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AEIP publishes its first response to the EIOPA 2019 IORP Stress Test

Homepage News AEIP publishes its first response to the EIOPA 2019 IORP Stress Test

AEIP publishes its first response to the EIOPA 2019 IORP Stress Test

Cécile Henrotte
17/12/2019
News, Position Papers, Studies & Reports

AEIP would like to provide some preliminary comments on the conclusions reached by EIOPA in its final report on the IORP Stress Test, published on 17 December 2019, as well as general recommendations.

 

  • AEIP appreciates the fact that EIOPA discussed with stakeholders the cash flow analysis and took it into account for the 2019 IORP Stress Test (ST).
  • The 2019 ST exercise is seen as a ‘snapshot’ for Pension Funds (PFs), which does not show the potential for market recovery over time.
  • The interpretation of the results of the cash-flow analysis (CFA) is straightforward and clear, since the CFA shows the size and timing of cash flows over time and for different scenarios.
  • Stress Test results should be interpreted carefully and most importantly they should be linked to macroeconomic indicators, (such as EU GDP) in order to indicate the correct proportionality of the results.
  • Due to their existing recovery mechanisms, PFs are well equipped to meet their engagements in the longer term.
  • Financing sustainable growth and participating in the Capital Markets Union (CMU) requires a certain risk appetite, so conclusions deriving from the ST should not lead to PFs not participating in the CMU.
  • Bearing in mind that the UK and Ireland do not participate in the 2019 EIOPA IORP ST exercise, but also that the Dutch PF sector amounts to approximately 60% of assets, we consider that the results of the 2019 ST report are not representative of the full EU market.
  • Further development and incorporation of ESG factors should be done at the stage when methodologies are more developed but also when comparable and scientifically underpinned data is available. Moreover, any further development of ESG factors in the ST should be aligned with the proportionality principle, given the high cost of ESG data.
  • Disclosure of names of IORPs participating in the ST 2019 should be avoided.

For the full version of the AEIP first reaction, please see here.

 

AEIP plans to publish a more detail analysis of EIOPA’s Stress Test report in the beginning of 2020.

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Thursday, 5, May
The 13th edition of the World Pension Alliance & Transatlantic Conference 2022 will take place on 7th & 8th June
Wednesday, 6, Apr
AEIP published its input to the European Commission’s call for evidence on the European care strategy
Wednesday, 6, Apr
AEIP provided input in the Social Dialogue on the High-Level Group on the future of social protection and of the welfare state in the EU
Tuesday, 1, Mar
AEIP Publishes its input on the public consultation of the European Commission Guidelines on the application of EU competition law to collective agreements regarding the working conditions of solo self-employed
Thursday, 24, Feb
AEIP publishes its position on the EU Taxonomy for sustainable activities
Monday, 7, Feb
European Retirement Week 2021 – Video extract

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