PensionsEurope calls for further delay to data reporting requirements

first_imgEurope’s top pensions lobby group has called for a 12-month delay to the implementation of EU-wide reporting requirements for pension funds.PensionsEurope also warned that data reporting rules proposed by the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) placed a “big financial burden” on some pension funds.Many of its members would not be ready to comply by December 2019 when the requirements are due to come into force, PensionsEurope said in response to a consultation on the proposals.“In many countries pension funds would need more time to adapt their reporting systems to the new requirements in order that their implementation costs will not become enormously high, and therefore we propose to postpone the first reporting at least by one year,” the group stated. A delay was particularly important given EIOPA’s decision to require reporting using the “extensible business reporting language” (XBRL) online framework. Although it is in use for Solvency II reporting for insurance companies, PensionsEurope said pension schemes would require “not only new software solutions, but a completely different know-how [for] employees”.“Reporting for EIOPA and ECB is an additional cost factor to the detriment of beneficiaries and sponsoring companies”The group acknowledged several concessions made by the central bank and EIOPA, including estimating quarterly liability calculations themselves and collecting information from national regulators. However, PensionsEurope also reiterated its primary concerns that the reporting requirements would place a major financial burden on pension funds, and urged the ECB and EIOPA to gather as much data as possible from national regulators instead of directly from schemes.It has repeatedly warned EIOPA and the ECB of the cost and administrative burdens data reporting could pose to pension schemes.Some pension funds do not have access to “granular” information on their investments from their asset managers, PensionsEurope added, and should not be forced to pay for “expensive licenses” to access such data.“We would like to stress that statistical reporting and collecting information always contain costs for pension funds, so it should be very carefully considered which information is relevant and needed, and how often they should be reported,” the lobby group stated.“Any extra costs will be [ultimately] paid by the sponsor and/or members and beneficiaries… Increasing regulation and other requirements make occupational pensions more expensive, making it less likely that pension schemes are being set up and contributions paid.”It added that the new requirements would be “additional reports without any chance of simplification or elimination for reporting requirements that already must be fulfilled nationally”.“The reporting for EIOPA and ECB is therefore an additional cost factor, in the low-interest [rate] environment, to the detriment of the beneficiaries and sponsoring companies,” PensionsEurope concluded.PensionsEurope’s full response can be found here.last_img read more

County Under 21 football titles to be decided

first_imgMoyle Rovers and JK Bracken’s meet in the Under 21A football final.Throw-in is at 12 noon in Golden.The Under 21 B final gets underway at the same time in Templetuohy where Killenaule face Upperchurch Drombane. Meanwhile the Mid U21 Hurling games between Loughmore Castleiney & Thurles Sarsfields and Boherlahan v Moyne Gaels are both off due to unplayable pitches.last_img

Grgic: It is nice to be at Preparations of the National Football Team again

first_imgThe U-18 national team of Bosnia and Herzegovina is already preparing for the second day in the FF BH Training Camp in Zenica.After two completed trainings, the impressions of the technical staff are conveyed by the head coach Slaven Musa:“We are satisfied with the work of the players in these two days. It is noticeable that they make high efforts when they are in the national team and that they have more motivation to prove themselves. Still, a longer break is felt and we dose their training sessions accordingly. We also have nice weather and great conditions in the Training Centre, and I hope that we will continue in this rhythm. Today we will do another training session, tomorrow two, and the preparations will end on Tuesday when we will do anthropological testing of players.”National team player Ivan Grgić does not hide his satisfaction that after a long time he has the opportunity to hang out with his teammates from the national team again.“I tried to keep in shape as much as possible during the break, so I have not been unprepared for these preparations. I had the opportunity to train individually. After all the measures that made us have to be at home, it is nice to be at the preparations of the national team again. I am glad that we are training together again, we are hanging out and laughing, that the spirit of the team is there and that everything is great as it should be”, says Grgić.last_img read more

Ronaldo’s girlfriend supports Portugal in the crowd

first_imgRodriguez, clearly in good spirits throughout the match, was seen donning a Portugal shirt at the tight affair despite being born in Argentina.Rodriguez, donning Ronaldo’s No 7 jersey, saw him score the only goal of the game early on. Photo/DAILY MAILREAD: Ronaldo’s girlfriend Rodriguez supports Portugal in the crowd during narrow victory against MoroccoAnd she sparked rumours that the pair are now engaged by showing off a huge diamond ring on the fourth finger of her left hand.And the shirt she was donning in the crowd was the five-time Ballon d’Or winner’s famous No 7 jersey.The 24-year-old was pictured hanging out with her friends and mixing with the fans as Portugal ran out narrow 1-0 winners in Moscow.Rodriguez sparked engagement rumours as she held up her hand while talking to a pal. Photo/DAILY MAILIt may have not been a spectacular display from Portugal but Ronaldo and Co will be pleased with the result following their opening draw against Spain.Ronaldo fired Fernando Santos’s side to victory in the opening stages after getting in front of his marker Karim El Ahmadi to power a diving header beyond Morocco goalkeeper Munir Mohamedi.It was far from convincing by the Euro 2016 champions, who were forced to weather a storm against a plucky Morocco outfit that have crashed out of the World Cup.The Portuguese have put themselves in a very strong position to qualify ahead of their final group encounter with Iran, picking up four points from their first two games.-By Daily Mail-0Shares0000(Visited 6 times, 1 visits today) 0Shares0000The 24-year-old waves down to the pitch as she mixes with the Portugal fans inside the ground. Photo/DAILY MAILMOSCOW, Russia, June 20 – Cristiano Ronaldo was spurred on by his girlfriend Georgina Rodriguez as Portugal beat Morocco in the World Cup on Wednesday afternoon.Rodriguez saw her man score the winning goal of the game in just the fourth minute as Portugal got off to the best possible start at the Luzhniki Stadium.last_img read more