EIOPA to launch quantitative assessment and stress testing of occupational pension institutions; Finland not to take part
The European Insurance and Occupational Pensions Authority (EIOPA) published, on 11 May 2015, information on quantitative assessment and stress testing of institutions for occupational retirement provision (IORP). In Finland, supplementary pension funds qualify as IORPs. The quantitative assessment is related to the work on the solvency framework for IORPs carried out by EIOPA.
The Financial Supervisory Authority (FIN-FSA) has decided that Finland will not take part in the quantitative assessment and stress test. In the FIN-FSA’s view, the efforts required of both the institutions and FIN-FSA for participation in the exercise would be unproportioned compared to the advantages. The IORP sector is small in relation to the overall pension provision in Finland. The funding is provided by the sponsoring firms and new beneficiaries are, as a rule, not accepted for existing supplementary pension schemes run by the institutions.
The information on quantitative assessment and stress testing is available on the EIOPA website.
For further information please contact
Vesa Hänninen, Head of Employee Pension Institutions Division, tel. +358 10 831 5535 or vesa.hanninen(at)fiva.fi.
Supervision release 19/2015 was published in English on 1 June 2015.