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Occupational Pensions – EIOPA launches quantitative impact study

16 October 2012

To read the report, click on this link.

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. 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.