published today its final response to the European Commission's Call for
Advice (CfA) on the review of the IORP Directive2003/41/EC.
A key proposal of EIOPA is the "holistic balance sheet", as a way to
achieve the Commission's aim for harmonisation. It will enable IORPs to
take into account the various adjustment mechanisms (conditional
indexation, reduction of accrued rights) and security mechanisms
(regulatory own funds, sponsor support, pension protection funds) in an
explicit way. In other words, the approach proposed by EIOPA is to
acknowledge the existing diversity of occupational pension systems in the
EU Member States, while capturing all these systems into a single balance
sheet.
In its advice EIOPA underlines the importance of a quantitative impact
study (QIS) because it is crucial to further explore the possible impact
on the financial requirements for pension funds that the holistic balance
sheet and the various policy options within that approach might have.
EIOPA is currently preparing for a QIS exercise and aims to publish
results in the second half of 2012.
Besides the quantitative requirements, EIOPA's advice also contains
proposals to enhance qualitative requirements in such areas as governance
and risk-management. These have been modelled on Solvency II with the
necessary adjustments for IORPs. EIOPA advice calls for the strengthening
of fit and proper criteria and for a proportionate, i.e. adjusted for the
nature, size and complexity of IORPs, implementation of robust internal
and external controls and sound risk management frameworks.
In addition, the document addresses information provision and member
protection, particularly in defined contribution (DC) schemes. According
to EIOPA advice, information needs to be relevant, correct, understandable
and not misleading. EIOPA calls for the introduction of a Key Information
Document for all defined contribution schemes which would allow members to
have confidence in the scheme irrespective of where it is located in the
EU.
Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to make marked progress in the area of European regulation of DC
schemes. At the moment, 60 million people rely on DC schemes and I have no
doubt that this number will continue to grow in the coming decades.
However, this is not the end of the process of developing a European
framework for occupational pensions, but merely the beginning", he
added. "In particular, we have to ascertain ourselves via the QIS that
the proposed approach stimulates affordable yet secure occupational
pension provision in Europe".
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
) to view EIOPA's Advice to the European Commission on the review of the
IORP Directive 2003/41/EC
To access EIOPA's Resolutions on comments received click here
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
).
To access Opinion of the EIOPA Occupational Pensions Stakeholder Group
regarding EIOPA Draft Advice to European Commission on the review of
Directive 2003/41/EC click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/sg-opinion-feedback/index.html
).
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