EIOPA proposed the holistic balance sheet (HBS) as a new and innovative way to assess all pension funds in a harmonised manner in its advice regarding the review of the IORP Directive (EIOPA 2011). In addition to traditional financial assets and liabilities, all steering mechanisms available to the pension fund should be taken into account. The HBS and the valuation of steering mechanisms are new concepts and so far only in the very early stages of development. It is therefore necessary to analyze whether the intended use is possible and what challenges lie ahead. In this paper, Erwin Fransen (PGGM), Niels Kortleve (PGGM), Hans Schumacher (TiU), Hans Staring (PGGM) and Jan-Willem Wijckmans (ABN AMRO) make a first assessment of the possibilities to use the HBS in pension fund supervision.