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PensionsEurope believes the study means it is impossible to produce a revised IORP Directive in the timeframe set by the European Commission. PensionsEurope is calling for clear and reasonable timetables for both potential upcoming rounds of QIS and for the IORP revision process as a whole.
Matti Leppälä, PensionsEurope Secretary-General and CEO, said: “The results question the feasibility of the whole idea of harmonising supervisory systems. Already these preliminary results of the QIS study show clearly that at least much more work is needed before any EU solvency framework can be proposed."
Joanne Segars, Chair of PensionsEurope, said: “This impact study leaves too many questions unanswered and has too many shortcomings for it to lay the foundations for major legislative reform. While the study is not as rigorous it needs to be, there is no doubt that Solvency II-type rules would swell pensions deficits and take cash away from jobs and investment at a critical time for the European economy. The EC must rethink its timescales for these damaging proposals.”