As part of the implementation of the IORP II directive (IORPs - Institutions for Occupational Retirement Provision) EIOPA introduced a set of qurterly and annual reporting requirements for pension funds. These requirements are addressing the specific data collection needs towards pension funds across Europe. The quarterly reporting applies from the third quarter of 2019 and the annual from 2019 onwards.
In IORP II directive, EIOPA applied proven approaches and mechanisms from the Solvency II reporting that insurers have had to comply with for many years now. The reporting is based on xbrl format and comprises a shared taxonomy that covers specific EIOPA requirements as well as ECB requirements. The content of the reporting templates is to a certain extent similar to the Solvency II content. Although the overall amount of data points to report on is smaller, the IORP reporting is posing a significant challenge for the affected pension funds.
We have directly addressed these concerns by extending our award-winning, proven Solvency II reporting solution – Abacus Insurance – to cover the specific needs of the pension industry in line with the new reporting requirements set by EIOPA and the ECB.
Our reporting solution for pension funds builds on the success of Abacus solution for insurers, which has already earned trust of its users and recognition from a variety of industry experts. Since Solvency II Go-Live in May 2016, over 200 small, mid-size and large international insurers in more than 20 European countries have been successfully generating and submitting their required quarterly and annual Solvency II reports to local supervisors.