Who we are and what we do
As an independent oversight body, the OPSC is not subject to any form of outside direction from the Swiss Parliament or the Federal Council. It ensures the application of consistent supervisory practices within the Swiss occupational pension system. The OPSC is funded entirely through levies and fees.
The members of the commission must be independent experts. They are appointed by the Federal Council, which also has the authority to approve the OPSC's organisational and procedural regulations.
The OPSC has its own secretariat with specialised experts, which prepares the commission’s business, submits proposals to it and implements its decisions.
Statutory responsibilities
The OPSC is tasked with ensuring the application of consistent supervisory practices within the Swiss occupational pension system. Through measures and decisions embedded in a long-term and macroeconomic context, it contributes consistently to improving the security of the system.
Art. 64a OPA sets out the statutory responsibilities of the OPSC:
- The OPSC exercises supreme oversight over the regional supervisory authorities and has the authority to issue them with directives.
- The OPSC is the direct supervisory authority for investment foundations, the Guarantee Fund and the Substitute Occupational Benefit Institution.
- The OPSC is the accrediting authority for occupational pension actuaries (natural and legal persons).
- The OPSC has the authority to issue instructions to occupational pension actuaries and auditors. It may also approve professional standards.
- To fulfil its responsibilities, the OPSC has various instruments at its disposal, such as the issuance of directives, communications and decisions, as well as the conduct of inspections.
As the supreme supervisory authority, the OPSC is responsible for ensuring consistent enforcement within the framework of existing legislation. The Federal Social Insurance Office (FSIO) is responsible for occupational pension provision legislation.
Scope of OPSC supervisory duties
System supervision
The OPSC ensures a uniform supervisory practice within the occupational pension system. It supervises the cantonal and regional supervisory authorities. In addition, it annually collects key figures on the financial situation of pension institutions throughout Switzerland and identifies the need for reforms for the further development of the system.
Direct supervision
Investment foundations, the LBO Guarantee Fund Foundation and the Substitute Occupational Benefit Institution are subject to direct OPSC supervision. A core element of OPSC supervisory activities is verifying compliance of these institutions with legal requirements.
International cooperation
The OPSC is a member of the International Organisation of Pension Supervisors (IOPS).
The IOPS was founded in 2004 by the Organisation for Economic Co-operation and Development (OECD) and the International Network of Pension Regulators and Supervisors (INPRS). The main objective of the IOPS is to improve the quality and effectiveness of the supervision of private pension schemes (pension funds and pension institutions) worldwide.
In addition, the IOPS develops international standards on matters relating to the supervision of pension systems. In doing so, it takes into account the different systems in various countries.
The IOPS also cooperates with other international organisations involved in developing strategies for the supervision of pension systems, including the OECD, the World Bank, the International Social Security Association (ISSA), the International Association of Insurance Supervisors (IAIS) and the International Monetary Fund (IMF).
Organisational structure of the OPSC
Commission
The commission defines the strategic direction that the OPSC will follow and makes policy decisions. It also ensures the consistent enforcement of existing legislation and, where necessary, issues directives and communications specifying the statutory requirements relating to occupational pension provision.
Secretariat
The OPSC secretariat is the commission’s central point of contact for external parties. It is headed by the Director and is divided into five divisions.