AEIP provided input to EIOPA’s Public Consultation on IORP’s Reporting Rules
On 18th July AEIP provided input on the Public Consultation of EIOPA regarding the regular information requests to national competent authorities (NCAs) for occupational pension information. In its consultation response AEIP highlighted that there are no compelling arguments to justify amending the existing requirements, given the cost impact of these changes especially for small and mid-sized IORPs and it remains too early to have a review of the previous information request. It would be appropriate to initiate potential new requirements after the review of the IORP II Directive, which is still in the process of full implementation and in all cases, any new detailed reporting requirements should benefit the IORPs, its members and beneficiaries.
Moreover, some of the additional reporting requirements are being justified by EIOPA in order to allow for comparison. However, the heterogeneity in Europe, not only between the different countries but also within the member states does not allow for comparisons and aiming to make them can only lead to wrong conclusions.
In addition, AEIP stresses that EIOPA should aim to make use of information that is already collected by the European Institutions. When additional data is required by EIOPA, it should be always taken into account if the additional insights that is intended will make up the cost for this additional data for the IORPs, which are often significant and at the end are mainly paid by the beneficiaries through lower pensions.
For more the full AEIP’s response, please see here.