or as . e i uper s y f i vi or unctons ar out our e s ced t t r pari , t pens on o hid tes he i s uper s y aut iy s vi or hort houl be abl t as es t r com pet d e o s s hei ence, m onior t r per or ance and ens e t hei f m ur t ri hei ndependence f om t pens on f r he i und orany ot r at pari .I r r t pens on s her el ed tes f equied, he i uper s y vi or aut iy m us have t abiiy t t actons agai t t e t r pari eiher diecty or t ough t hort t he lt o ake i ns hes hid tes t r l hr he appr i e pr es i oprat of s onalbody.D eci i m aki and t applcaton of s i ,w ihi t s s on ng he i i anctons t n he cope of t he pens on s i uper s ,s vi or houl notbe out our d s ced.

Pri pl 4:A dequat Pow ers nci e e Pens on s i uper s y aut ii s vi or hor tes houl be endowed wih t neces ar i tgat y and enf cem ent d t he s y nves i or or power t f fl t r f i and achi t r obj i s o ulil hei unctons eve hei ectves

4. 1. Pens on s i uper s y aut ii s vi or hortes houl be l l char t underake s d egaly ged o t uper s on and s vi i houl be d gr ed adequat pow er and t capaciy t exer s t e pow er . ant e s he t o ci e hes s 4. 2 The pens on s i uper s y aut iy s vi or hort houl have t pow er t conduct neces ar s d he o s y uper s y vi or f i ,accor ng t t nat e oft pens on s t bei s unctons di o he ur he i ys em ng uper s Ef ectve s vi ed. f i uper s on ofpens on vi i i f unds or pl ans s houl f d ocus on l egal com plance, fnanci contol m i m um capial r r ent , i i al r , ni t equiem s i nves m entactviy,good gover t i t nance and i egrt act i exam i i t s nt iy, uaral naton, he uper s on of pens on pl vi i i an or f und m anager ,and t pr s on of adequat di cl ur and i or aton t m em ber .Pow er s s he ovi i e s os e nf m i o s s houl d alow f r evantof - ie and on- ie i pecton. l or el fs t s t ns i 4. 3 Pens on s i uper s y aut ii s vi or hortes houl have com pr d ehens ve i i nves i or and enf cem ent tgat y or pow er .O n t s pi on ofpr em s t s s he us ci obl , hey houl have t pow ert conducta f li d he o ul nves i i t oblge tgaton, o i f unds t s o ubm i docum ent and i or aton, and t i pos cor ectve m eas es and r edi actons i t s nf m i o m e r i ur em al i f

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t r or s ar not obeyed up t and i udi t pow er t i pos adm i s r i s i s hei der e o ncl ng he o m e ni tatve anctons uch as fnes t pow er t diect m anagem ent t pow er t r i , he o r , he o evoke lcences and t pow er t r er m ater f i he o ef t s or crm i pr ecuton. I s e cas ,pow er m ay i ude t abiiy t i s bi ng r aton. i nal os i n om es s ncl he lt o s ue ndi egul i

Pri pl 5:R i k O ri aton nci e s ent i Pens on s i uper s on s vi i houl s t m ii e t gr es pot i r s t t pens on s t d eek o tgat he eat t ental i ks o he i ys em

5. 1 The obj i ectves of prvat pens on s i e i uper s on s vi i houl be rs bas d i k- ed. Pens on s i uper s y vi or aut ii s hortes houl have a s r egy f alocatng t r fnie r our w hi t get m ii i actons on d tat or l i hei i t es ces ch ar s tgatng i pens on f i unds or pl w hi r es t hi ans ch epr ent he ghes rs t achi ng t s t i ks o evi he uper s obj i . Thi vi or s ectves s as um es t t under t t pr s hat hey s and he obabiiy and i pactofpot i rs . lt m ental i ks 5. 2 Pens on s i uper s y aut ii s vi or hortes houl be pr actve, s ng t avoi s gnii d o- i eeki o d i fcant pr em s obl bef e t occurand i er ng,i a pr or hey nt veni n opori e w ay,atas eary a s age as pos i e and s chi f tonat l t s bl ear ng or t es hos uper s y i tum ent w hi add m os val t t des r s vi or ns r s ch t ue o he ied uper s y r ul. vi or es t

Pri pl 6:Proportonalt and C ons s ency nci e i iy it Pens on s i uper s y aut ii s vi or hor tes houl ens e t i tgat y and enf cem entr d ur hat nves i or or equi em ent ar r s e pr opor i tonalt t r s bei m ii ed and t t r actons ar cons s ent o he i ks ng tgat hat hei i e it

6. 1 The r edi actons and i neces ar s i i pos by t pens on s em al i f s y anctons m ed he i uper s y aut iy vi or hort s houl be pr d opori tonalt t pr em w hi i bei addr s I t ng orpr otng m ii i actons o he obl ch s ng es ed. n aki om i tgatng i , pens on s i uper s y aut ii s vi or hortes houl choos bet een t pow er avaiabl t t d e w he s l e o hem accor ng t t di o he as es ed s i nes oft rs orcom plance f l e bei addr s s s erous s he i k i aiur ng es ed. 6. 2 The ext ofs ent uper s y dem ands pl vi or aced on pens on f i unds orpl and as oci ed pari bei ans s at tes ng s uper s s vi ed houl be pr d opori e t t beneft expect t be achi tonat o he is ed o eved. 6. 3 I f fli is s n ulilng t uper s y pow er ,t pens on s vi or s he i uper s y aut iy s vi or hort houl gi pens on f d ve i unds and pl fexi lt w her appr i e,i t w ay t achi com plance w ih r at y r r ent . ans l biiy, e oprat n he hey eve i t egul or equiem s 6. 4 Super s y deci i and i er i s vi or s ons nt venton houl be cons s ent t ng appr i el i o account d i t , aki oprat y nt cicum s ances of each i vi r t ndi dualcas Super s s s e. vi or houl have pr d ocedur ( or exam pl docum ent i es f e, aton, tai ng and r ew ) f ens i t s m iar deci i ar t r ni evi or urng hat i l s ons e aken i s m iar cicum s ances and t t e n i l r t hat hes deci i ar t s ons e aken on obj i and unbi ed gr ectve as ounds .

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Pri pl 7:C ons t i and C ooperaton nci e ulaton i Pens on s i uper s y aut ii s vi or hor tes houl cons twih t bodi t ar over eei and cooper e d ul t he es hey e s ng at wih ot s t her uper s y aut ii vi or hor tes

7. 1 The pens on s i uper s y aut iy s vi or hort houl cons t as appr i e,w ih t pens ons s or w hen d ul, oprat t he i ect det m i ng is appr er ni t oach t s o uper s on. vi i 7. 2 The pens on s i uper s y aut iy i em pow er t exchange i or aton w ih ot r evant vi or hort s ed o nf m i t her el s uper s y aut ii ,s ect t l vi or hortes ubj o egal and confdentalt r r ent .Thi i udes cooper i w ih i i iy equiem s s ncl aton t ot aut ii or deparm ent i ved i pens on s her hortes t s nvol n i uper s on bot natonaly and i er i l vi i h i l nt natonaly ( tcul l w her cr s bor pens ons ar i ved) as w el as w ih aut ii s pari ary e os - der i e nvol , l t hortes uper s ng ot vi i her r evant fnanci i tt i or m ar s and l enf cem ent agenci .Cooper i s el i al ns iutons ket aw or es aton houl be f bot d or h ef i ency pur es ( di overaps and pr otng econom i ofs e and s fci pos avoi ng l om i es cal cope)as w el as pr otng l om i pr actve pr o- i event i m eas es ( g.t i fnanci crm e) atve ur e. acklng i al i .

Pri pl 8:C onfdentalt nci e i i iy Pens on s i uper s y aut ii s vi or hor tes houl t eatconfdentali or aton appr i el d r i i nf m i opr at y

8. 1

The pens on s i uper s s vi or houl onl r eas confdentali or aton i r r by l . d y el e i i nf m i f equied aw

8. 2 The pens on s i uper s i r d t non- i i or aton s vi or n egar o publc nf m i houl w hen r d eques ed by t t he pr di aut iy keep i or aton confdentaland m ai ai appr i e s eguar f t pr ecton of ovi ng hort nf m i i i nt n oprat af ds or he ot i confdentali or aton w ihi is pos es i i i nf m i t n t s s on. 8. 3 W her uns e of t s at of t i or aton, t s e ur he t us he nf m i he uper s y aut iy s vi or hort houl teat i as d r t confdentali notpublcl avaiabl ors i i f iy l e houl check t s at w ih t pr der d he t us t he ovi . 8. 4 I agr f eed by t pr di aut iy, t r vi s he ovi ng hort he ecei ng uper s y aut iy m ay pas on vi or hort s i or aton t ot s nf m i o her uper s y bodi or l enf cem entagenci w ih l tm at s vi or es aw or es t egii e uper s y i er t vi or nt es s and equi entconfdentalt s andar . val i i iy t ds 8. 5 W her s af tans erbet een t s e t fr f w he uper s y aut iy and t prvat s or m echani m s s vi or hort he i e ect , s houl d exi tt ens e agai tt di cl ur ofconfdentali or aton. s o ur ns he s os e i i nf m i 8. 6 Thid pari t w hom t pens on s r tes o he i uper s y aut iy has out our s vi or hort s ced uper s y t ks s vi or as houl d be s ectt t s e confdentalt r r ent as t s af oft pens on s ubj o he am i i iy equiem s he t f he i uper s y aut iy is f vi or hort t el.

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Pri pl 9:Trans nci e parency Pens on s i uper s y aut ii s vi or hor tes houl conductt r oper i d hei atons i a t ans ent m anner n r par

9. 1 Pens on s i uper s y aut ii s vi or hortes houl adopt cl , tans ent and cons s ent s d ear r par it uper s y vi or pr oces es The r es and pr s . ul ocedur of t pens on s es he i uper s y aut iy,and updat t eof s vi or hort es her , houl be d publs i hed.The pens ons s i uper s y aut iy s vi or hort houl gener l oper e i a tans entenvionm entand d aly at n r par r s houl pr de and publs a r arr t atl tannualy and i a tm el m anner on t conductof d ovi i h egul epor eas l n i y he is polcy, expl ni is obj i and des i ng is per or ance i pur ui t e obj i . The t i ai ng t ectves crbi t f m n s ng hos ectves pens on s i uper s y aut iy s vi or hort houl be s ect t audi and r tng r r ent w hi alow f t d ubj o t epori equiem s ch l or he as es m ent of how w el t aut iy i f fli is r pons biii and ens i t m andat and s s l he hort s ulilng t es i ltes urng he e f i oft pens on s unctons he i uper s y aut iy cannotbe changed on an ad hoc bas s vi or hort i. 9. 2 W hen diectng t m anagem entofpens on f r i he i unds orpl pens on s ans i uper s y aut ii s vi or hortes houl d expl n t t e af ect w hy t ar actng. ai o hos f ed hey e i 9. 3 Pens on s i uper s y aut ii s vi or hortes houl pr de and publs i or aton f t pens on i d ovi i h nf m i or he i ndus r ty and t gener publc on a r arbas s s he al i egul i uch as t fnanci s t i oft pens on f he i al iuaton he i und i ndus r and ty obs vatons on m aj devel ent i t pens on s or D i cl ur w il gener l be on an aggr e er i or opm s n he i ect . s os e l aly egat bas s but coul al o be on i vi i, d s ndi dual pens on f i unds i w hi cas t r es of confdentalt m ay be ,n ch e he ul i i iy pari ary r evant tcul l el .

Pri pl 10:G overnance nci e The s uper s y aut iy s vi or hor t houl adher t is own gover d eo t nance code and s houl be account e d abl

10. 1 The pens on s i uper s y aut iy s vi or hort houl es abls and adher t a gover d t ih e o nance code,outi ng lni s t e i er uiabl nt nal contol , checks and bal r s ances and ef ectve pr s f rs and per or ance , f i oces es or i k f m m anagem ent A code ofconducts . houl be es abls and enf ced i r aton t al s af m em ber . d t i hed or n el i o l t f s 10. 2 Ther s e houl be cl l docum ent pr d eary ed ocedur f deci i m aki w ih pr s f r er i es or s onng, t oces es or ef rng deci i up t t appr i e l s ons o he oprat evelofs ort r ew i and docum entng deci i . eni iy, evi ng i s ons

10. 3 For i er i w ih s i i pactt e s nt ventons t erous m her houl be s e s d om epar i bet een t e w ihi t aton w hos t n he aut iy pr hort opos ng i er i and t e t ng t fnaldeci i s t s i nt ventons hos aki he i s on, o he cope f em er or gency acton i i s bal anced by a r ew pr s evi oces . 10. 4 Pens on s i uper s y aut ii s vi or hortes houl be cl l account e f t r gener conduct and d eary abl or hei al actviy. Pens on s i t i uper s y aut ii s vi or hortes houl have account lt ar angem ent , w hi m ay var d abiiy r s ch y accor ng t s fc county cicum s ances and w hi m ay i ude account lt t a r di o pecii r r t ch ncl abiiy o ange of bodi , es f om pari entt t m em ber and benefci i ofpens on f r lam o he s i ares i unds orpl . ans

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10. 5 Pr ocedur s es houl be i pl f t gover ng body of a pens on pl or f d n ace or he ni i an und t appealt t o o he pens on s i uper s y aut iy or r evantti vi or hort el rbunalf deci i t or s ons aken by t pens on s he i uper s y aut iy vi or hort t af ectt hat f hem and w hi t cons deri ch hey i ncons s entw ih l it t egalpr s ons ovi i .