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Pdf and the List of Members of the WGPS Can Be Found at Annex 5 of This Report Financial Stability Board Regional Consultative Group for Europe Working Group on Private Pension Schemes Resilience Report on European Private Pension Schemes: functioning, vulnerabilities and future challenges Notice This document has been prepared by the Financial Stability Board (FSB) Regional Consultative Group for Europe (RCG-E) and is being published to disseminate information to the public. The views expressed in the document are those of the RCG-E and do not necessarily reflect those of the FSB. The RCG-E comprises FSB-Member authorities as well as non-FSB member authorities. The Regional Consultative Groups (RCG) have been established as a mechanism for the FSB to consult with non- member jurisdictions and for the RCG members to share amongst themselves and the FSB views on vulnerabilities affecting the financial system, FSB policy initiatives and on other measures to promote financial stability. A list of members of the RCG for Europe can be found at http://www.fsb.org/wpcontent/uploads/rcgeurope.pdf and the list of members of the WGPS can be found at Annex 5 of this Report. 17 October 2017 Report on European Private Pension Schemes: functioning, vulnerabilities and future challenges FSB RCG-E Working Group on Private Pension Schemes Resilience 2 Contents Executive summary ................................................................................................................................. 6 1. Stocktake of RCG-E Private Pension Schemes and Products ............................................................ 11 1.1 Introduction .................................................................................................................................... 11 1.1.1 Objective and deliverables ................................................................................................... 11 1.1.2 FSB RCG-E questionnaire on stocktaking exercise ............................................................... 11 1.1.3 Overview of the data collected ............................................................................................ 12 1.2 Size and nature of private pension products .................................................................................. 14 1.2.1 Assets under management .................................................................................................. 15 1.2.2 Members and contracts ....................................................................................................... 16 1.2.3 Occupational pension schemes and personal pension products......................................... 18 1.2.4 Scheme type ......................................................................................................................... 21 1.2.5 Providers .............................................................................................................................. 23 1.3 IORPs and other pension providers ................................................................................................ 24 1.3.1 IORPs ........................................................................................................................................ 24 1.3.1.1 General information.......................................................................................................... 24 1.3.1.2 Cash flows and funding position ....................................................................................... 27 1.3.1.3 Investment allocation ....................................................................................................... 29 1.3.2 Other pension providers .......................................................................................................... 34 1.3.2.1 General information.......................................................................................................... 34 1.3.2.2 Cash flows and funding position ....................................................................................... 36 1.3.2.3 Investment allocation ....................................................................................................... 36 2. Stocktake of regulatory initiatives .................................................................................................... 39 2.1 Introduction ................................................................................................................................ 39 2.2 Directive on the activities and supervision of institutions for occupational retirement provision (IORP) ................................................................................................................................................ 40 2.2.1 Prudential provisions of IORP II ........................................................................................... 41 2.2.2 Information to members and beneficiaries ......................................................................... 42 2.2.3 Prudential supervision of IORPs ........................................................................................... 42 2.2.4 Explicit reference to financial stability in IORP II ................................................................. 42 2.3 Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) ....................................................................................................................................................... 42 2.4 Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) ............. 45 2.5 International Accounting Standard 19 (IAS 19) .......................................................................... 47 3 2.6 Directive on the protection of employees in the event of the insolvency of their employer .... 47 2.7 Directive for establishing a framework for the recovery and resolution of credit institutions and investment firms (BRRD) ............................................................................................................ 48 2.8 Regulation on Packaged retail and insurance-based investment products (PRIIPs) .................. 50 2.9 Directive on Insurance Distribution (IDD) ................................................................................... 51 2.10 Capital Markets Union (CMU) ................................................................................................... 52 3. Risks and vulnerabilities to and from funded private pension schemes .......................................... 54 3.1 Potential impact of private pension schemes on financial stability ........................................... 54 3.1.1 Introduction ......................................................................................................................... 54 3.1.2 Private pension schemes and financial stability .................................................................. 56 3.2 Analysis of risks and stabilizing factors: FSB RCG-E Survey results ............................................. 62 3.2.1 The FSB RCG-E Survey design ............................................................................................... 62 3.2.2 The main risks factors for financial stability ........................................................................ 64 3.2.3 Overall risk assessment (all risks/all countries) ................................................................... 76 3.3 Transmission mechanisms from private pension schemes to financial stability and real economy ........................................................................................................................................... 82 3.4 Future challenges ........................................................................................................................ 88 Annex 0: Case Studies ........................................................................................................................... 93 A.0.1. The Automatic Enrolment programme in the UK ................................................................... 93 A.0.2. Long term guarantees, low interest rates and the insolvency of the Norwegian life insurance company Silver .................................................................................................................................. 98 Annex 1: Glossary ................................................................................................................................ 103 Annex 2: Overview of pension categories/products in the RCG-E area and main statistics .............. 105 Annex 3: Survey’s replies .................................................................................................................... 119 A.3.1 Some statistics on the coverage of the survey’s replies ........................................................ 119 A.3.2 Some statistics on the coverage of the survey’s replies ........................................................ 120 A.3.3 Description of risk factors and stabilizing factors .................................................................. 122 Annex 4. Methodological issues and additional results ..................................................................... 127 A.4.1 Aggregation methods for multiple country replies ............................................................... 127 A.4.2 Risk factors' impact on financial stability – country’s replies ................................................ 128 A.4.3 Expected impact on the economy from the main risk factors .............................................. 130
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