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AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

Homepage News AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

AEIP publishes its statement on ‘The need to support paritarian institutions of social protection in light of the Covid-19 challenges’

Cécile Henrotte
16/04/2020
News, Position Papers
The statement gives a concise overview of the challenges faced by paritarian institutions in the current pandemic situation, while highlighting their importance from a social and financial aspect. The member organizations of AEIP play a significant role in ensuring adequate benefits for old age income, healthcare and long-term care services while they work as much-needed automatic stabilizers in times of economic strain. Thanks to their joint decision-making process and management by the social partners, they promote transparency, inclusiveness and democratic legitimacy. They also have a substantial role in maintaining financial stability. They often act counter-cyclically by maintaining their long-term strategic asset allocation in stressed market conditions, meaning they rebalance and buy assets whose prices have diminished abruptly.
 
The general policy measures for countering the Covid-19 pandemic have put substantial strain on the ability of paritarian institutions to sufficiently cover their obligations. In fact, in an effort to alleviate the pressure from businesses and employees, in many countries the payment of social security contributions has become more flexible, through their deferral to a later date, their decrease or even by their temporary waiver. Even though the funding of IORPs and provident institutions is significantly reduced, they continue paying their beneficiaries’ benefits on a regular basis. A most important aspect is to assure the continuity of every-day activity of paritarian institutions and to maintain a good level of services to the members.
 
Given the significant support that paritarian institutions provide to European citizens in the current crisis, AEIP calls the authorities and institutions at the EU level to:
–          continue displaying significant flexibility in the implementation of supervisory practices and regulations in close consultation with the industry.
–          EIOPA should also use the present circumstances in order to reflect on a Stress Test (ST) methodology for IORPs which takes into consideration the different national recovery mechanisms.
–          DG FISMA and EIOPA should consider the particular social character of the paritarian funds –including IORPs and provident institutions- and not treat them as pure financial institutions.
 
To read AEIP’s statement, please see here.
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Thursday, 25, May
AEIP replies to EIOPA’s Consultation on the review of the IORP II Directive
Thursday, 11, May
Paritarian institutions in the Building Sector oppose against exemptions to prior notification for the construction industry
Thursday, 27, Apr
SAVE THE DATE – The 14th edition of the World Pension Alliance & Transatlantic Conference will take place from 14 to 16 June, 9h00 – 17h00 EST in Boston
Tuesday, 11, Apr
AEIP is pleased to announce the appointment of Simone Miotto as its new Executive Director
Thursday, 30, Mar
AEIP adopt its position on the Open Finance Framework initiative
Wednesday, 22, Mar
AEIP reply to the call for evidence on the 2023 Strategic Foresight Report

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