OREANDA-NEWS. In March of this year, the Bank of Lithuania became a member of the   International Organisation of Pension Supervisors (IOPS). The IOPS is an independent international organisation uniting the world’s national institutions responsible for the supervision of private pension schemes. Currently, the membership of this organisation comprises more than 83 members from 72 countries of the world.

“The Bank of Lithuania is the central institution carrying out the supervision of 2nd and 3rd pillar pension funds in Lithuania. Therefore, membership of the IOPS will encourage a more productive and closer cooperation with institutions of other countries carrying out the supervision of pension schemes, enable more efficient implementation of the international good practices, provide an opportunity to present for international partners the developments in the supervision of Lithuania’s pension funds and discuss the issues of pension fund supervision relevant for Lithuania,”  says Vilius ?apoka, Director of the Financial Services and Markets Supervision Department of the Supervision Service at the Bank of Lithuania.

The main purpose of the IOPS is to enhance the quality of the supervision of private pension schemes, encourage their development and operating efficiency in order to ensure a safe income source in the old age.

The IOPS commenced operations in July 2004; the initiators of its founding were the   Organisation for Economic Cooperation and Development (OECD) and the International Network of Pension Regulators and Supervisors (INPRS). These organisations aimed to create a forum for political dialogue on a world level at which members would be able to share their pension scheme supervisory practices and other relevant information. 

The IOPS closely cooperates with other international organisations (the World Bank, Organisation for Economic Cooperation and Development, International Association of Insurance Supervisors, International Monetary Fund, International Social Security Association), which participate in the development of the policies and dialogue of the supervision of pension schemes as well.