PensionsEurope today reaffirmed its opposition to EIOPA’s Holistic Balance Sheet (HBS) project and called on EIOPA to divert its energies to tackling more pressing pension challenges. PensionsEurope’s statement came in a position paper summarising its response to EIOPA’s 111-question consultation paper on the Holistic Balance Sheet. The consultation was published on 13 October 2014 at EIOPA’s own initiative.
Although PensionsEurope recognises that EIOPA has addressed some of the issues raised during previous rounds of consultations, the HBS still contains many shortcomings and is not suitable as a regulatory instrument at EU level. PensionsEurope warns that the HBS would place unacceptable burdens on IORPs and their sponsoring undertakings and would have detrimental effects for millions of EU citizens.
You can find the press release here.
PensionsEurope endorses Fleming Europe's 2nd Annual Pension Funds in CEE on 18 - 19 March 2015 in Prague Republic. You can find the programme here.
On 13 January 2015, PensionsEurope submitted its response to the EIOPA Consultation Paper on solvency for IORPs.
The response is available here.
Today, PensionsEurope published its Statistical Survey 2014. The survey is based on data provided by PensionsEurope’s members and covers different figures for the year 2012 and best estimates for 2013.
The survey and the accompanying explanatory note are available here
Today, the Permanent Representatives Committee agreed, on behalf of the Council, its negotiating stance on a draft IORP II directive. This agreement enables negotiations with the European Parliament.
PensionsEurope welcomes the Council negotiating stance agreed today and is looking forward to engage and discuss with the European Parliament.
PensionsEurope will continue working closely on this topic with the aim to support institutions for occupational pensions provisions (IORPs) in providing adequate, safe and sustainable pensions for the people of Europe.
You can find the press release here.
On 13 October 2014, EIOPA published a consultation paper on further technical work on the holistic balance sheet to gather input from stakeholders. The paper constitutes a further step in EIOPA’s work on a risk-based framework for occupational pension funds.
The consultation paper proposes improved definitions and methodologies to value the holistic balance sheet, covering areas such as the valuation of sponsor support, the benefit reduction mechanisms and discretionary decision-making processes and the definition of contract boundaries. The paper consults on different possible uses of the holistic balance sheet within a supervisory framework, ranging from an instrument to establish funding requirements to a risk management and transparency tool to assess the long-term sustainability of IORPs.
The further work on the holistic balance sheet has to be tested through a quantitative assessment. EIOPA expects to publish draft technical specifications for such an assessment by early 2015.
The consultation will end on January 13, 2015
More information can be found here
On 6 October 2014, PensionsEurope published a detailed position paper on the proposal for an IORP 2 Directive. PensionsEurope welcomes the Commission’s commitment to high standards of pension scheme governance and communications but is convinced that important features of the occupational pension sector need to be adequately taken into account in the Directive proposal.
The paper provides a detailed analysis and amendment proposals.
The position paper is available here.
PensionsEurope has today published the position paper on the revised Shareholder Rights Directive. PensionsEurope welcomes the intention of the Commission to encourage and facilitate long-term shareholder engagement with investee companies. An engaged shareholder base alongside high standards of governance, transparency and protection of minority shareholder rights should enhance the attractiveness of the EU market for both investors and issuers. However, PensionsEurope is concerned that some of the proposals might be too prescriptive for schemes.
You can read the position paper here
PensionsEurope has submitted a response to the Consultation Paper on Draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under EMIR. In its response to this consultation of the European Supervisory Authority, PensionsEurope has expressed its concerns on the impact that the proposed measures would have on IORPs when trading derivatives. It is PensionsEurope’s view that said measures go against the rationale behind the temporary exemption from the clearing obligation granted to IORPs and their asset managers under EMIR. It also fails to recognise the very low counterparty risk of IORPs as well as the way they use derivatives to mitigate financial risk.
The PensionsEurope response is available here.
PensionsEurope was invited to an APFIPP seminar in Lisbon on 2 July 2014 where PensionsEurope chair Joanne Segars presented the PensionsEurope Manifesto. In the Manifesto, PensionsEurope expresses its concerns regarding the pension landscape in Europe. José Veiga Sarmento, APFIPP president, pleaded for an increase of workplace pensions in Portugal. He was supported by PensionsEurope Secretary General Matti Leppälä, who stressed the need for workplace pensions in Europe.
You can find an article in the Portuguese newspaper Expresso here.
The PensionsEurope Manifesto is available here.