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Executive Summary Introduction (Partial) "This report provides the result of the first EU-wide stress test exercise of Institutions for Occupational Retirement Provisions (IORPs). EIOPA is mandated by its founding Regulation to assess the resilience of the financial sector to adverse market developments. EIOPA carried out the stress test in 17 countries (AT, BE, CY, DE, DK, ES, IE, IS, IT, LU, NL, NO, PT, SE, SI, SK, UK) during 2015, based on 2014 year-end data. The occupational pension sector in Europe is characterised by a huge heterogeneity across countries, both in terms of the different relative share of private and public pensions, and in terms of regulatory frameworks. Differences in national regulatory frameworks occur especially with respect to the valuation of liabilities, different IORPs’ funding requirements and the available security mechanisms. The stress test is conducted against the background of a macroeconomic environment and demographic development that already in itself poses significant challenges to the European occupational pensions sector. The stress test goal is the identification of risks and vulnerabilities for the delivery of safe and sustainable pensions and the potential financial stability consequences, under a set of severe stress scenarios."

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