On 8th December 2016, the Council of EPSCO accepted the revised occupational pension directive - IORP II. After publication, a two-year implementation period started. The implication is that the IORP II directive will enter into force in January 2019.
The IORP II directive represents a modernization and updating of existing pension funds directive. The main purpose of the reform is to clarify the rules for cross-border activities, ensure good corporate governance and risk management, improve the quality of information for members and beneficiaries, provide effective supervision and increase occupational pension institutions role as long-term investors.
IORP II taxonomy
On 31st August 2018, EIOPA released new PWD (Public Working Draft) of the IORP II taxonomy, this was a significant step since it indicated the scope of reporting requirements and the validation tenets to fulfill IORP II mandate. It implies likewise that, from September 2018, Managers of pension funds across the EU already have essential data to begin planning implementation of IORP II reporting.
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 research and development gives our customers confidence that they will be equipped with highly scalable XBRL solutions that will address their current Solvency II reporting reguirements and future IORP II needs.
INTERSTAGE XWand 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 Financial Institutions (Pension Funds) who will have to create XBRL reports based on IORP II taxonomy. It has been developed with the business needs of customers at heart.
For more information about FUJITSU products and services for IORP II XBRL reporting please contact us at firstname.lastname@example.org.
We will be happy to assist you in the process of IORP II reports creation, validation and rendering.