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The so-called 'Group of Eight' includes the European Association of Paritarian Institutions, BUSINESSEUROPE, the European Centre of Employers and Enterprises Providing Public Services, the European Fund and Asset Management Association, the European Federation for Retirement Provision, the European Trade Union Confederation, the European Private Equity and Venture Capital Association, and the European Association of Craft, Small and Medium Sized Enterprises.
The group was highly critical of the launch of the first quantitative impact study (QIS) for the introduction of a holistic balance sheet (HBS) approach within the revised IORP Directive.
The Group of Eight welcomed EIOPA's recognition that the very feasibility of the HBS tool would need to be further investigated. However, it said it regretted that the Commission ignored these issues in the final QIS specifications, and called on EIOPA to stick to its view to conduct further exercises in future. The associations went on to say that the process of revising the IORP Directive must be driven by "realistic timelines", as well as "truly aim at improving the adequacy and sustainability of occupational pensions in Europe".
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