Occupational pensions stress test

​​News

​​​​Publication Date​​Document
26 January 2016IORPs Stress Test Report 2015  
Press release “Results of the first EU stress test for occupational pensions”
Frequently Asked Questions​​​​​

​​Objective​​

 

Stress tests are an important  supervisory tool to examine the sensitivity of the  occupational pensions sector to adverse market developments and to reach robust conclusions for the stability of the financial system as a whole and to enhance consumer protection. 

The aim of the exercise in 2015 is to test the resilience of defined benefit (DB) and hybrid pension schemes against adverse market scenarios and increase in life expectancy as well as to identify potential vulnerabilities of defined contribution (DC) schemes. 

In parallel with  the stress test EIOPA carries out a Quantitative Assessmen​​t (QA)​ on its work on solvency for IORPs to further educate its advice to the European Commission. The timing of the stress test ​​and the Quantitative Assessment has been aligned to minimise the administrative burden for participating IORPs and NSAs (common technical specifications, templates and processes, including launching and submission dates, Q&A and quality assurance processes). ​

Timeline

 

11 May 2015​​​Launch of the occupational pensions stress test 
​19 May 2015Workshop with participating IORPs
​May – August 2015​Q&A procedure for participating IORPs
​10 August 2015​Deadline for submission of data to the national supervisory authorities (NSAs)
​end August – September 2015​Centralised quality assurance of all the submissions by EIOPA 
​January 2016​​Disclosure of the results of the stress test analysis

​Working process​

 

The stress test has been designed for the countries where the IORP sector exceeds 500 million euros in assets. The following Member States fall within this scope: Austria, Belgium, Cyprus, Germany, Denmark, Spain, Finland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Sweden, Slovenia, Slovakia and the United Kingdom.​

The exercise is conducted in close cooperation with the national supervisory authorities (NSAs): the NSAs will identify and contact prospective participants in the test.

As of now, EIOPA will provide industry participants with the regular updates on the status and all the upcoming steps of the stress test. 

Background documents

ESRB adverse market scenarios

Press Release

Stress test specifications​

EIOPA runs both stress test and Quantitative Assessment (QA)​​ exercises simultaneously. Part of the QA specifications is required for the completion of the stress test exercise.

Technical specifications QA (also link under QA)

Reporting Templates
Please use these templates in order to complete also the Quantitative Assessment exercise (QA). EIOPA runs both stress test and QA exercises simultaneously and u​ses for them the same reporting templates.

 
​​​​​Publication Date​Documents
​29 July 2015​Reporting spreadsheet QA and DB ST (also link under QA)
Automatic Updater for already filled Templates (also link under QA)
​22 July 2015 ​​​Reporting spreadsheet QA and DB ST (also link under QA) (Outdated! Please use the updated version)
Automatic Updater for already filled Templates (also link under QA) (Outdated! Please use the updated version)
​15 July 2015 Reporting spreadsheet DC ST (it requires Excel 2007 or newer)
​17 June 2015​Reporting spreadsheet DC ST (it requires Excel 2007 or newer)​ (Outdated! Please use the updated version)
​10 June 2015Reporting spreadsheet DC ST​​ (it requires Excel 2007 or newer) (Outdated! Please use the updated version)
​03 June 2015​​Reporting spreadsheet QA and DB ST (also link under QA) (Outdated! Please use the updated version)
Automatic Updater for already filled Templates (also link under QA) (Outdated! Please use the updated version)
​27 Ma​y 2015​Reporting spreadsheet QA and DB ST (also link under QA) (Outdated! Please use the updated version)
Automatic Updater for already filled Templates (also link under QA) (Outdated! Please use the updated version)
Reporting spreadsheet ​DC ST (it requires Excel 2007 or newer) (Outdated! Please use the updated version)
​11 May 2015 
Reporting spreadsheet QA and DB ST (also link under QA) (Outdated! Please use the updated version)
Reporting spreadsheet DC ST ​(Outdated! Please use the updated version)


 
Supporting spreadsheets

​​​Publication Date​Documents
​22 July 2015 ​Calculation tool DC ST (it requires Excel 2010 or newer)​​
​15 July 2015 Helper tab Max sponsor support (also link under QA)
Calculation tool DC ST (it requires Excel 2010 or newer)​ (Outdated! Please use the updated version)
​17 June 2015​Calculation tool DC ST (it requires Excel 2010 or newer)​ (Outdated! Please use the updated version)
​27 May 2015​Calculation tool DC ST (it requires Excel 2010 or newer)​ (Outdated! Please use the updated version)
​11 May 2015
Yield curves for QA and DB ST (also link under QA)
Calculation tool DC ST (Outdated! Please use the updated version)
Helper tab Risk margin (also link under QA)
 
Helper tab Sponsor support 1 (also link under QA)
Helper tab Sponsor support 2 (also link under QA)
Helper tab Sponsor support 3 (also link under QA)
Helper tab Max sponsor support (also link under QA) (Outdated! Please use the updated version)
Helper tab Pension protection scheme​ (also link under QA)​​

Questions and Answers

For any queries related to the exercise, please fill in this template and send it to your NSA. The email addresses of the NSAs can be viewed here​​​. ​​


​​Publication Date​Documents
​05 August 2015​Ninth set of questions and answers (also link under QA)​ 
​29 July 2015​​Eighth set of questions​ and answers (also link under QA)​ (Outdated! Please use the updated version)​                
​22 July 2015 ​Seventh set of questions and answers​ (also link under QA)  (Outdated! Please use the updated version)​                
​15 July 2015 Sixth set of questions and answers ​(also link under QA) (Outdated! Please use the updated version)
​08 July 2015​Fifth set of questions and answers (also link under QA) (Outdated! Please use the updated version)
​01 July 2015Fourth ​set of questions and answers (also link under QA) (Outdated! Please use the updated version)
​24 June 2015​Third set of questions and answers​ (also link under QA) (Outdated! Please use the updated version)
​17 June 2015 ​Second set of questions and answers (also link under QA)(Outdated! Please use the updated version)
​10 June 2015 First set of questions and answers​​​​​ (also link under QA) (Outdated! Please use the updated version)