PensionsEurope comments on the taxonomy of new pension data reporting requirements
On 9 October 2018, PensionsEurope answered to EIOPA consultation on the taxonomy of new pension data reporting requirements. In our answer, we thanked the ECB and EIOPA for a constructive dialogue during the last years on preparing their new pension data reporting requirements. At the ECB workshop on 10 October 2018 we continued that open dialogue with the ECB, EIOPA, NCBs/NCAs, Eurostat and OECD, and we provided further comments and clarifications to them.
PensionsEurope shares the aim of EIOPA and the ECB to have better, comparable and relevant information on occupational pensions in Europe, and we welcome that the ECB, EIOPA, Eurostat, and OECD are aligning their reporting standards for pension funds.
We support a principle to leave flexibility to the NCAs in collecting data and providing it to the ECB and EIOPA. A starting point should remain the so-called ‘one-stop-shop’-concept, and considering the amount of information already available, the NCAs should play a central role therein.
In our answer, we suggested several amendments to better accommodate the needs of pensions funds. They particularly refer to the time frame, the binding nature of the XBRL format and the costs related to its introduction including licence and implementation costs.