Institutions for Occupational Retirement Provisions (IORPs) in the EU are subject to regular supervisory reporting. The European Insurance and Occupational Pensions Authority (EIOPA) defines the technical requirements for pension fund reporting. To effectively communicate these requirements to both existing and new pension funds, EIOPA regularly updates the regulatory reporting taxonomy.
Currently, Pension Funds (IORPs) continue to use the 2.7.1 release until Q4 2024 included (2.9.0 will be applicable from Q1 2025). During the regular annual revisions of the EIOPA models, the Pension Funds 2.9.0 release was published on July 15, 2023.
Among other changes, there was also a structural change to the model due to a new approach to generating XBRL taxonomy through a metadata management platform – ATOME Matter developed by BR-AG. This collaborative metadata management and modelling platform enables users to cross-check their understanding of data requirements and it is already used by a number of central banks and NCAs.
Here our experts provide a more detailed report on changes between taxonomy versions 2.9.0 and 2.7.1 for Pensions Funds reporting.
The Pension Funds 2.9.0 taxonomy will be applicable from Q1 2025 and applies only to Pension Funds (IORPs). As it was previously planned by the EIOPA, 2.9.0 Hotfix was published on 16 July 2024 to address concerns and enhance the model based on feedback received.
This pension funds DPM and XBRL taxonomy package release 2.9.0 Hotfix is provided to be used from the 01/01/2025 reference date until a new version is announced in line with the Governance of Taxonomy Releases.
This Hotfix is more substantial than usual as it includes significant modelling amendments. Our team of insurance and pension funds reporting experts analysed these and highlighted the most key amendments to help you stay in the know.
In particular, we detected minor label corrections in two hierarchies (LB_67 and PC_6). However, most of the amendments focused on providing fixes to validations. The model was also updated, with the biggest changes consisting of:
- removal of the table PFE.29.05.30.02; introduction of new variant for open derivatives table: PF.08.01.25
- change in the content of the submission (PF.01.01.25.01, PFE.01.01.31.01) reflecting these amendments
- introduction of new column EC0272 – Issue price to PFE.06.02.31.02 (to reflect more closely the corresponding table from Solvency II)
- technical correction of PF.04.03.24.01 Cross-border template – reportable information in row R0015
- finally, the Hotfix reintroduced PTV0 technical validations checking the filling indicator and content of the submission alignment.
To ensure our clients and partners are well-prepared for the essential reporting updates, new taxonomies and requirements in advance, at BR-AG, we constantly configure our tools in a way that they reflect all the latest updates timely to eliminate compliance and possible technical issues.
Insurance Companies and Pension Funds face ongoing challenges due to unprecedented levels of complex regulatory changes and growing demands for regulatory data. Additionally, the process of preparing submission data, converting it into XBRL, identifying errors, and correcting them can be lengthy and costly. Our XBRL reporting tool, ATOME Particles, helps them to navigate complex regulatory changes, and meet data demands when creating and validating XBRL regulatory reports.
Reach out to us if you want to test Taxonomy for Pensions Funds Data Point Model and Taxonomy 2.9.0 Hotfix in our ATOME Matter, review its structure in action, and ask our experts for tailored guidance on the essential changes in reporting that affect Pension Funds (IORPs).
