EIOPA updates Pension Registers

The European Insurance and Occupational Pensions Authority (EIOPA) published today Decisions to revise the following three Pension Registers:

• Register of Institutions for Occupational Retirement Provision (IORPs) Prudential Provisions

• Register of Institutions for Occupational Retirement Provision (IORPs)

• Database of Pension Plans and Products in the European Economic Area (EEA)

The three revised Pension Registers will accommodate changes required by the implementation of the IORP II Directive. The latter has come into force on 13 January 2019. Furthermore, the updates aim to provide up-to-date information as well as to improve the implementation of the Directive and the on-going maintenance of the Registers.

The Register of IORPs Prudential Provisions consists of updating the references to IORP II. This Decision replaces the European Commission Delegated Regulation (EU) 643/2014.

The amendments linked with the Register of IORPs aim:

• To simplify the requested information and allow for its use in the assessment of completeness of IORPS future reporting;
• To fully present the national level regardless of the size of the IORP and to eliminate the exemption for small IORPs;
• To define the scope of the process and responsibilities to improve the accuracy, consistency and timeliness of the information provided by the Register.

For the improvement of the Database on Pension Plans and Products in the EEA EIOPA reviewed the provisions included in the database, revised the requested information, redefined the process for updates and reviews, reconsidered the process for the provision of quantitative data and will improve the presentation via its Website.

The Decisions approved by EIOPA's Board of Supervisors should be implemented by 1 January 2020.

Background

The IORP II Directive (Article 59) requires for a Register of IORPs Prudential Provisions.

Subject to Article 9 of the IORP II Directive as well as of Article 8 of EIOPA's Regulation EIOPA is obliged to publish a Register on IORPs.

Also in accordance with Article 8 of the EIOPA's Regulation EIOPA compiles the Database of Pension Plans and Products to provide easily accessible information. The Database is a unique source for the provision a comprehensive snapshot of the European pensions' landscape and pensions systems.