Pensions Authority update: Increased data reporting
Today, the Pensions Authority is announcing the introduction of eXtensible Business Reporting Language (XBRL) reporting for pension schemes which was previously signalled at the Authority’s conference last September. Trustees and their administrators are advised to begin preparing for future XBRL-based reporting including assessing their operational readiness.
Forward looking, risk-based supervision depends on extensive, accurate and timely data. This requires increased data reporting by pension schemes.
Pension schemes will be required to submit structured data in XBRL format, aligned with EIOPA requirements. (see Appendix I for links to the relevant technical details on the EIOPA website and the Board of Supervisors decision 23/030 for more detail).
The EIOPA templates and instructions referenced in Appendix I provide a foundation for the reporting framework. However, the Authority recognises that implementation will require system development, data mapping and further clarification. Additional guidance and engagement with the sector will be provided ahead of formal reporting requirements.
The Authority will engage on a phased basis, initially with:
- all Master Trusts; and
- the largest 25 Defined Contribution and Defined Benefit schemes (by assets).
These schemes will be required to report from Q3 2026, with a full sector-wide rollout planned for Q4 2026.We will contact these schemes directly to inform them when they are required to start providing data.
Trustees and their administrators will be required to ensure that their administration systems can provide timely and accurate data in the required formats. Trustees remain ultimately responsible for the data submitted to the Authority on their behalf.
What trustees should do now
Trustees should:
- engage with their administrators and system providers to assess their system capability for XBRL reporting; and
- begin planning for data extraction and mapping to required formats.
This announcement marks the first step in implementation: notifying schemes of the transition to XBRL and initiating sector-wide preparation ahead of formal reporting requirements. Further detail will be provided in the coming months.
Appendix I – Key references:
The following EIOPA materials set out the core reporting framework and data requirements for occupational pension schemes:
- Instructions: eiopa-bos-23_-_annex_ii_templates_instructions.docx
These materials should be used to understand the scope and structure of the required data and to support initial preparation activities.