Pension reports

Pension reports

What is the definition of pension reports?

Pensions are a part of EIOPA’s (European insurance and occupational pensions authority) terms of interest. EIOPA aims to ensure the establishment of high-quality common regulatory and supervisory practices in all countries that are members of the European Union (Bulgaria, Romania, Croatia and the United Kingdom included). It is also an empowered authority that is entitled to providing and pushing solutions to the European parliament and the European commission with insurance-based ideas and proposals.

Pensions in particular can be either:

  • Personal
  • Occupational

Whichever the type of pensions in question are, specific reporting is required, as specified by the regulator. Complying with the admittedly sound and consistent levels of regulation that EIOPA provides can still be a daunting task. And while regulation itself brings security, stability and safety to European Union members, pension reports can be rather difficult to create.

Luckily, M Mobile solutions provides services directly related to this scenario. The company can design, and also build, test (thoroughly and efficiently) and maintain pension reports.

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What are Occupational reports and what are the related regulations there?

Since the very beginning of 2011, the review of the Directive on the activities and supervision of institutions for occupational retirement provision has been the main focus of EUOPA Occupational pension reports.

The goals, as can be expected, are to work on the standardization of reports related to pension schemes, default investment funds, and development of a technical standard of reporting prudential legislations.

Since 2012, the public consultation draft about the technical specifications for the QIS by EIOPA has been launched and is available for everyone to check. Of course if there are unknowns, or finishing the task yourself seems too cost-inefficient, M Mobile solutions can help you with that. If you are interested in consulting services please check out the contact section at the bottom.

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What are personal pension reports and what are the regulations there?

The demographics of most countries, members of the European Union, as well as their economic reality make it difficult for any member to provide pensions to its citizens in an adequate and sustainable manner.

Obviously, with these facts being reality, specific regulations have been put in place as well. In this case, they have been in action since 2013.

From that moment on, EIOPA has been actively developing a solution to the necessity of creating a single EU market for personal pensions. In February 2014, a preliminary pensions report regarding personal pensions has been published. It is named “Toward an EU single market for personal pensions”.

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How can I use pension reports and what are the insurance bits I need to understand?

By its very definition, the EIOPA authority has been created with the sole reason of protecting public interest. Its main task is standardizing regulatory requirements within the European Union with the sole purpose of benefitting the interest of all EU citizens.

One of its major developed works is Solvency II which is based on Insurance and Reinsurance. The directive is a result of the need for a standardized EU directive for these purposes, and targeting these businesses.

In addition, a common database (IGD national options database) is made available to the public. This database promotes transparency and various information, concerning the means through which EU jurisdictions have implemented the options defined in the IGD (insurance groups directive).

The directive itself has been stable for a while, with all noteworthy or significant updates on it being published before or during 2008.

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What are the benefits that I can gain by trusting M Mobile Solutions?

As mentioned above, M Mobile Solutions can guide you step-by-step through these directives, effectively lowering the difficulty in planning, designing, testing and maintaining pension reports. If you are in need of highly qualified help and consultancy, our company is here to help you. If you are interested, please contact us – our contact details are listed in the contacts section below!

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