Occupational pensions (IORP II)

We work on making pensions safer and more sustainable

One of EIOPA’s main tasks is to contribute to a sound, effective and consistent level of regulation and supervision of institutions for occupational retirement provision (IORPs).

*IORPs are financial institutions that manage collective retirement schemes for employers to provide retirement benefits to their employees (i.e. pension scheme members and beneficiaries). They are long-term investors that aim to deliver the best returns to their members and beneficiaries at the same time as keeping their investments safe.

Better EEA pension statistics

EIOPA has conducted significant work in the area of European pensions statistics following the BoS Decision regarding the submission of occupational pension information. The new reporting requirements (applicable as of the third quarter of 2019 for quarterly reporting and as of 2019 for annual reporting) enable EIOPA to receive sufficient information required for appropriate monitoring and thoroughly assessing market developments in the area of occupational pensions as well as to undertake in-depth economic analyses of the occupational pension market.

Go to pension statistics


Modernised rules for EU pension funds: IORP II Directive

The IORP II Directive sets common standards by ensuring the soundness of occupational pensions and better protecting pension scheme members and their beneficiaries, by means among others: new governance requirements, new rules on IORPs’ own risk assessment, new requirements to use a depositary and enhanced powers for supervisors. The IORP II Directive seeks to improve the way occupational pension funds are governed, to enhance information transparency to pension savers and to clarify the procedures for carrying out cross-border transfers and activities.

The IORP II Directive strengthens the regulatory framework by:

  1. Using the internal market by combining the management of pension schemes in different EU Member States in a single IORP subject to respecting the Social and Labour Law of each Member State. Cross-border IORPs may not only benefit from efficiency gains from a streamlined governance and standardised administration but may also improve financial performance through the consolidation of scheme assets in one place. BoS Decision EIOPA-BoS-18-320 seeks to promote the cross-border collaboration between National Competent Authorities with respect to the IORP II Directive;  
  2. Enabling IORPs via good governance and risk management, to invest in the best interest of members and beneficiaries and to have environmental, social and governance considerations; and
  3. Being transparent, as such IORPs need to provide comparable and relevant information to prospective, current and future members and beneficiaries.

The IORP II Directive replaced Directive 2003/41/EC on 13 January 2019, also known as IORP I.

Pension Benefit Statement

The IORP II Directive on the activities and supervision of institutions for occupational retirement provision (IORPs) requires IORPs to provide its members with an annual statement - or Pension Benefit Statement.

A good pension benefit statement follows these principles:

  • The statement should be based on a behavioural approach to help members make informed decisions about their retirement savings
  • Statements should be attractive and easy-to-read
  • Statements should use layers to help guide members through the information

More information on good practices in developing user-friendly and informative information can be found in the Report on the Pension Benefit Statement: Guidance and Principles based on current best practices and Other information to be provided to prospective and current members: Guidance and principles based on current practices.

A good pension benefit statement will help pension fund members get a better idea of their pension pot, the income they could receive when they retire and therefore help them to make more informed decision when saving for retirement. 

Model pension benefit statements can be found here (pdf) and here (design files). 







Model IORP II Pension Benefit Statement

The European Insurance and Occupational Pensions Authority (EIOPA) has created two model Pension Benefit Statements to provide practical guidance on how to implement the annual information document that IORPs are required to send to their members following the implementation of the IORP II...

MoUs with UK authorities in the area of insurance and pensions

On 5 March 2019, the European Insurance and Occupational Pensions Authority (EIOPA) and all national competent authorities (NCAs) of the European Economic Area (EEA) with competencies in insurance agreed memoranda of understanding (MoUs) with the Bank of England in its capacity as the Prudential...
Risk assessment | Sustainability

Potential undue short-term pressure from financial markets


Register of national laws, regulations and administrative provisions regarding PEPP

The PEPP Regulation requires EIOPA to publish on its website and keep up-to-date a single electronic register of links to the text of the national laws, regulations and administrative provisions governing the conditions related to the accumulation phase and the conditions related to the...
Financial stability | Risk assessment

Risks and Vulnerabilities in the EU Financial System

The report covers the impact of a no-deal Brexit on financial activities, risks related to the low interest rate environment, as well as climate change risks.

Speech by Gabriel Bernardino at the Public Hearing on the Capital Markets Union Mid-Term Review, Brussels

Speech by Gabriel Bernardino, Chairman of EIOPA at the Public Hearing on the Capital Markets Union Mid-Term Review, Brussels

Survey on the Pan-European Personal Pension Product

Following the publication of the Delegated Regulation supplementing the Pan-European Personal Pension Product (PEPP), EIOPA today launched a survey on potential offering of PEPP. The aim of this survey is to understand the potential take-up by eligible PEPP providers, for example asset managers,...