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EIOPA's chair, Gabriel Bernardino, speaking at the hearing of the chairmen of the three European Supervisory Authorities, said the first quantitative impact study – which aimed to assess the HBS approach – had revealed large differences in the protection of members and beneficiaries across Europe.
He also pointed out that pension funds disposed of "vulnerabilities" in different areas. "Some are very dependent on future payments by the sponsor, and, in others, substantial benefit reductions are expected", he said. "EIOPA stands ready to undertake all the necessary work in order to ensure safe, sustainable and adequate pensions for European citizens." He said EIOPA was now working to improve definitions and methodologies for assessing the HBS approach and would run further assessments in the coming months.
The HBS approach is, according to him, a way to capture "the wide variety of occupational pension systems in the different Member States in a single, European prudential regime".
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