Twinning Light Project Strengthening of supervising capacities of Polish Financial Supervision Authority - UKNF in the field of occupational pensions schemes implemented in collaboration with the Twinning Light Partner - Austrian supervisory authority (Finanzmarktaufsicht - FMA), supported strengthening the supervisory capacities of the UKNF in the field of occupational pension schemes in the light of current IORP Directive (Directive on the activities and supervision of Institutions for Occupational Retirement Provisions).

The overall objective of the project was ensuring the common understanding and application of regulations Directive 2003/41/WE of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235/10), hereinafter “ the IORP Directive” and ensuring that supervisory practice in Poland achieves goals of the IORP Directive. These objectives, from the more distanced point of view, are part of the broader goal of the EU legislation on the IORP area – preventing distortions of competition and creating the conditions for safe and unproblematic cross-border activity in terms of freedom to offer services on the common pension schemes market and freedom to entrust assets collected within schemes to the institution operating in the other EU Member States.

Secure functioning of Occupational Pension Schemes on the EU market requires cooperation between superior institutions of EU Members on cross border IORP notification scope.

The implementation of the project was closely connected with the provisions of the IORP Directive which demand from the Member States the uniform application of the Directive through exchange of information and experience with a view to developing best practices in this field and closer cooperation, as well as indicate that competent authorities of the Member States shall collaborate closely in order to facilitate the supervision of the IORP activity.

The project implementation included:

• Carrying out two 3-days training seminars and workshops for the employees of the UKNF, which were focused on organization and model of the occupational pension schemes and supervision of IORP in Austria.

• Developing by the Twinning Light partner with the assistance of the UKNF experts the manual including the summary of the outlined description of the Austrian occupational pension schemes framework, draft of procedure of notification process and listed parts of IORP EU legislation which could differ in the EU Member States.

• Implementing the study visit of the UKNF experts in the FMA with a view to exchange information on the Austrian practice and experience in the field of supervising the IORP’s.

All planned project objectives and results were achieved.

As a result of the carried out training seminars the capacities of the UKNF in the field of supervision of the occupational pensions schemes and proper implementation of the UE IORP Directive were enhanced. The knowledge and experience on functioning of the pension schemes, regulations, main problems of supervision authorities and methods of their solving transferred by the Austrian experts, enabled to increase the professional capacities of the UKNF experts involved in the supervision of the occupational pension schemes.  

Acquired knowledge on the notification procedure and practical experiences of the Austrian supervision authority enabled the UKNF to strengthen its capacities regarding implementation of the IORP Directive regulations. The information provided by the Austrian experts on practical examples and methods of solving the problems enhanced the professional skills of the employees of the UKNF in the field of proper implementation of the above mentioned directive, and in particular, on the notification procedure regarding transborder activities of the institutions of occupational pension. The Austrian knowledge and practical experience has been analyzed and used by employees of the PFSA in day-to-day supervision and notification procedure in order to effectively supervise the occupational pension schemes in line with the IORP Directive.

The project was implemented between December 2008–July 2009.