The Bergen City Council Pension Fund (BKP) is one of the largest pension funds in Norway. With assets of nearly EUR 2bn, BKP will be required to submit EIOPA's new reports for pension schemes from Q3, 2019. BKP have successfully reported to the Financial Supervisory Authority of Norway as part of a test exercise. The pension fund is now well prepared to meet the reporting requirements.
“We have used Escali's portfolio system to manage our investment portfolio for many years. This meant that we had a good foundation with the necessary data to produce the new reports. Escali also have excellent solutions for effective reporting. They have considerable expertise and experience in this area and are ideal partners to help us with the new reporting.
Using Escali's software, we reported very efficiently, and consider ourselves well prepared for the new reporting regime »
BKP's CEO, Bjørn Eknes
The new European reporting requirements are relatively complex compared to current national requirements across Europe. There are a lot of similarities with Solvency II for insurance schemes, especially on the investment and accounting side.
The XBRL data format is also required and special software for report production and validation will be needed. In addition, there are guidelines and validation rules which need to be followed. It will be extremely important to establish good routines and have good systems in place to produce the reports effectively.
Escali's pension fund team have assisted BKP with registration of additional data required in relation to the investment portfolio, including; CIC, LEI and NACE codes.
Good routines to maintain this have been put in place to minimise time spent on data quality issues going forwards. The reporting system is set up to automatically map the accounting data to the EIOPA reports, so that future reporting of accounting figures simply requires raw balance sheet data.
Terje Nordtveit, the Finance and Accounting Manager at BKP who will be responsible for future reporting, comments: "With good help from Escali we are now well prepared for future reporting. I expect future reports can be produced easily without the need for a lot of time and resources”
Contact Andrew Sweetmore, Head of Pensions and Insurance for more information
+47 458 30 194
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