PEPP
Pan-European Personal Pension Product (PEPP) is a standardised pension savings product, offering consumers a supplementary option to save for retirement, alongside existing public and occupational pension systems or national private pension schemes.
EIOPA developed the set of draft regulation specifying the requirements, as mandated by EU PEPP Regulation.
The main purpose of the regulation is to deliver a simple, transparent, cost-efficient and reliable option for the European citizens (PEPP savers) to save for their retirement and to help closing the pension savings gap. PEPP is a unique opportunity to offer consumers the participation in sustainable investments and the European Capital Market Union, whilst ensuring good pension outcomes and protection against downside market risk.
PEPP KID taxonomy
On June 1, 2021 The European Insurance and Occupational Pensions Authority (EIOPA) has published its first Public Working Draft of the PEPP KID taxonomy, with outline reporting requirements.
On June 8, 2021 EIOPA published the Guidelines on the supervisory reporting regarding the Pan-European Personal Pension Product (PEPP) to ensure the common, uniform and consistent application of the PEPP Regulation’s reporting requirements.
The Guidelines complement the Delegated Regulation (EU) 2021/895 and the Delegated Regulation (EU) 2021/896 and regulate the applicable reporting deadlines for the PEPP providers to the competent authorities in line with the relevant sectoral rules in place. Furthermore, the Guidelines define the requirements of a ‘PEPP supervisory report’, including the content of the narrative reporting on the PEPP business.
It implies likewise that, from March 2022, all PEPP competent authorities across the EU will have to be ready with implementation of PEPP reporting in order to collect XBRL data and be ready for validation them against PEPP KID taxonomy and new EIOPA XBRL Filing Rules.
At Fujitsu, we understand what challenges our clients face and the resilience of XBRL solutions that is needed to meet all regulatory requirements.
Our significant investment in INTERSTAGE XWand software and Filing Rules Processor research and development gives our customers confidence that they will be equipped with highly scalable XBRL solutions that will address their current Solvency II, IORP II reporting requirements and future PEPP needs.
INTERSTAGE XWand with Filing Rules Processor functionality provides a complete set of tools and components to perform all key operations on XBRL documents. The functional coverage satisfies the needs of National Competent Authorities and PEPP providers who will have to create XBRL reports based on PEPP KID taxonomy. It has been developed with the business needs of customers at heart.
For more information about FUJITSU products and services for PEPP XBRL reporting please contact us at [email protected].
We will be happy to assist you in the process of PEPP reports creation, validation and rendering.