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European Insurance and Occupational Pensions Authority

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). 

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Occupational pensions stress tests

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Occupational pensions (IORP II) (43)

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  • Factsheet, General publications
  • European Insurance and Occupational Pensions Authority

Occupational pension funds' green investments

Occupational pension funds' green investments

Documents type
Fact sheet
Topics type
  • General publications
  • European Insurance and Occupational Pensions Authority

Summary of the Recommendation to the Registrar of Institutions of Occupational Retirement Provision on actions necessary to comply with Directive (EU) 2016/2341

On 19 December 2023, the European Insurance and Occupational Pensions Authority (EIOPA) issued a recommendation to the Registrar of Institutions of Occupational Retirement Provision (Registrar) responsible for supervising Institutions for Occupational Retirement Provision (IORPs) in Cyprus...

Documents type
Topics type
SupervisionPensionsIORP II
  • General publications

2022 IORP Climate Stress Test Report

The European Insurance and Occupational Pensions Authority (EIOPA) has carried out its first climate stress test for the Institutions for Occupational Retirement Provisions (IORPs) sector in the European Economic Area (EEA) to gain insights into the effects of environmental risks on the...

Documents type
Occupational pensions stress testReport
Topics type
Stress testSustainabilityIORP
  • General publications

Report on Cross-border IORPs

Report on Cross-border IORPs

Documents type
Occupational p​​​ensions statistics​​Report
Topics type
  • General publications

Methodological framework for stress-testing IORPs

Stress testing frameworks have evolved considerably over the last few years and have become an increasingly important risk management instrument for the financial sector. Stress tests (STs) form an integral part of the financial risk management of individual institutions and have become a core...

Documents type
MethodologyOther documents
Topics type
Stress testIORP