Covid-19 Survey

Over recent weeks we surveyed members to see how they were initially impacted by the Covid-19 Crisis. You can access the results here.

EIOPA statement on impact of COVID-19 on the pensions sector 

Last Friday, the European Insurance and Occupational Pensions Authority (EIOPA) issued a Statement on the principles it expects national competent authorities (which, in Ireland, would be the Pensions Authority and Central Bank of Ireland) to adhere. These principles are in order to mitigate the impact on pension schemes and their members and beneficiaries, as well as to avoid pro-cyclical effects on the real economy and financial system, using a risk-based and proportionate approach. We welcome this statement which provides a pragmatic approach to the current crisis. 

We understand the Pensions Authority is considering further Guidance for trustees and administrators and we have highlighted areas that need to be covered in this. 

Investment Considerations for DC Members during the Covid-19 Crisis

We have worked with our Investment and DC Committees to produce a document which outlines investment considerations for DC members. Schemes may find this useful to give to members who are considering their investment options as a result of the Covid-19 Crisis.

PensionsEurope

PensionsEurope is providing weekly updates on how Covid-19 is impacting on pensions across Europe. These are available in the eUpdate area here.

European Central Bank Statistical Reporting

We had also been in contact with the Central Bank of Ireland seeking confirmation that the ECB will put in place similar extended time limits for regulatory reporting as EIOPA. The Central Bank has now confirmed that there will be no general extension of the deadlines for quarterly and annual reporting. However there is provision under a new regulation from the ECB for the Central Bank to provide an extension on a case-by-case basis where reporting agents are experiencing challenges in meeting the requirements. The Central Bank has stated that they expect all reporting agents to meet the existing deadlines but that any who are experiencing challenges should contact them, in order that they can assess and decide if an extension is appropriate.