15 October 2012
QIS on IORPs
Qualitative questionnaire
Template for responses
Most of the qualitative questions related to the QIS for pensions are implemented in the spreadsheet. This template’s aim is to allow for replying to the subset of qualitative questions for which a word format was found more appropriate. Please use this word document only for answering the questions that could not be answered through the use of the given spreadsheet format.
Qx
In order to ease the treatment of your submission by the supervisors, please reply to the question filling the grey shaded area between the provided beginning and ending tags <Qx> and </Qx>, inserting as many lines as necessary. You can also provide any other information that doesn’t follow the structure of the predefined questions at the end of this document between the <Q0> and </Q0> tags.
</Qx
QIS on IORPs
Qualitative Questionnaire
Section 1 General
A. Identification of respondent
Please indicate the name of the institution for which you are completing the QIS / qualitative questionnaire:
<G-A-Q1
/G-A-Q1
C. Technical specifications – assessment of accessibility
Q19: Please describe the top five improvements you would suggest to increase user-friendliness of technical specifications, qualitative questionnaire and the input spreadsheet.
Number 1 improvement:
<G-C-Q19-1
</G-C-Q19-1
Number 2 improvement:
G-C-Q19-2
</G-C-Q19-2
Number 3 improvement:
<G-C-Q19-3
</G-C-Q19-3
Number 4 improvement:
<G-C-Q19-4
</G-C-Q19-4
Number 5 improvement:
<G-C-Q19-5
</G-C-Q19-5
D. Quality - assessment of inputs and results
Q21: Please describe the top 3 areas where reliability of results could have been improved if there would have been more time to complete the QIS.
Number 1 area:
<G-D-Q21-1
</G-D-Q21-1
Number 2 area:
G-D-Q21-2
</G-D-Q21-2
Number 3 area:
<G-D-Q21-3
</G-D-Q21-3
Q22: Please describe the top 3 areas where reliability of results could have been improved if your IORP would have had more resources.
Number 1 area:
<G-D-Q22-1
</G-D-Q22-1
Number 2 area:
G-D-Q22-2
</G-D-Q22-2
Number 3 area:
<G-D-Q22-3
</G-D-Q22-3
E. Practicability of completing the QIS
Q24: What were your IORP's most important practical difficulties when completing the QIS?
Please rank your answers starting with Number 1. Please describe 1 difficulty per box in a single sentence, 5 difficulties max.
Number 1 difficulty:
<G-E-Q24-1
</G-E-Q24-1
Number 2 difficulty:
G-E-Q24-2
</G-E-Q24-2
Number 3 difficulty:
<G-E-Q24-3
</G-E-Q24-3
Number 4 difficulty:
G-E-Q24-4
</G-E-Q24-4
Number 5 difficulty:
<G-E-Q24-5
</G-E-Q24-5
Q26: [Complement to excel question 25] If significant resources were needed in the ‘other’ category, please specify these other resources.
<G-E-Q26
</G-E-Q26
F. First impression of outcomes QIS
The outcomes of the QIS do not give a single, comprehensive view of the impact of future regulatory framework for IORPs. The QIS contains various options and no decision has been made yet on the tiering of assets and recovery periods. Still, the QIS may have revealed some first impressions.
Q27: Please provide your first impression of the results of the holistic balance sheet approach.
<G-F-Q27
</G-F-Q27
Q28: Please indicate your first impression of how the IORP is expected to respond given the outcomes of the QIS.
<G-F-Q28
</G-F-Q28
Q29: Please describe your first impression of other policy reactions (for example, by the employer, social partners and the government) that may be expected.
<G-F-Q29
</G-F-Q29
Section 2 Valuation of holistic balance sheet
A. Implementation holistic balance sheet
Q30: What were your IORP’s most important difficulties in implementing the holistic balance sheet?
Please rank your answers starting with Number 1. Please describe 1 difficulty per box in a single sentence, 5 difficulties max.
Number 1 difficulty:
<HBS-A-Q30-1
</HBS-A-Q30-1
Number 2 difficulty:
HBS-A-Q30-2
</HBS-A-Q30-2
Number 3 difficulty:
<HBS-A-Q30-3
</HBS-A-Q30-3
Number 4 difficulty:
HBS-A-Q30-4
</HBS-A-Q30-4
Number 5 difficulty:
<HBS-A-Q30-5
</HBS-A-Q30-5
Q31: What elements of the holistic balance sheet do not properly take into account the specificities of your IORP?
Please rank your answers starting with Number 1. Please explain 1 element per box in a single sentence, 3 elements max.
Number 1 element:
<HBS-A-Q31-1
</HBS-A-Q31-1
Number 2 element:
HBS-A-Q31-2
</HBS-A-Q31-2
Number 3 element:
<HBS-A-Q31-3
</HBS-A-Q31-3
B. Best estimate of technical provisions
Q36: [Complement to excel question 35] Please provide any additional comments you deem relevant to the previous table.
<HBS-B-Q36
</HBS-B-Q36
Q38: In case pension benefits depend on inflation and/or wage growth and if future inflation and/or wage growth has not been included in the best estimate of technical provisions, please explain why not.
<HBS-B-Q38
</HBS-B-Q38
Q40: Please specify any pure conditional, pure discretionary or mixed benefits that you considered to be immaterial for inclusion in the best estimate of technical provisions.
<HBS-B-Q40
</HBS-B-Q40
Q41: Please provide a brief description of options and guarantees embedded in your pension obligations with reference to members/beneficiaries or sponsor behaviour.
<HBS-B-Q41
</HBS-B-Q41
Q42: If not all options and guarantees mentioned in the previous question are included in the best estimate of technical provisions, please explain why not.
<HBS-B-Q42
</HBS-B-Q42
Q43: In case you encountered practical problems in the valuation of options and guarantees, please list up to three options and/or guarantees and briefly explain the reason for the problem.
Number 1 option/guarantee:
<HBS-B-Q43-1
</HBS-B-Q43-1
Number 2 option/guarantee:
<HBS-B-Q43-2
</HBS-B-Q43-2
Number 3 option/guarantee:
<HBS-B-Q43-3
</HBS-B-Q43-3
Q44: Please specify the most relevant simplifications used (up to 5) in the calculation of the best estimate of technical provisions.
Number 1 simplification:
<HBS-B-Q44-1
</HBS-B-Q44-1
Number 2 simplification:
<HBS-B-Q44-2
</HBS-B-Q44-2
Number 3 simplification:
<HBS-B-Q44-3
</HBS-B-Q44-3
Number 4 simplification:
<HBS-B-Q44-4
</HBS-B-Q44-4
Number 5 simplification:
<HBS-B-Q44-5
</HBS-B-Q44-5
Q45: Please specify up to three simplified methods that you think should be developed by EIOPA in relation to the calculation of the best estimate of technical provisions.
Number 1 simplification:
<HBS-B-Q45-1
</HBS-B-Q45-1
Number 2 simplification:
<HBS-B-Q45-2
</HBS-B-Q45-2
Number 3 simplification:
<HBS-B-Q45-3
</HBS-B-Q45-3
C. Expected return for “Level B” best estimate of technical provisions
Q47: [Complement to excel question 46] If not, provide a comparison with your assessment of the expected return on assets and explain how the present method can be improved.
Compare and explain improvements:
<HBS-C-Q47
</HBS-C-Q47
D. Sponsor support and pension protection schemes
Q51: [Complement to excel question 50] Please provide any additional comments you deem relevant to the previous table.
<HBS-D-Q51
</HBS-D-Q51
Q53: If an own method was used to calculate the maximum amount of sponsor support, please explain this method.
<HBS-D-Q53
</HBS-D-Q53
Q54: Please specify the definition of “cash flows” used if you applied the standard method to establish the maximum value of sponsor support.
<HBS-D-Q54
</HBS-D-Q54
Q55: If you did not establish the maximum value of sponsor support, please explain the reason why.
<HBS-D-Q55
</HBS-D-Q55
Q59: [Complement to excel question 58] If so, please specify the probability of default you used and explain how you established that figure.
<HBS-D-Q59
</HBS-D-Q59
Q60: Please specify the recovery rate in the event of sponsor default you used and explain how you established that figure if it deviates from 50%.
<HBS-D-Q60
</HBS-D-Q60
E. Recoverables from (re)insurance contracts
Q62: [Complement to excel question 61] Please provide any additional comments you deem relevant to the previous table.
<HBS-E-Q62
</HBS-E-Q62
F. Other assets and other liabilities
Q64: Please specify for which other assets and other liabilities you used a mark-to-model approach and explain why it was not possible to apply a mark-to-market approach?
<HBS-F-Q64
</HBS-F-Q64
Section 3 SCR
A. Implementing the SCR standard formula
Q65: What were your IORP’s most important difficulties in implementing the SCR standard formula?
Please rank your answers starting with Number 1. Please describe 1 difficulty per box in a single sentence, 5 difficulties max.
Number 1 difficulty:
<SCR-A-Q65-1
</SCR-A-Q65-1
Number 2 difficulty:
<SCR-A-Q65-2
</SCR-A-Q65-2
Number 3 difficulty:
<SCR-A-Q65-3
</SCR-A-Q65-3
Number 4 difficulty:
<SCR-A-Q65-4
</SCR-A-Q65-4
Number 5 difficulty:
<SCR-A-Q65-5
</SCR-A-Q65-5
Q66: Please specify any material and quantifiable risks that your IORP is exposed to which are not considered in the calculation of the SCR in the QIS?
<SCR-A-Q66
</SCR-A-Q66
B. Simplifications
Q68: Please specify up to three simplified methods that you think should be developed by EIOPA in relation to the calculation of SCR standard formula.
Number 1 simplification:
<SCR-B-Q68-1
</SCR-B-Q68-1
Number 2 simplification:
<SCR-B-Q68-2
</SCR-B-Q68-2
Number 3 simplification:
<SCR-C-Q68-3
</SCR-C-Q68-3
C. Inflation risk
Q69: If your IORP is exposed to inflation risk other than through the discount rate, please explain in what way (inflation-linked benefits, expenses, other).
<SCR-C-Q69
</SCR-C-Q69
Q72: Please specify possible suggestions to improve the inflation risk module.
<SCR-C-Q72
</SCR-C-Q72
D. Benefit option risk
Q73: Please explain whether the inclusion of the benefit option risk sub-module is appropriate or not for your IORP and for IORPs in general.
<SCR-D-Q73
</SCR-D-Q73
E. Security mechanisms
Q74: Please provide your assessment whether the impact of sponsor support and pension protection schemes on the SCR is taken into account adequately (quantitatively as well as qualitatively)?
<SCR-E-Q74
</SCR-E-Q74
Q76: [Complement to excel question 75] If yes, please explain the nature of such restrictions.
<SCR-E-Q76
</SCR-E-Q76
F. Risk mitigation techniques
Q77: Please describe the nature and extent of your risk mitigation techniques.
<SCR-F-Q77
</SCR-F-Q77
G. Ring-fencing
Q79: If applicable to your IORP, please specify the nature or legal basis of arrangements giving rise to ring fenced funds and the nature of the restrictions that apply?
<SCR-G-Q79
</SCR-G-Q79
Q80: If applicable to your IORP, please specify the nature or legal basis of arrangements giving rise to security or adjustment mechanisms covering only part(s) of the IORP or groups of its members and beneficiaries and the nature of the restrictions that apply?
<SCR-G-Q80
</SCR-G-Q80
J. Participations and groups
Q89: [Complement to excel question 88] If yes, please specify the nature of the group.
<SCR-J-Q89
</SCR-J-Q89
K. Internal models
Q92: Please specify in which areas this would be particularly necessary to achieve appropriate capital requirements for your IORP?
<SCR-K-Q92
</SCR-K-Q92
Section 4 Other
Q0: Any other view that you wish to express.
<Q0>
</Q0>
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