In the wake of the structural reform of occupational benefits, all pension institutions will be placed under the oversight of a cantonal or regional regulatory authority as of 1 January 2012. This reform is designed to reinforce regulation, to reduce the concentration of powers and to create an independent watchdog responsible for overall regulation at federal level.
By regionalising the regulatory system, it is hoped to achieve a clearer delimitation of the functions and responsibilities of the various stakeholders. The new watchdog, the Federal Regulatory Commission, is to be financially and administratively independent of the Federal Council with its own clearly defined powers; this should contribute to good corporate governance. The Federal Regulatory Commission will be supported by an independent secretariat administratively attached to the Federal Social Insurance Office (BSV/OFAS).
The aim is to regulate more clearly the functions of 2nd pillar stakeholders. Additional good governance rules, such as codification requirements for investment foundations, are designed to improve transparency in pension plan administration and should help prevent abuses. The structural reforms are expected to be implemented progressively in 2011 and 2012.