Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its decision regarding the submission of occupational pensions information.
With this decision, in line with its mandate, EIOPA defined a single framework for regular information requests towards national competent authorities regarding the provision of occupational pension information to effectively monitor and assess the European occupational pensions sector, with a particular focus on effects to financial stability.
The single framework for the reporting of occupational pensions information facilitates smooth and efficient reporting processes and enables EIOPA to receive sufficient information required for appropriate monitoring and thoroughly assessing market developments in the area of occupational pensions as well as to undertake in-depth economic analyses of the occupational pension market.
EIOPA's request focuses on three main information areas:
- Balance sheet information: permitting to assess the financial and solvency position of an Institution for Occupational Retirement Provision (IORP).
- Inputs and assumptions used for valuations: providing comparable information of highly complex and divergent European occupational pensions sector with the aim to understand specific market's characteristics.
- Flow data: allowing to detect trends and to analyse reasons for changes from one reporting year to another.
The reporting requirements will apply as of the third quarter of 2019 for quarterly reporting and as of 2019 for annual reporting taking into account a transitional period and a proportionate approach for smaller IORPs.
The decision benefitted from a very close cooperation with the European Central Bank (ECB) to reach consistency and alignment between the different European reporting standards as well as other international standards enabling pension funds to use a 'single data flow' and a common set of reporting templates.
In addition, the feedback received from an intensive consultation process conducted between 26 July and 27 October 2017 contributed positively to take an informed decision.