EIOPA launches consultation on the Quantitative Impact Study

15 June 2012

The consultation's aim is to help IORPs to perform the necessary calculations if the Holistic Balance Sheet were to be implemented under the revised IORP Directive. The deadline for the consultation is 31 July, 2012.

This consultation paper puts forward for public consultation the draft technical specifications for the quantitative impact study (QIS) of EIOPA’s advice to the European Commission on the review of the IORP Directive. It is the first step towards the development of the quantitative impact study. However, readers should be aware that not all of the content of the consultation paper will be relevant for the situation of their IORPs as this paper covers all the specificities within each Member State provisions

The QIS will limit itself to assessing the impact of EIOPA’s advice on valuation and security mechanisms on the financial requirements for IORPs providing defined benefit or hybrid schemes. This implies that:

• the study will not assess the impact of the advice on scope and definitions, role of the supervisor, governance and disclosure to plan members;
• IORPs providing only pure defined contribution schemes (i.e. that do not provide any guarantees to the participants) will not be included in the exercise;
• the QIS will not constitute a broad impact assessment of all costs and benefits of the EIOPA advice and/or the Commission’s objectives for the revision of the IORP Directive. However, the outcomes will feed into the comprehensive impact assessment of the Commission, and EIOPA will consider whether to offer further views regarding these aspects as promised in the advice.

The QIS is confined to the numerical calculations relating to the holistic balance sheet. It is not the scope or mandate of the QIS to consider the wider implications of this approach to determining funding obligations.

Full consultation paper

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