PSEC 2012 EIOPA At Odds With EC On IORP Review Timetable
01 November 2012 (PLANSPONSOREurope.com) – Pan-European pensions regulator EIOPA failed to persuade the European Commission its timetable to develop the IORP Directive was "inadequate".
In light of objections from schemes and sponsors, EIOPA warned the executive body it should give more time for testing the likely impacts of IORP, which began with the Quantitative Impact Study, starting on 19 October.
Speaking on the second day of PLANSPONSOR Europe’s Pension Schemes of Europe Conference in Barcelona, Teresa Turner, principal pensions expert at EIOPA accepted these concerns were legitimate and had been raised with the commission.
Her comments were in response to accusations from European Federation of Retirement Provision chief executive Matti Leppala, the timescale was "inadequate".
Turner said: “We had comments on inadequate timescales. We raised this with the Commission.
“It is a political timetable and it is the Commission that decides the final technical specifications on which the QIS[Quantative Impact Study] is based on."
According to Turner the QIS would be the first of many tests of different aspects of IORP.
“We pointed out one QIS on the current technical specifications is not likely to give a full picture on the practicality of this holistic balance sheet," she added.