This document is an excerpt from the EUR-Lex website
Document 32016L2341
Managing collective retirement schemes – occupational pension funds
Directive (EU) 2016/2341 (known as the institutions for occupational retirement provision (IORPs) II directive) sets out minimum harmonisation rules for institutions managing collective retirement schemes for employers on behalf of their employees. European Union (EU) Member States’ governments may introduce further measures they consider necessary, provided that such measures are consistent with Member States’ obligations under EU law.
The rules aim to:
The legislation revises and replaces Directive 2003/41/EC, which needed to be updated after the 2008 financial crisis.
Member States must ensure that occupational pension funds or IORPs:
The relevant Member State national authorities:
IORPs must provide prospective and actual members and beneficiaries with clear, updated and free information. This includes:
Depending on the requirements in question, Member States may exempt certain funds which operate pension schemes with fewer than 15 or 100 members from certain conditions of the legislation. In the event that a pension fund wishes to provide its services in other Member States, however, it has to apply all the rules laid down in the directive.
The European Insurance and Occupational Pensions Authority:
The directive had to be transposed into national law by 13 January 2019.
Occupational pensions include contributions from employers. They are the ‘second pillar’ of the pension system. State-based social security pensions are the ‘first pillar’. The ‘third pillar’ consists of individuals’ non-compulsory private pension savings.
Under EU rules, funds in one Member State can manage occupational pension schemes for companies based in another. Pan-EU companies can also have a single pension fund for all their European subsidiaries.
Some 125,000 occupational funds operate across the EU. They hold assets worth €2.5 trillion on behalf of around 75 million citizens, representing 20% of the EU’s working-age population.
For further information, see:
Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, pp. 37–85).
Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU, (EU) 2015/2366 and (EU) 2016/2341 as regards digital operational resilience for the financial sector (OJ L 333, 27.12.2022, pp. 153–163).
Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, pp. 1–79).
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, pp. 48–83).
Successive amendments to Regulation (EU) No 1094/2010 have been incorporated into the original document. This consolidated version is of documentary value only.
last update 11.10.2023