EIOPA launches Quantitative Impact Study for occupational pensions

The European Insurance and Occupational Pensions Authority (EIOPA) launches
today the first Quantitative Impact Study (QIS) on Institutions for
Occupational Retirement Provision (IORPs), as part of its process to
advise the European Commission on the review of the IORP Directive.

The QIS will assess the financial impact of different sets of options for
the valuation of the holistic balance sheet and the calculation of capital
requirements. It will also deal with the quantification of the security
and benefit adjustment mechanisms existing in different countries.

The exercise is targeted at IORPs that run defined benefit pension plans.
IORPs that only provide pure defined contribution schemes are excluded
from the scope. In order to facilitate the participation in the QIS of
smaller IORPs, EIOPA developed so-called 'helper tabs' –
spreadsheets that will assist IORPs in valuing sponsor support and pension
protection schemes by using simplifications.

Nine European countries, in which defined benefit pension plans are most
prevalent, have volunteered to participate in the study: Belgium, France,
Germany, Ireland, the Netherlands, Norway, Portugal, Sweden and the United
Kingdom. The national supervisory authorities (NSAs) are responsible for
conducting the QIS in their country. The exercise will be performed by
either selected IORPs or by the NSAs themselves using real or aggregate
data; or by actuarial firms acting on behalf of NSAs; or a combination.

EIOPA will coordinate the QIS at the European level, will be in charge of a
question & answer procedure and will analyse the individual data in order
to ensure consistency of the results.

The exercise runs until 17 December 2012 and the report on the QIS outcome
is expected to be released in spring 2013.

Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to take this important step in the development of a new European
framework for occupational pension funds. In our advice to the European
Commission we proposed the holistic balance sheet (HBS) concept as a means
to capture the wide diversity of retirement systems in a single prudential
regime. This QIS will allow us to investigate the feasibility of
implementing the HBS in practice".

The documentation related to the QIS for occupational pensions can be found
here (Link:
https://eiopa.europa.eu/consultations/qis/occupational-pensions/quantitative-impact-study/index.html
).


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