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Janwillem Bouma, Chair of PensionsEurope, said:
”The IORP II Directive contains a thorough framework for pension funds’ future risk management and assessment. Risk management is essential for IORPs and they regularly carry out their own stress tests and scenario analyses (e.g. Asset and Liability Management studies) as part of their own risk management processes. Now it is time for a period of legislative calm in order that pension funds can concentrate on delivering adequate, safe and affordable pensions and retirement provisions for their members and beneficiaries.”
EIOPA’s Quantitative Assessment exercise shows that IORPs pose no systemic risk and capital requirements based on the HBS would have significant negative impacts on IORPs, sponsors and members. The impacts would be very harmful to the real economy as well.
Matti Leppälä, Secretary General/CEO of PensionsEurope:
”PensionsEurope welcomes the fact that EIOPA has taken note of some concerns raised by us and by many other stakeholders by proposing that the European institutions refrain from introducing harmonised funding or capital requirements for IORPs at the EU level. As EIOPA states, a one-size fits-all solvency regime is not appropriate and would have potential significant negative impacts. We are therefore strongly opposed to requiring national competent authorities to act upon the results derived from a risk management and transparency tool using the common framework, because this would be introducing a holist balance sheet through the back door.”
”The IORP II Directive stresses that the further development at the EU level of solvency models, such as the HBS, is not realistic in practical terms and not effective in terms of costs and benefits, particularly given the diversity of IORPs within and across Member States. No quantitative capital requirements - such as Solvency II or HBS models derived therefrom - should therefore be developed at the EU level with regard to IORPs, as they could potentially decrease the willingness of employers to provide occupational pension schemes. PensionsEurope calls for policymakers and EIOPA to respect this.”