EIOPA consults on reporting and risk management by IORPs
The European Insurance and Occupational Pensions Authority (EIOPA) has launched two consultations relating to the activities of Institutions for Occupational Retirement Provisions (IORPs) – generally known as ‘Pension Schemes’. These Draft Opinions deal respectively with the supervisory reporting of costs and charges within IORPs, and supervision of risk assessment by IORPs providing defined contribution schemes. Responses are due by 22 July 2021.
EIOPA has used XBRL to collect data from IORPs since 2019. On the importance of reporting of costs and charges, EIOPA notes: “Considering that costs and charges can have a detrimental impact on future retirement income and/or sponsor contributions, a transparent and comprehensive view of all costs and charges is essential for IORPs, social partners and supervisors.”
Read more and respond here.