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EIOPA stress test

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EIOPA conducted an EU-wide stress test exercise of institutions for occupational retirement provision (IORPs), which included Austrian Pensionskassen, between 11 May and 24 August 2015. The primary objective of the stress test was to test the resilience of defined benefits (DB) and hybrid pension schemes against adverse capital market scenarios. In relation to defined contribution (DC) schemes, which are relevant to Austria, the separate DC satellite module assessed the resilience of future retirement income of representative plan members to certain shocks. The IORPs Stress Test Report 2015 describes the two models and underlying assumptions and presents the test results, also in aggregated form at the level of individual countries.  Link to Report

The FMA would like to point out that the stress test results should be interpreted in view of the assumptions made. Comparing the individual country results is only possible to a limited extent given the different specifications. The occupational pension sector in Europe is very heterogeneous. Not only labour and social law provisions are different; tax regulations are too.