ORSA vs ORA [13]

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Bullet points include: Under IORP II, a “Holistic Balance Sheet” (HBS) or “Common Framework” (CF) type of analysis is excluded from (Pillar 1) solvency capital requirements, see Recital (77). But for (Pillar 2) risk management purposes, pension funds still need to understand their capital needs, bearing in mind applicable benefit support mechanisms, e.g. sponsor support, conditional indexation, pension protection schemes, … EIOPA is expecting (hoping?) HBS or something similar (maybe enhanced by suitable cashflow-based modelling?) will be used by IORPs as a standardized risk assessment approach in ORAs. Enabling consumers, members, beneficiaries etc. to compare different IORPs

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