EIOPA and ECB reporting requirements
Update on EIOPA Pensions Data reporting to the Pensions Authority
In 2018, new reporting requirements for pension schemes were introduced by the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB). The Pensions Authority issued a news alert on 7 September 2018, advising that large pension schemes will be required to report detailed data on assets, liabilities and members on a quarterly and annual basis and smaller schemes will be required to report summary data annually. Details of the EIOPA reporting requirements are set out in the decision of EIOPA’s Board of Supervisors dated 10 April 2018. The initial reporting date for quarterly reporting is the end of the third quarter of 2019 and for annual reporting is the calendar year end of 2019.
Given a number of technical issues, the Pensions Authority has decided to defer the collection and reporting of the data to EIOPA. Pension schemes will not be required therefore to submit EIOPA data separately to the Pensions Authority for a temporary period. This does not affect the data to be provided to the Central Bank of Ireland (the Bank). Details of the Bank’s requirements can be found here.
Please note that the period of deferral for EIOPA data reporting to the Pensions Authority is expected to be short. In the meantime, the Pensions Authority may contact a small number of large pension schemes directly requesting them to provide certain information as an interim measure. The details of the information required will be notified directly to the selected pension schemes.
When arrangements for the collection of EIOPA data are finalised, the Pensions Authority will communicate further and will provide adequate notice of requirements to report EIOPA data to the Pensions Authority, taking into account the technical and practical issues involved.
Trustees and Registered Administrators are also reminded of their continuing obligations to provide Annual Scheme Information to the Pensions Authority.
Further updates will be provided via the Pensions Authority website.