Escali Blog

EIOPA reporting deferred in Ireland

Oct 4, 2019 12:00:07 PM / by Andrew Sweetmore

Given a number of technical issues, the Pensions Authority has decided to defer the collection and reporting of data to EIOPA. Pension schemes will therefore not be required to submit EIOPA data separately to the Pensions Authority for a temporary period. This period is expected to be short.

What does this mean in practice?

The short answer for pension schemes is, very little.

Whilst the Pensions Authority has decided to defer the collection and reporting of data to EIOPA, this does not affect the data to be provided to the Central Bank of Ireland (the Bank). Data to be provided to the Bank is based on requirements from the European Central Bank (ECB). This includes almost all of the information which will be required for EIOPA reporting. The effect of the deferral is that, for a limited period, “duplicate” data is not required. In fact, in some areas ECB reporting requires additional data compared to EIOPA reporting.

So what is actually required?

On a quarterly basis, pension funds which are subject to detailed reporting are required to submit a report including the following information:

  • Basic information on the pension fund
  • Balance sheet data
  • A list of assets
  • Pension fund reserve data

On an annual basis, additional information is required

  • Assets, liabilities and membership for cross-border arrangements (if relevant)
  • Expense information
  • Details of investment income
  • Information regarding changes in technical provisions
  • Membership information
  • Detailed reserve and liability information
  • Pension entitlement split by country (if relevant)

Pension funds which are subject to reduced reporting are only required to submit an annual report. This includes the following elements

  • Basic information
  • Balance sheet
  • Membership numbers
  • Contributions received and benefits paid

The reports need to be submitted in XBRL format, which will be new for most schemes.

There are a total of 429 Irish pension funds on the Bank’s list for detailed reporting and over 13,000 on the list for reduced reporting.

What now?

If your scheme has not already tested the new reports, we recommend producing and validating a test XBRL report as soon as possible. Escali have performed extensive testing, including a full test report for one of our largest clients. You can read about this here.

For help with this process, or just an informal discussion about what Escali can offer, contact us today.

Tags: EIOPA Reporting

Andrew Sweetmore

Written by Andrew Sweetmore

Head of Business Development for pensions and insurance, Andrew has over 20 years experience within this sector. Having previously worked as a pension Scheme Actuary in the UK, Andrew now leads our pensions and insurance team.