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16 December 2013

EIOPA: Final report on public consultation on occupational pension schemes

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EIOPA published its final draft ITS on reporting of national provisions of prudential nature on occupational pensions. The ITS promote transparency and comparability of national provisions and help to promote cross-border activity of IORPs.

For the first time, all information of prudential nature from a wide range of sources across the EU will be centralised in one place and made available to European citizens, in particular adding value to professionals working on cross-border schemes.

In the opinion of the EIOPA Occupational Pensions Stakeholders Group, the ITS will have a positive impact if they enable EIOPA to address any national provisions of prudential nature which do not comply with the requirements of the IORP Directive. They may also help to clarify which provisions of national law are included in SLL. This will enable advisors and practitioners, as well as multinational companies, to more easily identify the prudential regulation and SLL in various Member States where they have subsidiaries which will facilitate the consideration of cross border provision.

The only negative impact that the Stakeholders Group can foresee is if the costs incurred by competent authorities in reporting their national provisions of prudential nature relevant to IORPs to EIOPA every year are passed on to IORPs.

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