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European Insurance and Occupational Pensions Authority
 

Occupational pensions risk dashboard

Quarterly risk assessment of the occupational pensions sector

The IORP risk dashboard, based on individual occupational pensions regulatory reporting, summarises the main risks and vulnerabilities in the IORPs sector of the European Economic Area (EEA) for defined contributions (DC) and defined benefits (DB) pension schemes. 

It includes a set of risk indicators covering risk categories, such as

  • market and credit risks,
  • liquidity risks,
  • reserve & funding risks,
  • ESG risks, and
  • cyber risks.

 

October 2026 IORP Risk Dashboard

October 2026 IORP Risk Dashboard.png

Key observations:

The October 2026 Risk Dashboard on Institutions for Occupational Retirement Provision (IORPs) highlights that market risk as a key concern for the European occupational pensions sector amid a complex geopolitical environment that continues to shape the risk landscape.

  • Persistent geopolitical tensions remain the key source of macroeconomic risks, clouding the outlook for global economic growth, fuelling inflation, and putting pressure on sovereign debt sustainability.
  • In financial markets, sovereign and corporate bond spreads have widened by the end of September, bringing debt financing costs and private credit quality more into focus for both analysts and supervisors. 
  • Market and asset return risks remain elevated, with noticeable increases in bond market volatility. Persistently high valuations leave markets vulnerable to the risk of a broader market correction and a repricing of risk premia amid renewed geopolitical tensions.
  • Digitalisation and cyber risks show a worsening outlook. Supervisors continue to assess the materiality of these risks for IORPs as elevated, particularly in light of growing cyber threats associated with frontier AI models and the potential use of cyberattacks in international conflicts.
  • Despite the challenging environment, Europe’s IORP sector remains resilient, supported by the strengthening of the financial position for Defined Benefit (DB) schemes in Q2-2026, resulting in a lower level of reserve and funding risks.

View the October 2026 IORP Risk Dashboard