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AEIP submits its feedback to the European Commission’s consultation on rationalisation of reporting requirements

Homepage News AEIP submits its feedback to the European Commission’s consultation on rationalisation of reporting requirements

AEIP submits its feedback to the European Commission’s consultation on rationalisation of reporting requirements

Cécile Henrotte
28/11/2023
News

The European Association of Paritarian Institutions (AEIP) has submitted its feedback to the European Commission’s consultation on rationalisation of reporting requirements. AEIP welcomes the Commission’s initiative to ease burdensome reporting requirements. In the past years, the regulatory burden on Institutions for Occupational Retirement Provision (IORPs) has increased significantly due to the 2016 review of the IORP Directive and applicable horizontal legislation such as sustainable finance legislation and Digital Operational Resilience Act (DORA). This has detrimental effects resulting in additional financial burdens on their members and beneficiaries, ultimately diminishing pension benefits.

 

AEIP underlines that striking the right balance between regulatory oversight and the operational needs of pension funds is essential to ensure the long-term financial well-being of pension funds and pension beneficiaries. Furthermore, AEIP advocates for the stabilisation of regulations. The continual evolution of reporting requirements necessitates the adjustment of national systems and procedures, leading to unwarranted and counterproductive complexity.

 

Simone Miotto, the Executive Director of AEIP said:

“It is crucial to recognize the inherent distinctions between paritarian institutions, such as occupational pension and healthcare funds, and pure financial market entities. Belonging to the welfare state and offering social protection, paritarian institutions exhibit distinct qualities compared to other participants in the financial market. For instance, they operate on a ‘not-for-profit’ basis, they lack shareholders and, notably, refrain from product sales. Likewise, rather than customers, paritarian institutions have members and beneficiaries.”

 

AEIP strongly believes that transparency and accountability are crucial in managing pension and healthcare funds, still overly excessive reporting requirements can have detrimental effects on these funds’ efficiency. AEIP suggests that the way forward is to make reporting simple and relevant (proportional) and always consider a cost-effective approach for pension and healthcare funds and their members and beneficiaries.

 

To read our full feedback please see here.

 

For further information please contact: panayiotis.elia@aeip.net

Panayiotis Elia, AEIP Policy Advisor, Pension & Financial Affairs

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  • AEIP underlines the potential of paritarian occupational pensions in securing financial retirement stability for European citizens
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Wednesday, 30, Apr
Mapping report of social ID Cards in the Construction Sector Across the European Economic Area
Tuesday, 22, Apr
The European Association of Paritarian Institutions – AEIP is looking for a Policy Advisor & Project Officer – Construction Sector, Healthcare & Provident Funds to assist in its lobbying & project management activities in Brussels
Friday, 4, Apr
AEIP welcomes the EU eDeclaration proposal and calls for targeted enhancements to ensure fair posting and compliance
Friday, 7, Mar
AEIP underlines the potential of paritarian occupational pensions in securing financial retirement stability for European citizens
Tuesday, 4, Feb
AEIP welcomes the Single Market Strategy’s aim to create new momentum for a modernised single market
Friday, 17, Jan
AEIP reply to EIOPA’s consultation paper on the draft Opinion on the supervision of liquidity risk management of IORPs

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