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On May 23, 2007 the Belgian controlling authority (CBFA) has published a circular on its prudential expectations regarding the governance of pension funds or institutions for occupational retirement provisions (IORP). The governance of an IORP should support its objective: “a secure source of funds for retirement benefits”.
To accomplish this goal, the CBFA has laid down 11 governance principles:
- Implement an appropriate management structure;
- Specify the composition, competences and responsibilities of each IORP’s body;
- Implement an adequate internal control mechanism;
- Appoint a compliance officer;
- Draw up a continuity policy;
- Appoint an internal auditor;
- Draw up an outsourcing policy;
- Appoint a statutory auditor or audit firm;
- Appoint an actuary;
- Establish appropriate reporting systems;
- Provide clear and precise the required legal or contractual information to all parties.
The Deloitte pension practice has teamed up with Deloitte’s internal audit and compliance consultants to offer pragmatic solutions to comply with these regulations. We can help you to outsource or cosource the function of internal auditor and/or compliance officer.
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