PensionsEurope publishes Position Paper on EIOPA plans for further work on solvency of IORPs

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.