Joanne Segars, Chief Executive of the Pensions and Lifetime Savings Association, commented: “It is very disappointing to see EIOPA still pressing ahead with its Holistic Balance Sheet concept, now renamed the 'Common Methodology' for the purposes of these stress tests. EIOPA admits that the Holistic Balance Sheet is still no more than a work in progress, so there can be no justification for using it as the basis of this exercise. Pension schemes remain robust, long-term institutions, able to respond to economic shocks through recovery plans agreed by trustees and approved by the Pensions Regulator, and it is pleasing to see EIOPA's report acknowledges this fact. However, we understand that EIOPA has a role in running health checks on pension schemes across the EU and we are pleased that so many UK pension schemes supplied data.”
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