PensionsEurope has said it is “concerned” by the lack of “public analysis” of IORP data collected by the European Insurance and Occupational Pensions Authority (EIOPA).

Publishing its response to EIOPA’s review of IORP reporting requirements, PensionsEurope also said that it thinks EIOPA’s review has come around “very/too early”.

“In general, we find that EIOPA review of IORPs reporting requirements comes very/too early. We would have expected that EIOPA would have published at least some analysis of the very comprehensive data that it has received from IORPs, and we are concerned about the lack of public analysis for various reasons,” the association said.

Furthermore, it said that a transfer of Solvency II reporting requirements to IORPs was never politically envisaged by the EU legislator and, therefore, should not be done by EIOPA.

“The development of new requirements should never occur at too rapacious level and should be based on careful consideration of what the supervisory needs are, and not on what EIOPA deems either ‘good to have’ data or where alignment is argued to be motivated solely on the basis that similar data is required by insurers who are regulated by Solvency II, which is a very different set of regulations,” PensionsEurope stressed.

PensionsEurope noted that the new reporting requirements have significantly increased the administrative burden and costs to IORPs, and it is in the public interest of all stakeholders that EIOPA requires IORPs only to report the data that it needs and is able to analyse.

“In that vein, it would be useful for EIOPA to state in detail the purposes behind gathering each element of data,” the association said.

“We would like to see an awareness among regulators that reporting requirements on IORPs incur costs – in addition to direct costs, also indirect costs for NACE and rating agencies, among others – which lead to lower pensions for beneficiaries.”

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