Background
The European Central Bank (ECB) introduced a regulation (2018/231) on statistical reporting requirements for pension funds in 2018. The Statistics Division of the Central Bank of Ireland is responsible for the collection, compilation and transmission of this statistical data to the ECB.
The new regulation aims to provide enhanced statistics that will better support the European System of Central Banks in its contribution to the stability of the financial system. At least 75% of the total assets of pension funds in Ireland must be captured in detailed quarterly and annual reporting. This will increase to at least 80% in 2022.
The remaining population was granted a derogation from full reporting and some schemes are required to report a limited set of data on an annual basis. The Central Bank had this derogation inserted to reduce the reporting burden on small pension funds.
Lists of pension funds subject to both detailed quarterly reporting and those subject to annual reporting of reduced data were published by the Central Bank.
What has Irish Life done to ensure Trustees comply with their obligations under this regulation?
Irish Life has provided detailed quarterly and annual reports to the Central Bank on all required schemes for which it is Registered Administrator (RA), since 30 September 2019; the first effective date for the provision of this information. Where Irish Life is not RA for a scheme, reports have been issued to the relevant RA to facilitate reporting by that RA on behalf of the Trustees to the Central Bank.
Where Irish Life is RA for a scheme that has been granted a derogation from full reporting and is required to report a limited set of data, on an annual basis, Irish Life has made the necessary returns to the Central Bank on behalf of the Trustees. Returns have been made for these schemes since 2 January 2019; the first effective date for the provision of this information.
Irish Life will continue to provide this reporting for Trustees as required under the regulations unless advised otherwise.
