Pension Funds

• Introduction
• Who is subject to the reporting requirements
• What to report
• When the returns are due
• How to complete the templates
• How to submit the templates
• How to update pension fund information
• Additional documents

Introduction

The European Central Bank (ECB) has introduced a regulation (2018/231) on statistical reporting requirements for pension funds. The Statistics Division of the Central Bank of Ireland is responsible for the collection, compilation and transmission of this statistical data.

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.

Read the ECB Regulation on Statistical Reporting Requirements for Pension Funds

For a broad overview of the regulation and how it is implemented in Ireland, please consult the workshop presentations at the bottom of this page.

Who is Subject to the Reporting Requirements

The requirements are mandatory for all pension funds resident in Ireland. In the Irish context, a pension fund is an autonomous occupational pension scheme established under trust. Trust RACs, individual occupational pension schemes and funded Section 52 schemes are captured under the definition of a pension fund. The regulation is binding on both pension funds and their trustees.

The Central Bank of Ireland must ensure that at least 75 per cent of total assets (rising to 80 per cent in 2022) in the sector are captured in detailed quarterly and annual reporting. An updated list of pension funds subject to detailed quarterly and annual reporting requirements from 2022 onwards is available below. Previous versions of detailed and reduced reporting populations can be found in the Additional Documents section.

The remainder of the pension fund population is subject to annual reporting of reduced data. An updated list of pension funds subject to reduced annual reporting requirements from 2022 onwards is available below.

The regulation also sets out a requirement to maintain a list of pension funds for statistical purposes. As part of the data collection for pension funds, the Bank will also collect and transmit this information to the ECB. Additional information on this list is available below.

What to Report

The regulation requires pension funds to report data on assets, liabilities and membership numbers. Detailed reporters report both annual and quarterly returns. Reduced reporters report on an annual only basis. An illustrative reporting template is available in the Additional Documents section below.

While detailed reporters must file returns using XBRL, reduced reporters must file a return using the Reduced Annual Return Template below.

When the Returns are Due

For detailed reporters, the deadline for the Q3 2021 return is 25 November 2021, the Q4 2021 return is due by 25 February 2022, while the Q1 2022 return is due by 19 May 2022. The 2021 detailed annual return is due by 22 April 2022.

For reduced reporters, reporting will be as per scheme year end. The 2021 reduced annual return is due by the scheme year end +16 weeks.

Additional detail on the reporting schedule can be found in the Frequently Asked Questions document below.

How to Complete the Templates

Guidance on how to interpret and populate each section of the detailed and reduced templates is provided by the ECB and EIOPA.

Download Draft Guidance for the Completion of the Reporting Templates from EIOPA's website | PDF 1.1MB

The Central Bank of Ireland Pension Funds Team has produced Notes on Compilation to provide further assistance in completing the returns.

How to Submit the Templates

Detailed reporters are required to submit their returns in XBRL. Technical guidance on the XBRL taxonomy is available on EIOPA’s website. The XBRL taxonomy 2.7.0 is to be used from the reference date 31/12/2022.

Read more about XBRL Taxonomy information on EIOPA's website.

The Central Bank of Ireland Pension Funds Team has also produced a guide to submitting a return via XBRL using our online reporting system (ONR).

Reduced reporters are required to submit their returns in MS Excel format, using the template provided above. To assist in this process, where a reporter is reporting on behalf of a large number of pension funds, bulk handling of returns has been enabled. This includes the ability to bulk upload, bulk finalise, and bulk sign off returns. Please consult the following guidance document for more information.

How to Update Pension Fund Information

Where the relationship between a registered administrator and a pension fund changes, or where pension fund attributes change, the Central Bank of Ireland should be notified immediately, via the Pension Fund Information Return (PFIR). The PFIR template and guidance on how to interpret, populate and submit the return is available below.

Additional Documents

Contact and Help

E-mail: [email protected]