The European Insurance and Occupational Pensions Authority (EIOPA) has announced it will be revising the information it receives from national supervisors on occupational pensions.

These changes, which will be applicable from 1 January 2025, will make amendments to the system that has been in place since 2018, with EIOPA aiming to close data gaps on emerging risks and fix inconsistencies.

The main changes to the previous regime relate to better proportionality measures for small occupational pension funds and the inclusion of high-level look-through data on all investments in investment funds, including UCITs.

Through these revisions, EIOPA hopes to fully understand the risk exposures of Institutions for Occupational Retirement Provisions (IORPs) and the products they invest in.

Another main area of revision was the reporting of cross-border data, with EIOPA aiming for these changes to help it accurately monitor cross-border relationships.

EIOPA made the decision on the changes following feedback from a public consultation, particularly on proportionality.

The authority said that the decision eases reporting requirements for small occupational pension funds, with IORPs with less than €50m in assets exempt from the full set of reporting, as opposed to the pervious threshold of €25m.

Additionally, new data requirements on the quarterly reporting of derivatives and cashflows will only be mandatory for IORPs with more than €1bn in assets under management.

“The amendments make the reporting of occupational pensions information more proportionate and better fit-for-purpose,” EIOPA stated.

“It will allow EIOPA to better identify and assess the risks, resulting in the improved protection of pension scheme members and beneficiaries.”

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