Results were collected from 7 countries, these being Belgium, Germany, Ireland, Netherlands, Norway, Sweden and the United Kingdom with nearly 100 IORPs completing the QIS exercise. The QIS analysed the impact of EIOPA’s advice on IORPs that provide defined benefit or hybrid schemes and does not include in the scope those IORPs that solely provide pure DC schemes. The QIS exercise was a first attempt at testing the holistic balance sheet approach, aiming to make prudential balance sheets of IORPs comparable and transparent across Europe. As Europe faces the challenge of providing its citizens with adequate, sustainable and secure pensions, a market-consistent valuation of balance sheets provides stakeholders with an objective and transparent view of the financial situation of IORPs.
Published on October 1, 2013
Following a call from the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA) conducted a quantative impact assessment (the “QIS”) on Institutions for Occupational Retirement Provision (“IORPs”). The study was commissioned for stakeholders to better understand the quantative impact of the different options for the holistic balance sheet approach.