EIOPA launches public consultation on the draft technical specifications for the QIS of its Final Advice on the IORP Dir

The European Insurance and Occupational Pensions Authority (EIOPA) invites
all the interested parties to provide their feedback on the technical
specifications for the quantitative impact study (QIS) of EIOPA's Final
Advice to the European Commission. The Advice is related to the review of
the Directive on the activities and supervision of institutions for
occupational retirement provision (IORP Directive).

In its advice, which was submitted to the European Commission on 15
February 2012, EIOPA proposes the holistic balance sheet as a means to
achieve the Commission's objective of a harmonised prudential regime for
IORPs.

The advice recognises the importance of performing a QIS and remains
conditional on the results of the QIS. It was emphasised that the
feasibility of implementing the holistic balance sheet in practice and
introducing a common level of security needs to be further investigated.

The QIS will only assess the financial impact on IORPs of valuing assets
and liabilities on the holistic balance sheet and introducing a solvency
capital requirement (SCR) under the various policy options in EIOPA's
advice. However, the results will feed into the European Commission's
impact assessment of all costs and benefits accompanying its legislative
proposal.

The aim of the technical specifications is to provide guidance to IORPs
participating in the QIS to perform the necessary calculations. Particular
attention has been paid to the valuation and risk-mitigating effect on the
SCR of the adjustment and security mechanisms IORPs dispose of, i.e.
conditional and discretionary benefits, "last resort" reductions of
benefits, sponsor support and pension protection schemes.

The consultation paper is a first step towards the actual QIS exercise.
Following the public consultation EIOPA will send a revised version to the
European Commission for its consideration. The QIS exercise is expected to
take place from the beginning of October until mid-December 2012.

The consultation will end on Tuesday, 31 July 2012 at 18.00 hrs CET.

Comments should be submitted via email to CP-12-003@eiopa.europa.eu
(Link: CP-12-003@eiopa.europa.eu ). Please note that comments
submitted after the deadline or not submitted on the provided templates
cannot be processed.

The relevant documentation and the templates can be accessed on the EIOPA
website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).


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