The new European regulation for occupational pension funds, IORP II, has come into force from January 2019. The aim of this regulation is improve governance for pension funds and increase protection for pensioners.
The European regulator EIOPA (European Insurance and Occupational Pensions Authority) has mandated XBRL (eXtensible Business Reporting Language) as the standard of reporting of pension fund information.
Starting from the 3rd quarter of 2019, Pension funds will have to report their quarterly and annual financial reports to their respective National Competent Authorities (NCA’s).
The set of information that needs to be reported is provided by the regulator in the form of QRT’s (Quantitative Reporting Templates), along with the taxonomy that needs to be used for converting the data to XBRL format.
The reported data must be validated against a set of rules provided by the regulator.
DataTracks Pension Funds software can be used by firms to bring their reportable data from multiple systems, populate the QRT’s and validate the templates against the pension funds taxonomy.
Hosted on the cloud, the solution is easy to use and also gives complete control with security over the data.”
Gives users the ability to compare filings to prior periods to ensure consistency of filing.
90% of our employees are finance experts with XBRL skills and knowledge in multiple accounting standards and regulations. We have prepared compliance reports for over 12 regulators.
Built on 14+ years of experience, we have successfully delivered more than 172,000 compliance reports to over 17,000 clients.
We celebrate our customers’ success and about 90% of our customers over the years have used our services again.
All your data is stored securely in firewall-protected data centres located in European cities.
We strive to maintain the highest standards in terms of quality. We rank among the top providers in quality surveys.
Our cost savings as a result of efficient global operations mean competitive prices for our clients.
We worked with the incredible assistance of DataTracks to ensure we successfully filed our FINREP/COREP report with the regulator. We found DataTracks solutions easy to use. Their technical support team was knowledgeable, easy to work with and assisted us round the clock to ensure we filed the report on time and without errors. All this at a competitive price point. Our experience has ensured we will have no hesitation in using the services of DataTracks on an ongoing basis.- Intelligent Money
We have been using DT’s SII software for the successful submission of the last three quarterly and the last annual QRTs to the regulators with the application is very user friendly and helpful in identifying any validation errors, giving sufficient and accurate information for the identification and correction of these errors. The preparation of the XBRL and excel output files normally runs within a reasonable time and hence this enables the user to regenerate XBRL files if needed. We are very satisfied form the customer support which is efficient and available at any day and time. We are impressed of the response time to our queries. In conclusion we are very satisfied from the application and we would definitely recommend it.- Minerva Insurance
Compared with the T4U tool it is much more efficient and user friendly. Especially the validation process and the way errors are reported are a big improvement. Besides this they provide world class support. And even if the error reports can’t help you to the right answer, the people behind the tool of customer support are very helpful. Their response time is very good, even outside office hours. Most important, they have the drive to help you till the last error is solved.- AnsvarIdéa Verzekeringen
The service has been outstanding and would certainly be recommended. Even though strict deadlines needed to be met, the team went above and beyond to accommodate our needs. Each and every member of the staff that we came in contact with was very friendly and approachable, qualities that added value to the streamlining of the whole procedure.- Tee Market Fund SICAV, Malta
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