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.
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