On 20 April 2016, EIOPA published a consultation paper on its proposed methodology to derive the ultimate forward rate (UFR). The UFR (referenced in Article 77a of the Solvency II Directive, 2009/138/EC) is relevant to the extrapolation of the relevant risk-free interest rate term structure for long maturities. EIOPA explains the proposal and underlying rationale for its methodology and the impact analysis of changing the UFR. EIOPA intends to calculate/update the UFR annually. The deadline for responses is 18 July 2016.