EN    EN EN 
EN    EN  EUROPEAN COMMISSION 
Brussels, 7.7.2010 
SEC(2010) 830 final 
  
COMMISSION STAFF WORKING DOCUMENT 
EU LEGISLATION, COVERAGE AND RELATED INITIATIVES 
  
Accompanying document to the 
  
GREEN PAPER 
 
towards adequate, sustainable and safe European pension systems 
  
{COM(2010) 365 final} 
EN 2   EN TABLE OF CONTENTS 
1. Description of EU legislation covering the pension pillars ......................................... 3 
1.1. Social Security Regulation........................................................................................... 3 1.2. The IORP Directive...................................................................................................... 4 1.3. The Insolvency Directive ............................................................................................. 4 1.4. The existing Directive on safeguarding supplementary pension rights of a person 
moving within the EU and the draft proposal  on portability of supplementary pension 
rights......................................................................................................................... .... 4 
1.5. The Life Assurance Directive ...................................................................................... 5 2. Related EU legislation and initiatives.......................................................................... 5 2.1. UCITS IV Directive ..................................................................................................... 5 2.2. Pre-contractual information disclosure ........................................................................ 6 2.3. Financial education ...................................................................................................... 6  
2.4. Corporate Governance and remuneration policies....................................................... 7 2.5. Non-life Insurance Di rective (health) .......................................................................... 7 
2.6. Health policy ............................................................................................................. ... 7 
2.7. The Gender Equality Directives................................................................................... 8 2.8. Taxation.................................................................................................................. ...... 8 
2.9. Statistics ................................................................................................................ ....... 9 
2.10. EU-wide reviews.......................................................................................................... 9 
3. CEIOPS mapping of EU prudential regulation.......................................................... 10 3.1. Statutory funded pension schemes/institutions .......................................................... 11 3.2. Occupational pension schemes/institutions................................................................ 11 3.3. Individual pension schemes/institutions .................................................................... 12 
EN 3   EN This document describes EU legislation covering  the pension pillars (section 1) and related 
EU legislation and initiatives (section 2). A mapping of the EU legislation applicable to 
pension schemes/institutions in the different EU Member States is provided in section 3. This mapping focuses in particular on prudential regulation and was carried out by the Committee of European Insurance and Occupati onal Pensions Supervisors (CEIOPS). 
1. D
ESCRIPTION OF EU LEGISLATION COVERING THE PENSION PILLARS  
1.1. Social Security Regulation 
EU law in the field of social security provide s for the co-ordination but not the harmonisation 
of social security schemes. This means that eac h Member State is free to determine the details 
of its own social security system, including wh ich benefits are to be  provided, the conditions 
of eligibility, how these benefits  are calculated and what level of  contributions should be paid. 
EU law provisions, in partic ular Regulations No 883/20041 and No 987/20092 (replacing 
Regulations No 1408/713 and No 574/724 since 1 May 2010), esta blish common rules and 
principles which must be observed by all natio nal authorities when applying national law. 
These rules ensure that the application of the different national legislations respects the basic 
principles of equality of treatment and non-discrimination an d persons exercisi ng their right to 
free movement within the EU are not adversel y affected by the application of different 
national legislations. 
With regard to pensions, the EU Coordination Regulations cover old-ag e pensions, survivors' 
pensions and invalidity pensions. In general, only statutory schemes ar e coordinated. The EU 
Coordination rules lay down for the following principles: 
– Aggregation: periods of insurance or residen ce completed under the le gislation of another 
Member State are taken into account if necessary for entitlement to a benefit; 
– Waiving of residence clauses: entitlement to  a pension does not depend on residence in the 
Member State granting the pension; 
– Each Member State where a person was insured fo r at least one year pays a pension; there 
is no 'transfer' of pension rights to the pe nsion system of another Member State.  
                                                 
1 Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the 
coordination of social security sy stems (Text with relevance for th e EEA and for Switzerland), OJ L 
166, 30.4.2004, p. 1–123  
2 Regulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 
laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of 
social security systems. 
3 Regulation (EEC) No 1408/71 of the Council of 14 June 1971 on the application of social security 
schemes to employed persons and their families moving within the Community 
4 Council Regulation (EEC) No 574/72 of 21 March 1972 fixing the procedure for implementing 
Regulation (EEC) No 1408/71 on the application of social security schemes to employed persons and 
their families moving within the Community 
EN 4   EN 1.2. The IORP Directive 
A major milestone was reached in 2003 with the adoption of Directive 2003/41/EC5 on the 
activities and supervision of institutions for occupational retirement provision (IORP Directive). It enables pension funds to benefit from the Internal Market  principles of free 
movement of capital and freedom to provide serv ices. The Directive allo ws pension funds to 
manage occupational pension schemes for compan ies that are established in another Member 
State and allows European-wide companies to ha ve only one pension fund for all subsidiaries 
in Europe. The Directive establishes pruden tial standards to ensure that members and 
beneficiaries are properly protected, as well as  requirements concerning the disclosure of 
information. The Directive is, however, based on minimum harmonisation and mutual 
recognition and it does not cover all fo rms of occupational pension provision. 
1.3. The Insolvency Directive 
Directive 2008/94/EC
6 provides for the protection of employ ees’ rights in the event of the 
insolvency of their employer, in particular in  order to guarantee payment of their outstanding 
claims. As far as supplementary occupational pensions are concerne d, Article 8 requires 
Member States to adopt the necessary measur es to protect these pensions. The European 
Court of Justice has ruled7 that the Directive places no obligation on the Member States 
themselves to fund the rights to old-age benefits . Furthermore the Court took the view that the 
Directive cannot be interpreted as demanding a full guarantee of the rights in question. The 
Directive does no more than call, in general te rms, for adoption of the measures necessary to 
“protect the interests” of the persons concerned, while leaving the Member States 
considerable latitude as regards the level of protection and ruling out any obligation to provide a full guarantee. At the same time, the Court considered that a system which may, in 
certain cases, lead to a guarantee of benefits of less than half of that entitlement, cannot be 
deemed to fall within the definition of “protect” as applied in the Directive. 
1.4. The existing Directive on safeguarding  supplementary pension rights of a 
person moving within the EU and th e draft proposal on portability of 
supplementary pension rights 
Unlike with social security pe nsions which are aggregated under EU rules, people who have 
supplementary pension rights may lose out wh en they change jobs  within or between 
countries. A first step to tackle th is issue was Council Directive 98/49/EC
8, which effectively 
ensured that people moving across borders were treated no worse than those moving within a 
Member State. The Directive does not cover, howe ver, what is often called the "portability" of 
supplementary pensions even though this ma y have a serious effect on worker mobility. 
The Commission has recognised th at insufficient portability of  supplementary pension rights 
can create important obstacles to workers' mo bility, and therefore to the free movement of 
                                                 
5 Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities 
and supervision of institutions for occupational retirem ent provision, OJ L 235 , 23/09/2003 P. 0010 – 
0021. 
6 Directive 2008/94/EC of the European Parliament and of the Council of 22 October 2008 on the 
protection of employees in the event of the insolven cy of their employer OJ L 283, 28.10.2008, p. 36 
7 Judgment of the Court of 25 January 2007 (Carol Marilyn Robins and others v Secretary of State for 
Work and Pensions). C-278/05. ECR 2007 Page I-01053 
8 Council Directive 98/49/EC of 29 June 1998 on safeguarding the supplementary pension rights of 
employed and self-employed persons moving within the Community, OJ L 209, 25.7.1998, p. 46–49. 
EN 5   EN workers which is one of the basic rights en shrined in the Treaty. The Commission proposed a 
new Directive in October 2005 to set minimum standards for the acquisition, preservation and transferability of supplementary pension ri ghts. These standards would apply to people 
moving both within and between EU countries. In ternal mobility was included because it was 
impractical to separate internal and external mobility. In addition, labour mobility was key to 
promoting economic dynamism and labour market  adjustment, as set out in the Lisbon 
Strategy. 
The proposal was revised by the Commission in  2007 to omit the transferability element 
which had been opposed by some as technically  difficult and potential ly burdensome or open 
to abuse. As a result, the emphasis was laid on the timely acquisition of pension rights and 
their subsequent preservation (indexation). However, it has still not been possible to reach the unanimous agreement needed in Council. The proposal remains 'live'. 
1.5. The Life Assurance Directive 
The internal market in the field of life assura nce, allowing insurance un dertakings to operate 
throughout the EU and to establish and provide services freely, was initiated in 1979 with the 
adoption of the First Life Directive.
9 The subsequent improvements to the legal framework 
were recast in 2002 into a si ngle text (Dir ective 2002/83/EC10). The prudential rules 
applicable to life assurance undertakings were substantiall y overhauled in 2009 with the 
adoption of the Solvency II Di rective (Directive 2009/138/EC11). The harmonisation of 
insurance regulation will give a new impetus to th e internal market for life assurance products 
through greater economic efficiency and stronge r protection of policy holders. It was, 
however, not the objective of the Solvency II Directive to modernise the policyholder information requirements, which continue to  differ significantly across Member States. 
2. R
ELATED EU LEGISLATION AND INITIATIVES  
2.1. UCITS IV Directive 
The UCITS Directive12 contains the regulatory framework for retail funds at the European 
level and lays the basis for a single market in these funds. UCITS IV changes were adopted in 
2009 to address a number of efficiency concerns , investor protection issues, and practical 
problems that have been identified in relation to the UCITS industry, the combination of which was considered to be limiting th e development of the UCITS market. 
More specifically, changes were  made, for example, in the areas of governance and risk 
management. The UCITS IV Directive contains ch anges that enhance the effectiveness of the 
management company passport, in particular  by providing for safeguards that foster 
                                                
 
9 First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and 
administrative provisions relating to the taking up and pursuit of the business of direct life assurance, 
OJ L 63, 13.3.1979, p. 1–18. 
10 Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning 
life assurance, OJ L 345, 19.12.2002, p. 1–51. 
11 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the 
taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (Text with EEA relevance), OJ L 335, 17.12.2009, p. 1–155. 
12 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, 
regulations and administrative provisions relating to undertaki ngs for collective investment in transferable securities 
(UCITS),  OJ L 302, 17.11.2009, p. 32–96.  
EN 6   EN supervisory cooperation and mutual confidence. To  ensure this confidence, the Commission is 
due to adopt Level 2 implementing measures by the end of June 2010 that will harmonise 
certain attributes of management compan ies business (in partic ular organisational 
arrangements including rules of conduct, conflicts of interest but also risk management and 
measurement). As a result, once the management  company is approved in one Member State 
it will be subject to a harmonise d set of standards across the EU. 
2.2. Pre-contractual information disclosure 
There are several examples of testing of pre- contractual information for financial services, 
both at EU and national level. At the EU  level, the Commission asked OPTEM and its 
partners in the 27 Member States to carry out a qualitative study among consumers on the 
subject of pre-contractual information for diverse types of fina ncial products, including 
consumer credit, mortgage loans and invest ment services. A summary report was made 
available in January 2008.13 
The UCITS IV Directive requires UCITS to provi de a Key Investor Information (KII) sheet in 
a harmonised and standardised form to the invest or. On the basis of a consumer testing that 
fed into advice from the Committee of Eu ropean Securities Regulators (CESR), the 
Commission will adopt Level 2 implementing m easures by the end of June 2010. The results 
of the testing underlined the difficulty faced by retail investors in e ffectively engaging with 
and using information about inve stment products. It showed th at key information on risks, 
costs and performance was calculated and presented inconsistently or in such a way that it was difficult to use, and detailed content or presentation of information was not standardised. 
The Level 2 implementing measures are to ensu re that the communicatio n and presentation of 
Key Investor Information to individuals is vi sual, simple, and facilitates comparisons across 
funds. 
The Commission announced in its Communica tion of 30 April 2009 on Packaged Retail 
Investment Products (PRIPs)
14 its commitment to introduce a ne w horizontal approach to the 
regulation of sales and pre-contra ctual disclosures for these produc ts, so as to ensure a level 
playing field between different types of investment products offered in the retail market. The 
aim is to ensure that consumer protection m easures are effective a nd appropriate. Following 
the Communication, the Commission will focus on developing specific legislative proposals 
for this new horizontal approach, possibly in Spring 2011. The PRIPs proposals will be subject to their own impact assessment, which will consider their incremental impact for all 
stakeholders. 
2.3. Financial education 
The best way to increase the financial capabilit y of consumers in the Internal Market is by 
developing coordinated strategies in individual Member States. The role of the Commission is 
to encourage the Member States to tackle fina ncial education issues and to facilitate an 
exchange of best practices. The Commission has ta ken initiatives to organise expert meetings, 
maintain a European database, develop on-line tools for teachers and support events through 
patronage. 
                                                
 
13 Pre-contractual information for financia l services, January 2008, available at 
http://ec.europa.eu/consumers/rights/docs/PCI_final_report_22Feb2008_en.pdf 
14 Communication from the Commission on Packaged Retail Investment Products, 30.4.2009, 
COM(2009) 204 final 
EN 7   EN 2.4. Corporate Governance and remuneration policies 
Following an announcement in the Commi ssion Communication "Driving European 
Recovery" of March 2009, the Commission adopted a Green Paper on 2 June 201015 in order 
to launch a consultation proces s on possible (legislative and non-le gislative) EU measures in 
the area of Corporate Governance in financial institutions. The Green Paper addresses, among others, the role of boards, shareholders, supe rvisors and external a uditors in ensuring good 
corporate governance, governance of the risk management process and remuneration policies. 
The Green Paper states that corporate governance  should take account of the interests of other 
stakeholders (depositors, savers , life insurance policy holders, etc), as well as the stability of 
the financial system, due to the systemic nature of many players. A fortiori, these 
considerations are relevant for pension f unds, considering their economic importance and 
their growing role in the society. 
Furthermore, the Commission intends to consult,  in a second stage, on possible measures in 
Corporate Governance for all li sted companies early in 2011. 
2.5. Non-life Insurance Directive (health) 
The First Non-life Insurance Directive (Directive 73/239/EEC
16) specifies that health 
insurance constitutes insurance business. Accord ingly, supplementary private health insurance 
(insurance which provides for he alth cover which is already covered by th e statutory social 
security system), complementary private he alth insurance (insur ance which provides for 
additional health cover which is  outside the scope of the st atutory social security) and 
substitutive health insurance (insurance serving as  a partial or total alternative to health cover 
provided by the statutory social security sy stem) are subject to the Non-life Insurance 
Directives. The first Non-life In surance Directive excludes from the scope of the application 
of the non-life insurance directiv es "insurance forming part of a statutory system of social 
security." The same applies to long-term care insurance. 
2.6. Health policy 
The state of people's health ma kes a significant difference between  being able to work or not 
and therefore impacts on retirement age and ex penditure on pensions. National healthcare 
reforms aimed at helping citizens to age in good health as well as EU action to promote 
healthy ageing (as foreseen in the EU Health St rategy White Paper) can  therefore contribute 
to achieving the Europe 2020 objectives of re taining citizens longer on the labour market. 
A population ageing in bad health means a sma ller workforce with many people unable to 
work because of health problems, lower reti rement age and therefore greater spending on 
pensions. A population ageing in good health can continue work ing as it grows older thus 
                                                 
15 Green Paper on Corporate governance in financia l institutions and remuneration policies, COM(2010) 
284, available at: 
http://ec.europa.eu/internal_market/company/modern /corporate_governance_in_financial_institutions_e
n.htm   
16 First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and 
administrative provisions relating to the taking-up and pursuit of the business of direct insurance other 
than life assurance, OJ L 228 , 16/08/1973 P. 0003 – 0019. 
EN 8   EN contributing to rising retirement age and lo wering spending on pensions. Citizens in good 
health retire about two years la ter than workers in poor health.17 
2.7. The Gender Equality Directives  
Three Gender Equality Directives ha ve an impact on pension schemes.  
Directive 79/7/EEC18 implements the principle of equal treatment between men and women in 
matters of social security and notably covers st atutory pensions. It however contains a number 
of exceptions to the principle of equal treatment.  Member States are, for example, allowed to 
maintain different retirement ages for men and women. At the same time, even if there is no 
obligation flowing from EU gender equality law to equalise pensionable ages for men and women in the field of social security, gender equa lisation is often a first step in reforms aimed 
at increasing the retirement age in general to  preserve the adequacy and sustainability of 
pensions. 
Directive 2006/54/EC
19 on employment and occupation cove rs occupational pension schemes. 
In accordance with the case law of the European C ourt of Justice, this framework also applies 
to pension schemes for a particular category of wo rker such as that of public servants if the 
benefits are paid by reason of the employment relationship with the public employer. In this 
case, these benefits are considered as pay.  
Finally, Directive 2004/113/EC20 prohibits discrimination between women and men in the 
access to and supply of goods and services and therefore covers private/individual pension 
products. It contains an excepti on enabling Member States to pe rmit proportionate differences 
in individuals' premiums and benefits where th e use of sex is a determining factor in the 
assessment of risk based on relevant and accurate actuarial and statistical data (Article 5 (2)). 
2.8. Taxation  
In parallel to its proposal of the IORP Directive, the Commission presented a Pension 
Taxation Communication21 in April 2001. At the time, many Member States did not grant tax 
relief for the payment of pension contributions to foreign pension funds, whereas they did so 
for payments to domestic funds. This would hinder the functioning of the proposed IORP 
Directive. The Pension Taxati on Communication concluded that  the Member States cannot 
discriminate against pension contributions paid  to foreign IORPs. After attempts to find 
common solutions with the Member States in  Council discussions, the Commission launched 
infringement procedures where necessary. Most Member States adapted their legislation. In 
two cases the Court of Justice of the EU ruled th at if domestic pension contributions were tax 
                                                 
17 Survey of Health, Ageing and Retirement in Europe, Mannheim Research Institute for the Economics 
of Aging (MEA), 2008 
18  Council Directive 79/7 /EEC of 19 December 1978 on the progre ssive implementation of the principle 
of equal treatment for men and women in matters of social security ( OJ L 6, 10.01.1979).  
19  Directive 2006/54/EC of the European Parliament and of the Council of 5 July 2006 on the 
implementation of the principle of equal opportunities and equal treatment of men and women in 
matters of employment and occupation (recast - OJ L 204 of 26.07.2006). It notably repeals Directive 
86/378/EC (amended by Directive 96/97/EC) on occupational social security schemes ( OJ L 225, 
12.08.1986).  
20  Council Directive 2004/113/EC of 13 December 2004 implementing the principle of equal treatment 
between men and women in the access to and supply of  goods and services (OJ L 373 of 21.12.2004). 
21  The elimination of tax obstacles to the cross-border provision of occupational pensions, COM (2001) 
214 final. 
EN 9   EN deductible, contributions paid to IORPs elsewh ere in the EEA should al so be tax deductible22. 
Concrete result of the Commission's work in th e area is that mobile workers can now remain 
in their home country pension scheme if they  take up a job in another Member State and 
contributions to IORPs in other Member States  can now be paid without tax discrimination.  
The Pension Taxation Communication also conclude d that discriminatory tax rules can be an 
obstacle to the mobility of pensions. In Commission vs. Belgium23, the Court of Justice of the 
EU ruled that it is contrary to EU law to  tax transfers of pens ion capital from domestic 
pension funds to funds established elsewhere in the EEA if transfers of pension capital 
between domestic pension funds are tax free. The Commission intends to examine whether 
there are any other Member St ates with similar rules. 
In April 2003 the Commission published a Dividend Taxation Communication24. On the basis 
of the case law of the Court of Justice of  the EU this Communication concluded that 
dividends which leave a Member State (outbo und dividends) cannot be  taxed higher than 
dividends which stay in the country (domestic  dividends). Further to  the Communication the 
Commission opened a large number of infringement cases against those Member States that 
discriminated against foreign IORPs. Some Me mber States have already changed their law 
and eliminated the discriminations; a few others have been referred to th e Court of Justice of 
the EU.  
2.9. Statistics 
Several EU bodies are involved in the statistical work for pensions. The purpose of the 
Indicator Sub-Group (ISG) of the Social Protec tion Committee (SPC) is to collect data on 
coverage and contribution rates. Eurostat collects data on social protection benefits 
(ESSPROS), disposable income (EU-SILC) and pension funds (S tructural Business 
Statistics). The European Cent ral Bank (ECB) collects statisti cs on the volumes (stocks and 
flows) of the assets and liabilities of pensi on funds and insurance co rporations. The future 
European Systemic Risk Board (ESRB) is likely to step up its data requirements for financial 
stability purposes. The European Commission also participates in international work and has 
engaged in a joint project with the OECD to coll ect statistics on the adequacy of benefits from 
private pension provision. 
In the future, retired people will receive their pensions from at least two, if not more, sources 
(and pillars). Thus, the current st atistical frameworks - even if improved - will not be able to 
provide comprehensive and reliable informati on on regular pension-t ype revenues. It is 
essential, therefore, to define precisely what so rts of regular receipts can be considered as a 
pension, how different revenue streams may be  added, and how risks related to some 
resources are to be measured. 
2.10. EU-wide reviews 
A study carried out for the European Commission in 200725 provided an insight into the range 
of products in which retail clients invest when they save for the long term: namely term bank 
                                                 
22  Commission vs. Belgium , Case C-522/04, Commission vs. Denmark , Case C-150/04. 
23  Case C-522/04. 
24  Dividend taxation of individuals in the Internal Market,  COM(2003) 810 final. 
25 "The EU Market for Consumer Long-Term Retail Savings Vehicles" (BME Consulting, 15 November 
2007); available at http://ec.europa.eu/internal_market/finances/docs/cross-sector/study_en.pdf 
EN 10   EN deposits, securities, investment funds, life assu rance contracts and funded pension schemes. It 
illustrated the degree of integration in this market in the EU. The study also provided a snapshot of the drivers of consumer behaviour, in terms of both reasons for saving and choice 
of vehicle. 
A more recent study carried out for European Commission in 2009
26 indicated that 13 
Member States have some form of Equity Release Scheme (Austria, Bulgaria, Finland, 
France, Germany, Hungary, Irel and, Italy, Netherlands, Roma nia, Spain, Sweden, UK). The 
most significant markets are the UK, Ireland an d Spain. ERS account for less than 0.1% of the 
EU mortgage market. The market for Loan model schemes is larger than that for Sale model schemes: the estimated volume of Loan model schemes is EUR 3.3 billion (50 000 contracts), 
whereas that for Sale model schemes is EUR 1.4 billion (with just under 20 000 contracts). 
3. CEIOPS
 MAPPING OF EU PRUDENTIAL REGULATION  
The statutory pay-as-you-go (PAYG) pension, an unfunded defined-benefit scheme, is the 
basis for the overall pension income for most EU  citizens. A number of Member States have 
supplemented the statutory pension scheme w ith a funded tier in the form of a defined-
contribution scheme, which is administered in many cases by a private financial institution. Other Member States have, instead of or in addition to these schemes, set up unallocated 
demographic reserve funds to s upport statutory PAYG pensions. 
In many Member States the statutory pension is supplemented by occupational pensions and 
individual pensions. In  some instances occupational pensi ons are offered on a PAYG basis or 
through book reserves on the employer's balanc e sheet, although the bulk is provided through 
funded schemes operated by pension funds or insurance undertakings (e.g. group insurance 
contracts). Individual pensions are arranged by cont ract directly with  a product provider - 
generally a life assurance company or a pens ion fund. An individual’s contributions are 
accumulated and invested, and the resulting fund is subsequently used to provide pension 
benefits for the individual. 
Participation in occupational and individual schemes may be mandat ory or voluntary, 
although increasingly Member States are allo wing the possibility of opting-out from 
mandatory pension schemes. 
Mirroring the disparate developmen ts in Member States, the di stinction between the various 
pension pillars has also become less straight-forward in recent years. At the request of the 
Commission, CEIOPS has carried out a detailed ma pping exercise in 2009 to clarify the EU 
prudential regulation that applies to the different pension schemes/institutions. The EU Directives considered were  Directives 2003/41/EC (I ORP), 2002/83/EC (Life) and 
85/611/EEC (UCITS). Some Member States also referred to Di rectives 2006/48/EC 
(Banking) and Directive 93/22/EEC  (Investment Services), rep ealed by Directive 2004/39/EC 
(MiFID). The remainder of this section summa rises the main results  of the mapping. The 
more detailed information is provided in Table 1. 
                                                
 
26 "Study on Equity Release Schemes in the EU" (Institut für Finanzdienstleistungen, January 2009); 
available at: 
http://ec.europa.eu/internal_market/finservi ces-retail/docs/credit/equity_release_part1_en.pdf   
EN 11   EN Moreover, on the basis of this mapping, the Commission, with the coll aboration of CEIOPS, 
is conducting a further exercise aiming to review data on private pension products. 
Preliminary results of this exer cise indicate that occupational products reach a total of roughly 
€3.6 trillion, of which €2.6 tril lion in IORPs, €0.5 trillion in  insurance products and €0.5 
trillion in other investment vehicles. Personal pension pr oducts account for around €1.7 
trillion, of which €0.7 trillion in insurance product s, € 0.9 trillion in other investment vehicles 
and a further €58 billion in IORPs. 
3.1. Statutory funded pension schemes/institutions 
Statutory funded pension schemes/institutions, whether mandatory or not, are covered by EU 
Regulations 883/2004 and 987/2009 (replacing Regul ations 1408/71 and 574/72 since 1 May 
2010). According to the mapping, they exist predom inantly in the Member States that joined 
the EU in the period 2004-2007. Employers can pay c ontributions into the schemes in the case 
of EE. 
There are no EU prudential rules for the pens ion funds that are part  of statutory funded 
pension schemes/institutions. Most of the Memb er States concerned therefore do not apply 
EU prudential regulation. Some  Member States have, however, applied the Life or UCITS 
Directive to these pension funds. The mapping has highlighted the following situation: 
– IORP Directive:   n/a 
– Life Directive:   EE 
– UCITS Directive:   EE 
– Banking Directive:   n/a 
– Investment Services (MiFID): n/a 
– No EU prudential rules:  BG, LV, LT, HU, PL, RO, SK 
3.2. Occupational pension schemes/institutions 
The IORP Directive covers many occupational pe nsion schemes/institutions, but not all. The 
Directive has been implemented by almost all the Member States, with only a few exceptions. 
Article 4 of the IORP Directive,  allowing many of the rules in th e IORP Directive to apply to 
the occupational retirement provi sion business of life assurance undertakings, is used in three 
Member States. The IORP Directive explic itly excludes book rese rve and PAYG schemes 
from its scope. In many Member States there are also occupational pe nsion schemes that are 
subject to the Life or UCITS Directives. The mapping has highlighted the following situation: 
– IORP Directive:   - Implem ented with a few exceptions. 
- Article 4: FR, LT, SE 
– Life Directive:   BE, DK, DE, EL, LU, NL, AT, PL, PT 
– UCITS Directive:   PL 
– Banking Directive:   n/a 
EN 12   EN – Investment Services (MiFID): n/a 
– No EU prudential rules:  - book reserv es: BE, DE, IT, CY, LU, AT, PT, SE 
- PAYG: CY 
3.3. Individual pension schemes/institutions 
Individual pension schemes/institutions are covered by a broad range of directives: Life, 
UCITS, banking and investment services (MiFID ). The IORP Directive is also used by some 
Member States that have chosen to apply the IO RP Directive to individu al pension schemes in 
the national trans position (e.g. RO). 
There are, however, also a number of individu al pension schemes/institutions that are not 
covered by any EU prudential regulation. These are voluntary supplementary pensions in the 
form of individual DC schemes in seven Member  States (BG, CZ, ES, HU, MT, PT, SI). In 
some of these Member States, the employers can act as a third person to contribute to personal 
accounts (BG, CZ), while in another it is comm on practice for employers  to pay contributions 
on behalf of the member (HU). By contrast, in some Member States (ES, MT), employers are 
not allowed to contribute to personal accounts. 
The mapping has produced the following situation: – IORP Directive:   IT, LV, RO 
– Life Directive:   BE, DK, DE, EE, IE, ES, FR, IT, CY, LT, LU, HU, NL 
AT, PL, PT, SE, UK 
– UCITS Directive:   BE, DE, EE, LT, LU, HU, PL, PT 
– Banking Directive:   DE, LU, HU, PL 
– Investment Services (MiFID): PL 
– No EU prudential rules:  BG, CZ, ES, HU, MT, PT, SI 
EN 13   EN Table 1 – EU regulation applicable  to pension institutions/schemes  
Important note : This table was prepared by CEIOPS and the information reflects the situation 
prevailing in May 2010. It has however been the decision of each member of CEIOPS as to what kind of institution, scheme or product is in cluded in the table. The national information 
is therefore not necessarily comprehensive. Impor tant country-specific notes are contained at 
the end of this table. 
Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
IRP 
(Institutions de Retraite Professionnelle)/ 
IBP (Instelling 
voor 
Bedrijfspensio
envoorziening) until 
01/01/2012: 
ASBL/VZW or AAM/OVV  As from 
01/01/2007: 
OFP  
non-profit 
organisation 
or  mutual 
insurance association 
 
Organisation 
for Financing Pensions  DB, DC or 
mixed Voluntary 
(b) Occupational 
(c) IORP 
entreprise 
d’assurance/ verzekeringsonderneming 
 société par 
actions/ vennootschap op aandelen  
or  société 
coopérative/ 
coöperatieve 
vennootschap 
or AAM 
(Association d’Assurances Mutuelles)/ 
OVV 
(Onderlinge Verenigingsvereniging) limited 
partnership with a share capital 
 cooperative 
partnership 
   mutual 
insurance association  same as 
above through group insurance 
+ 
individual life insurance voluntary Occupational 
or individual Life 
 
BE 
fonds 
d'épargne-pension / pensioenspaarfonds OPCVM/ICBE: 
SICAV/BEVEK 
(d) UCITS: 
open-end investment company  individual 
pensions savings voluntary individual UCITS 
 
EN 14   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
Book reserves    DB/DC 
(e) voluntary occupational Excluded 
from IORP Directive based on Art. 2.2.(e) 
Пенсионно -
осигурително  
дружество  Акционерно  
дружество  Joint Stock 
Company No DC Voluntary 
(a) Occupational 
(b) IORP BG 
Пенсионно -
осигурително  
дружество  Акционерно  
дружество  Joint Stock 
Company No DC Voluntary 
(a) Individual (c) No EU 
prudential legislation 
 Пенсионно -
осигурително  
дружество  Акционерно  
дружество  Joint Stock 
Company No DC mandatory Statutory 
funded (individual) (d) Regulation 
1408/71 and 574/72 
CZ penzijní fond akciová 
společnost joint-stock 
company No DC voluntary Individual, 
although occupational elements possible (a) No EU 
prudential regulation. 
Firmapensionskasse Pensionskasse Company 
Pension Fund No DC or DB Mandatory occupational IORP 
Livsforsikrings
selskab Aktieselskab Life 
Insurance Company No DC or 
unit-linked Voluntary/
Mandatory (a) Occupational/
individual  Life DK 
Tværgående 
pensionskasse Pensionskasse General 
Pension 
Funds No DC or 
unit-
linked Mandatory  Life 
DE Pensionskasse  Aktiengesellsc
haft 
Versicherungs
verein auf Gegenseitigkeit 
Körperschaft 
des öffentlichen Rechts  
Anstalt des 
öffentlichen Rechts Joint-stock 
company 
Mutual 
insurance association 
Corporationu
nder public law 
 Institution 
under public law No  Voluntary 
(a) occupational IORP 
EN 15   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
Pensionsfonds 
(b) Aktiengesellsc
haft 
Pensionsfonds
verein auf Gegenseitigkei
t Joint-stock 
company 
Mutual 
pension fund association No  Voluntary 
(a) Occupational IORP 
 
Direktzusage 
(book-reserve schemes) (b)   No  Voluntary 
(c) Occupational Excluded 
from IORP Directive based on Art.2.2(e) 
Unterstützungskasse (b) Gesellschaft 
mit beschränkter Haftung 
Eingetragener 
Verein 
Stiftung Limited 
liability company 
Registered 
association 
Foundation No  Voluntary 
(c) Occupational Excluded 
from IORP Directive based on Recital 16 and Art. 2.2(d) 
 
Lebensversich
erungs-unternehmen (Direktversicherung – direct insurance) (d) 
 Aktiengesellsc
haft  
Versicherungs
verein auf Gegenseitigkeit 
Körperschaft 
des Öffentlichen Rechts 
Anstalt des 
öffentlichen Rechts Joint-stock 
company 
Mutual 
insurance association 
Corporation 
under public law 
 Institution 
under public law No  Voluntary 
(a) Occupational Life 
Altersvorsorge
vertrag (contract)   No Personal 
pension schemes Voluntary Individual Life, 
Banking, UCITS  
Basisrentenve
rtrag (contract)   No Personal 
pension schemes Voluntary Individual Life, 
Banking, UCITS 
EE Vabatahtlik 
pensionifond Lepinguline 
fond Contactual 
fund No DC Voluntary Individual UCITS+extr
a requirements 
EN 16   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Kohustuslik 
pensionifond Lepinguline 
fond Contactual 
fund  No DC Mandatory Statutory 
funded (individual) UCITS+extr
a requirements 
 Elukindlustuss
elts Aktsiaselts Joint Stock 
Company No DB or DC 
(Unit-
linked) Voluntary Individual Life 
 Elukindlustuss
elts Аktsiaselts Joint Stock 
Company No DB Mandatory Statutory 
funded (individual) Life 
IE Occupational 
Pension 
Scheme (a) Trust Trust No DB/DC/H
ybrid 
schemes 
and Trust Retirement Annuity Contracts Voluntary Occupational IORP 
 Personal 
pension Contract Contract No Individual 
Retirement Annuity Contracts/Personal Pensions Voluntary Individual Life 
 Personal 
Retirement 
Savings 
Accounts Contract Contract No Individual 
retiremen
t savings 
accounts Voluntary Individual Life 
EL ΤΑΜΕΙΑ  
ΕΠΑΓΓΕΛΜΑΤΙΚΗΣ 
ΑΣΦΑΛΙΣΗΣ  
(Τ.Ε.Α.) Νοµικά 
πρόσωπα  
ιδιωτικού  
δικαίου  
(ν.π.ι.δ.) µη 
κερδοσκοπικού χαρακτήρα . Non-profit 
private entities with legal personality. No Occupatio
nal Insurance Funds (DC) (a) Voluntary Occupational IORP (b) 
 ΑΣΦΑΛΙΣΤΙΚΕ
Σ 
ΕΠΙΧΕΙΡΗΣΕΙΣ      Group 
Insurance Contracts (c)   Life (d) 
ES Fondo de 
Pensiones de empleo Fondo de 
Pensiones de empleo IORP No DC, DB, 
or mixed Voluntary occupational IORP 
 Fondo de 
Pensiones personal Fondo de 
Pensiones personal Personal 
Pension Fund No Individual 
and associated pension scheme Voluntary Individual (a) No relevant 
prudential EU legislation applicable 
 
(b) 
EN 17   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Seguros 
colectivos Collective Life 
Insurance  Collective 
Life Insurance Contract No DB Voluntary occupational Life (in 
general) 
 PPSE 
(Employer 
Social Prevision Plan) Collective Life 
Insurance  Collective 
Life 
Insurance Contract No DB Voluntary occupational Life (in 
general) 
 PPA (Prevision 
Plan Assured) Individual Life 
Insurance  Individual 
Life Insurance Contract No DB Voluntary Individual Life (in 
general) 
FR assureur vie Société 
anonyme 
Or  Société 
d’assurance mutuelle Stock 
company  
Or  Mutual 
insurance company  DC/DB   Occupational 
or individual (a) IORP (Art. 
4) or Life (b) 
 Institution de 
prévoyance Institution de 
prévoyance Paritarian 
institution ruled by the “social protection code”  DC/DB  Occupational 
or individual (a) IORP (Art. 
4) or Life (b) 
 « mutuelle » Mutuelle du 
code de la 
mutualité Mutual 
company 
ruled by a 
specific code  DC/DB  Occupational 
or individual 
(a) IORP (Art. 
4) or Life 
(b) 
IT Fondi 
pensione negoziali (a) Associazione/f
ondazione Association/f
oundation No DC Voluntary 
opting-out Occupational  IORP 
 Fondi 
pensione aperti (b) Patrimonio di 
destinazione autonomo istituito da una società finanziaria in modo separato rispetto al patrimonio 
della stessa  An 
autonomous pool of assets instituted by a financial company separately from its own assets No DC Voluntary 
opting-out/Voluntary occupational/
Individual IORP 
EN 18   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Fondi 
pensione preesistenti autonomi (c) Associazione/f
ondazione  
 Association/f
oundation No DC, DB 
closed to new members Voluntary 
opting-out occupational IORP  
 Fondi 
pensione 
preesistenti (non autonomi) (d) Fondi 
pensione 
interni ai bilanci delle società promotrici Book reserve 
 No DC, DB 
closed to 
new members Voluntary 
opting-out occupational Excluded 
from IORP 
Directive based on Art. 2.2(e) 
(d) 
 Enti privati di 
previdenza obbligatoria dei liberi professionisti (e) Associazione/f
ondazione Association/
Foundation Yes DB/DC Mandatory Statutory 
funded Regulation 
1408/71 
 Piani 
pensionistici individuali (Pip) (f)  Patrimonio di 
destinazione autonomo istituito da una compagnia di assicurazione in modo separato rispetto al patrimonio della stessa  An 
autonomous pool of assets instituted by an insurance company separately from its own assets No  Voluntary Individual Life 
CY Ταµεία 
Προνοίας  Νοµικά 
Πρόσωπα  
Ιδιωτικού  
∆ικαίου  Provident 
Funds - Private Entities with Legal Personality No DC/DB 
set up via collective agreements Mandatory 
or Voluntary (determined by the rules of each provident fund) Occupational 
(a) IORP 
 Ταµεία 
Συντάξεως  Νοµικά 
Πρόσωπα  
Ιδιωτικού  
∆ικαίου  Pension 
Funds – Private Entities with Legal Personality No DB set up 
via collective agreements Mandatory Occupational 
(b) IORP 
 Επενδυτικά  
Ατοµικά 
Σχέδια  Ζωής Ασφαλιστικό  
Συµβόλαιο  Insurance 
Contract No Unit 
Linked Personal Life Contracts Voluntary 
Opt Out Individual  Life 
 Σχέδια  
Συντάξεως  (c)  Pay as you 
go pension schemes No DB Mandatory occupational Excluded 
from the IORP Directive 
EN 19   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Σχέδιο  
Φιλοδωρή µατο
ς (d)  Book reserve No DB Mandatory occupational Excluded 
from the IORP Directive 
LV Privātais 
pensiju fonds Akciju 
sabiedrība Stock 
company No DC/DB voluntary Occupational 
and 
individual (a) IORP (b) 
 N/A  State funded 
pension scheme (c)  DC Mandatory
, voluntaryStatutory 
funded Regulation 
1408/71  
LT 
 Pensijų 
asociacija Asociacija Association  DC, DB 
(a) Voluntary Occupational IORP 
 Gyvybės 
draudimo įmonė, 
vykdanti profesini ų 
pensijų 
kaupimo veiklą  Akcinė 
bendrov ė/ 
Uždaroji akcinė 
bendrov ė/Eur
opos Bendrov ė Public 
limited liability company/Private limited liability company/European 
company 
(Societas 
Europaea )  Life 
assurance contract under which occupational pensions 
are 
accumulated  Voluntary Occupational IORP (Art. 
4) 
 Valdymo 
įmonė Akcinė 
bendrov ė/Užd
aroji akcin ė 
bendrov ė Public 
limited liability company/Private limited liability company/ No DC Voluntary Statutory 
funded Excluded 
from IORP Directive based on Art. 2.2(a) 
 Gyvybės 
draudimo įmonė Akcinė 
bendrov ė/ 
Uždaroji akcinė 
bendrov ė/Eur
opos Bendrov ė Public 
limited liability company/Private limited liability company/European company (Societas 
Europaea ) No DC Voluntary Statutory 
funded Excluded 
from IORP Directive based on Art. 2.2(a) 
 Valdymo 
įmonė Akcinė 
bendrov ė/Užd
aroji akcin ė 
bendrov ė Public 
limited 
liability company/Private limited liability company/  DC Voluntary individual UCITS (b) 
EN 20   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Gyvybės 
draudimo įmonė Akcinė 
bendrov ė/ 
Uždaroji akcinė 
bendrov ė/Eur
opos 
Bendrov ė Public 
limited liability company/Private limited 
liability 
company/European company (Societas 
Europaea )  Life 
assurance contract  Voluntary individual Life 
 
LU Fonds de 
pension (CSSF) (a) Sepcav and 
assep Pension 
savings companies with variable capital and pension savings associations No  voluntary Occupational IORP 
 Fonds de 
pension (CAA) (b) Association 
d’assurances mutuelles, société coopérative, société coopérative organisée 
comme une 
société anonyme ou association sans but lucratif Mutual 
insurance associations, co-operative companies, co-operative companies organized as 
a public 
limited company, charitable associations No  voluntary Occupational IORP 
 Assurances de 
groupe Enterprise 
d’assurances / Contrats d’assurance groupe Insurance 
company/ Group insurance contracts No  voluntary Occupational Life 
 Régime 
interne de pension NA 
Provisions au bilan NA 
Book-reserve schemes No  voluntary Occupational No relevant 
prudential EU legislation applicable 
EN 21   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Contrat de 
prévoyance-vieillesse  Produits de 
prévoyance-vieillesse représentés par des 
produits 
d’assurance ainsi que par des produits bancaires investis dans des organismes de placement collectif agréés Pension 
products represented by insurance products as 
well as by 
banking products invested in licensed units for collective investment No  voluntary Individual Life, 
Banking, UCITS (c)  
HU magánnyugdíj
pénztár magánnyugdíj
pénztár Association-
like special legal form No DC (a) mandatory Statutory 
funded (individual)  Regulation 
1408/71  
 önkéntes 
nyugdíjpénztár  önkéntes 
nyugdíjpénztár Association-
like special legal form No DC voluntary Individual (b) No relevant 
prudential EU legislation applicable  
 Nyugdíjbiztosí
tás (Life Insurance company) - életbiztosító 
rt. 
 - biztosító 
egyesület - joint-stock 
company  
- association No Pension 
insurance voluntary Individual Life 
 foglalkoztatói 
nyugdíjszolgáltatás Foglalkoztatói 
nyugdíjszolgáltató rt. Joint stock 
company No DB/DC voluntary Occupational IORP 
 nyugdíjel őtak
arékossági számla (c)  pension 
saving account No DC voluntary Individual Banking, 
UCITS (c) 
MT Occupational 
Retirement Scheme Trust  
Contractual Trust  
Contractual 
(a) 
 No Trust 
Deed  
Contract 
between the employer and the Retireme
nt 
Scheme Administrator Voluntary 
(b) occupational IORP (c) 
EN 22   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Personal 
Retirement Scheme Trust  
Contractual Trust  
Contractual 
(a) No Trust 
Deed 
Contract 
between member 
and the 
Retirement Scheme Administrator  Individual (d) No EU 
prudential legislation 
NL Pensioenfonds 
(´pension fund´) Stichting Foundation 
(a) No  Mandatory 
for industry-wide schemes 
Voluntary 
opt-out for company schemes Occupational 
(b) 
 IORP 
 Verzekeraar 
(´insurance company´ or ´insurer´) Naamloze 
vennootschap Public 
limited company No  Voluntary Occupational 
(b)/individual Life 
AT Pensionskasse Aktiengesellsc
haften Joint-stock 
company No DB and 
DC voluntary occupational 
 IORP 
 Betriebliche 
Kollektivversicherung Aktiengesellsc
haften, Versicherungsverein auf Gegenseitigkeit and SE Joint-stock 
company, mutual insurance association and SE No DB and 
DC voluntary occupational 
 Life 
 Lebensindivid
ual- und Gruppenrente
nersicherung Aktiengesellsc
haften, Versicherungs
verein auf 
Gegenseitigkeit and SE Joint-stock 
company, mutual 
insurance 
association and SE No DB and 
DC voluntary Individual 
 Life 
 Direkte 
Leistungszusagen (Book-reserve schemes)   No DB/DC voluntary Occupational Excluded 
from IORP Directive based on Art 2.2(e) 
EN 23   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
PL pracowniczy 
fundusz emerytalny fundusz 
emerytalny (osoba prawna) occupational 
pension fund (in Polish legal framework is 
registered as 
separate legal entity) No DC voluntary Occupational 
(a) IORP (b) 
 zakład 
ubezpiecze ń 
na życie spółka 
akcyjna  joint-stock 
company  No DC voluntary Occupational 
(a) Life 
 fundusz 
inwestycyjny otwarty fundusz 
inwestycyjny investment 
fund (in Polish legal framework is registered as separate legal entity No DC voluntary Occupational 
(a) UCITS 
 zarządzający 
zagraniczny 
(foreign 
manager)  Not specified 
– all form of IORPs notified by relevant authorities from other Member States No DC voluntary Occupational 
(a) IORP (c) 
 Otwarty 
fundusz emerytalny fundusz 
emerytalny (osoba prawna) Open 
pension fund (in Polish legal framework is registered as separate legal entity) No DC mandatory Statutory 
funded Regulation 
1408/71  
EN 24   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Indywidualne 
konta emerytalne 1) Fundusz 
inwestycyjny, 
2) Zakład 
ubezpiecze ń 
na życie, 
3) Bank, 
4) instytucja 
prowadz ąca 
działalność 
maklersk ą. 1) 
Investment fund -in Polish legal framework is 
registered as 
separate legal entity, 
2) joint-
stock company, 
3) joint-
stock company, 
4) Limited 
company or joint-stock company No DC  voluntary individual 1) UCITS 
2) Life 3) Banking 4) ISD 
PT Fundos de 
pensões fechados (closed pension funds) Fundos de 
pensões Pension 
funds No DB / DC Voluntary occupational IORP  
 Adesões 
colectivas a fundos de 
pensões 
abertos (collective membership of open pension funds) Fundos de 
pensões Pension 
funds No DB / DC Voluntary occupational IORP 
 Contratos de 
seguro de grupo (group insurance policies) Contratos de 
seguro Insurance 
policies No DB / DC Voluntary occupational Life 
 Planos de 
poupança-reforma (saving-retirement schemes) 1) Fundos de 
pensões 
2) Contratos 
de seguro 
3) Fundos de 
investimento 1) Pension 
funds 
2) Insurance 
policies 
3) Investme
nt funds No DC Voluntary individual 1) No 
relevant EU prudential regulation (a) 
2) Life 3) UCITS 
EN 25   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Adesões 
individuais a fundos de pensões abertos 
(individual 
membership of open pension funds) Fundos de 
pensões Pension 
funds No DC Voluntary individual No relevant 
EU prudential regulation (b) 
 Contratos de 
seguro individuais (individual insurance policies) Contratos de 
seguro Insurance 
policies No DC Voluntary individual Life  
 Planos de 
pensões financiados no balanço da 
empresa 
(book-reserve schemes)   No DB/DC 
(c) voluntary occupational Excluded 
from IORP Directive based on 
Art. 2.2(e) 
RO Administrator 
al unui fond de pensii administrat privat Administrator
ul unui fond de pensii administrat privat - Societate pe actiuni  Administrato
r of a privately administrated pension fund- joint stock company No hybrid DC 
(a) Mandatory Statutory 
funded (individual) Regulation 
1408/71 
 Administrator 
de fonduri de pensii facultative Administrator
ul de fonduri de pensii facultative - 
Societate pe 
actiuni  Administrato
r of voluntary pension 
funds - joint 
stock company Yes DC (b) Voluntary individual IORP (c) 
SI Pokojninska 
družba Delniška 
družba Joint-stock 
company No DC Voluntary 
opt-out Occupational 
(a) IORP 
 Zavarovalnica Delniška 
družba Joint-stock 
company No DC Voluntary 
opt-out Occupational 
(b) IORP 
EN 26   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Vzajemni 
pokojninski sklad Vzajemni 
pokojninski sklad, upravjavci: banka, 
zavarovalnica, 
pokojninska družba Mutual 
pension fund, managed by bank, 
insurance 
company, pension insurance company No DC Voluntary 
opt-out, Mandatory for certain occupation
s Occupational 
(c) IORP 
 Sklad 
obrtnikov in podjetnikov (SOP) Sklad Found No DC/DB Voluntary Individual No relevant 
prudential EU legislation applicable to the pension product 
SK dôchodková 
správcovská 
spoločnosť akciová 
spoločnosť joint stock 
company No DC 
(personal, 
protected
) Voluntary Statutory 
funded (individual) Regulation 
1408/71 
and 574/72 
 doplnková 
dôchodková spoločnosť  akciová 
spoločnosť. joint stock 
company No DC 
(hybrid, unprotected) Voluntary, 
in general 
(a)  Individual, in 
general (b) IORP 
FI ETA-
lisäeläkesäätiö eläkesäätiö company 
pension fund (independent legal entity) No DB voluntary occupational IORP 
 ETA-
lisäeläkekassa eläkekassa industry-
wide pension fund (independen
t legal 
entity) No DB voluntary occupational IORP 
SE Livförsäkrings
bolag Aktiebolag Proprietary 
life insurance company No DC/DB 
 Voluntary 
(a) 1) 
Occupational 
2) individual 
(b) 1) IORP 
(Art. 4) 
2) Life 
 Livförsäkrings
bolag Ömsesidigt 
bolag Mutual life 
insurance company No DC/DB 
 Voluntary 
(a) 1) 
Occupational 
2) individual 
(b) 1) IORP 
(Art. 4) 
2) Life 
 Tjänstepensio
nskassa Understödsför
ening Occupational 
pension fundNo DC/DB Voluntary 
(a) Occupational 
and individual IORP 
EN 27   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Pensionsstiftel
se (c)  Stiftelse Pension 
foundation No None, 
investments only Voluntary 
(a) Occupational IORP 
 Särskild 
redovisning av 
pensionsskuld 
(Book reserves) (d)   No DB Voluntary 
(a) Occupational Excluded 
from IORP 
Directive 
based on Art. 2.2(e) 
UK Occupational 
DB scheme Trust Trust (a) No DB Voluntary occupational 
 IORP 
 Occupational 
DC scheme Trust Trust (a) No DC Voluntary occupational 
 IORP 
 Occupational 
Hybrid scheme Trust Trust (a) No DB/DC 
(b) Voluntary occupational IORP 
 Personal 
pension scheme Contract Contract No DC Voluntary individual Life 
IS Lífeyrissjóður Sjóður F und No DB/DC Mandatory 
and voluntary Occupational 
(a) and individual No EU 
prudential legislation 
LI Pension Funds 
(Pensionskass
e) Stiftung Foundation Yes DB or DC
collective 
foundatio
n or captive foundation Mandatory Occupational 
(a) Regulation 
1408/71 
and 574/72 
 Pensions 
funds (Pensionsfonds) Stiftung, 
Aktiengesellsc
haft, 
Europäische 
Aktiengesellschaft, 
Genosenschaf
t 
Europäische 
Genossenschaft Foundation, 
Limited 
company, 
Societas 
europa, 
Cooperative 
society 
Societas 
Cooperativa Europaea No DB or DC
biometric
risk or not 
call for 
additional cover or not Voluntary Occupational 
(b) IORP 
EN 28   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Insurance 
company (Versicherungsunternehmen, direkte 
Lebensversich
erung) Aktiengesellsc
haft,  
Genossenscha
ft Limited 
company,  
Cooperative 
Society No DC or DB Voluntary Occupational IORP 
(Art.4) 
NO Foretakspensj
ons-ordninger 1) 
Pensjonskasser 
2) 
Livsforsikrings- selskaper 1) Pension 
funds 
3) Life 
insurance companies No DB  It is 
mandatory to have a DC or a DB scheme  occupational 1) IORP 
2) Life 
 Innskuddspen
sjons-ordninger 1) 
Pensjonskasser 
2) 
Innskuddspensjons-foretak 
3) 
Livsforsikrings-selskaper 
4) Banker 5) 
Forvaltningsselskap for verdipapirfond 
 1)Pension 
fund, 
2) Defined 
contribution pension undertakings, 
3)Life 
insurance companies 
4)Banks 5) 
Companies which 
manage 
securities funds No DC It is 
mandatory to have a DC or a DB scheme Occupational 1) IORP 
2) IORP 3) Life 4) Banking  5) UCITS 
 Individual 
pension schemes 1) 
Livsforsikringsselskaper 
2) Banker 3) 
Forvaltningsselskap for verdipapirfond 
4) 
Pensjonskasser 1) Life 
insurance companies 
2)Banks 3) 
Companies which manage securities funds 
4) Pension 
fund (e) No DC Voluntary Individual 1) Life 
2) Banking  3) UCITS 4) IORP 
EN 29   EN Types of the private pension institutions  
Domestic 
name  Legal form 
(domestic) Legal form 
(English) Art. 
3? 
Y/N Types of 
pension schemes
 Mandator
y / voluntary / voluntary opt-out 
 Source 
• Statutory 
funded  
• occupational 
• individual  EU 
regulation 
 
 Statens 
Pensjonskasse Pension fund Statens 
Pensjonskasse is a pension fund administerin
g pension 
schemes for state employees and certain other groups of employees  DB Mandatory Occupational Excluded 
from IORP directive based on Art. 2.2. (a) 
and/or (c) 
 Book reserves 
(a)  Pension 
schemes based on contract where the benefits are paid by the employer/undertaking   Usually 
DB (b) voluntary Occupational Excluded 
from IORP directive based on Art. 2.2. (e)
 Pensjonsfond 
(c) pension fund   DB Mandatory 
if a pension fund as mentioned is established Occupational Excluded 
from IORP directive based on Art. 2.2 (c)and/or (d) 
  pension funds pension 
schemes fixed by law for certain occupational 
groups (d)  DB Mandatory Occupational Excluded 
from IORP directive based on Art. 2.2(c) 
  pension fund 
sponsored by State Pension fund 
for medical parctitioners  DB Mandatory Occupational Excluded 
from IORP directive based on Art. 2.2(c) 
  pension funds 
sponsored 
partly by the State Pension 
funds 
administrating early retirement schemes  DB Voluntary Occupational Excluded 
from IORP 
directive based on Art. 2.2(c) 
Note: The column "Art. 3? Y/N" indicates whether or not Article 3 of the IORP Directive applies. This article specifies that 
institutions for occupational retirement provision which also operate compulsory employment-related pension schemes which 
are considered to be social-security schemes covered by  Regulations (EEC) No 1408/71 and (EEC) No 574/72 shall be 
covered by the IORP Directive in respect of their non- compulsory occupational retirement provision business. 
Country-specific notes to the table: 
EN 30   EN Belgium (BE) 
a) The legal forms possible until 01/01/2012 are: ASBL (A ssociation Sans But Lucratif)/VZW (Vereniging Zonder 
Winstoogmerk), or AAM (Association d’Assurances Mutuelle s)/OVV (Onderlinge Verenigings vereniging). The new legal 
form since 01/01/2007 is the OFP (Organ isme de Financement de Pensions/O rganisme voor de Financiering van 
Pensioenen). 
b) Voluntary opt-out in some indust ry-wide schemes under certain conditions. 
c) Scope of schemes: employer, industry-sector or self-emplo yed (some are organised by profession but not necessarily); an 
IORP may manage several types of  schemes with different scopes. 
d) Organisme de placement collectif en valeurs mobilière s (OPCVM) / instelling voor collectieve belegging (ICBE): 
organismes de placement collectif publics à nombre variable  de parts (SICAV) / openbare instellingen voor collectieve 
belegging met veranderlijk aantal rechten van deelneming (BEVEK). 
e) The scope is limited to providing pe nsion benefits to company managers. 
Bulgaria (BG) 
(a) Each insured person in a voluntary pension fund has an i ndividual account in which his/ her personal contributions are 
accumulated. In the same personal account contributions can be made by employers or third persons with prior consent from 
the insured person. 
(b) The occupational pension schemes are managed within pens ion funds which are legal persons. The pension funds are 
established and managed by pension insurance companies, which are joint stock companies. The pension insurance 
companies manage separate pension f unds for voluntary occupational schemes. 
(c) The individual pension schemes are managed within pe nsion funds which are legal pe rsons. The pension funds are 
established and managed by pension insurance companies, which are joint stock companies. The pension insurance 
companies manage separate pension f unds for voluntary individual schemes. 
(d) The mandatory pension schemes are ma naged within pension funds which are legal persons. The pension funds are 
established and managed by pension insurance companies, which are joint stock companies. The pension insurance 
companies manage separate pension funds for mandatory schemes (univers al and professional pension funds). 
 
Czech Republic (CZ) 
a) This product is based on an individu al contract that can be concluded regard less of the client’s occupational status. 
However, there can be some occupational element in the sense that an employer can act as a third person contributing to the 
client’s account. In 2008, this was the case for approximately 25% of clients. 
Denmark (DK) 
a) For life insurance companies participation is mandatory an d the scheme belongs to the occupational pillar when the 
scheme is part of a pension plan in a company. 
Germany (DE) 
a) In general voluntary. In some areas, there are collectiv e agreements providing for oblig atory occupational retirement 
provisions or financial incentives for employees for deferred compensation.  
b) The insolvency coverage by the PSVaG (Pensions-Sicherungs -Verein Versicherungsverein au f Gegenseitigkeit) applies to 
this type of occupational retirement pr ovisions (insolvency of the employer). 
c) In general voluntary. In some areas, there are collectiv e agreements providing for oblig atory occupational retirement 
provisions. 
d) Under certain circumstances, the insolvency coverage by  the PSVaG (Pensions-Sicherungs -Verein Versicherungsverein 
auf Gegenseitigkeit) applies to this type of occupati onal retirement provi sions (insolvency of  the employer). 
Ireland (IE) 
EN 31   EN a) The pension scheme is the institution for occupational retirement provision. Legal separation of pension fund assets from 
all other assets is achieved via the trust mech anism under which all pens ion schemes are set up. 
Greece (EL) 
a) Occupational Insurance Funds are independ ent legal entities. They ar e established on a voluntary basis in each company or 
sector(s) of employment on the initiative either of employees  or employers or through an agreement between employees and 
employers as well as on the initiative of self-employed or in dependent professionals or farmers or their associations. 
Depending on the type of arrangement, Occupa tional Insurance Funds can provi de benefits in kind or in cash, in the form of 
annuity or as a lump sum. Occupational Insurance Funds th at provide retirement benefits operate on a funded basis (DC 
pension schemes). 
b) In addition, also Directive 98/49/EC (safeguarding th e supplementary pension rights)  and Directive 2006/54/EC (equal 
opportunities) apply.  
c) Group Insurance Contracts concluded between the employer and the insurance company in the sectors VII "management 
of group pension funds" or IX "works similar to social security". 
d) In addition, Directive 98/49/EC (safeguardi ng the supplementary pens ion rights) applies. 
Spain (ES) 
a) Employers cannot pay contributions on be half of members into this scheme.  
b) The national legislation applicable is  the Pension Plan and Fund Act (Texto Re fundido de la Ley 8/1987, de regulación de 
Planes y Fondos de Pensiones) of 29 November 2002. 
France (FR)  
a) All these institutions are able to sell: (i) occupational pens ion schemes, in particular “Article 83” schemes (defined-
contribution), “article 39”  schemes (defined-benefit) or “contrats Madelin” schemes (defined-contributi on); or (ii) individual 
life insurance (individual pension savings). 
b) For occupational retirement provision, the institution can deci de about the regulatory framework: life directive or IORP 
directive, with application of its article 4. The institution ha s to ask for a specific agreement if it wants to use the IORP 
directive. For individual retirement provision, the life directive applies. 
Italy (IT) 
a) Independent legal entity set up as a result of an agreem ent between employers and trade unions at industry level (also 
company, group, or regional funds are possi ble and have in fact been instituted). 
b) Pension funds instituted by financial intermediaries (banks, insurance companies, etc) as segregated assets. They can host 
both occupational a nd personal schemes. 
c) Pension funds instituted before 1993 as an independent legal entity. 
d) Non-autonomous pension funds instituted before 1993 as book re serves within the balance sheet  of an employer. When the 
company that sets up the pension fund is a bank or an insurance, which is the typical  case, the banking directive or insurance 
directive applies. 
e) Independent private entities operating social security sc hemes for several categories of  self-employed, professional 
workers (such as lawyer, etc.). 
f) Personal retirement plans based on in dividual life insurance companies. 
Cyprus (CY) 
a) There are company provident funds and industry-wide  provident funds, which provide lump sum benefits. 
b) There are employees´ pension funds (p rivate companies, semi public organizati ons and local authorities) and pension 
funds for self employed (advocates and doctors). 
EN 32   EN c) These schemes have no legal personal ity. They are pay as you go pension scheme s that provide a lump sum benefit and a 
monthly benefit for life. 
d) These schemes have no legal persona lity. They are book reserve retirement bonus schemes that provide a lump sum 
benefit. 
Latvia (LV) 
a) There are closed pension funds which provide only occupa tional pensions and open pension funds which are allowed to 
operate both occupational and individual pensions. 
b) In addition, Directive 98/49/EC (safeguardi ng the supplementary pens ion rights) applies.  
c) This scheme is part of the state pens ion and contributions paid to the scheme ar e part of the social tax. The scheme is 
operated by the State social security agency. The assets of the scheme are managed by private asset managers (they are not 
IORPs). State funded pension scheme could be treated as part of the funded tier of statutory pensions. 
d) Voluntary for those socially insured persons who were at age between 30 and 45 at 01.07.2001. 
Lithuania (LT)  
a) DB schemes shall be implemented only for individuals who ar e not subject to the Lithuanian  social security and labour 
legislation, i.e. in case of cross-border activities. 
b) No relevant prudential EU legislati on applicable to the pension product. Ho wever, Directive 85/611/EEC (UCITS) is 
applied for the providers. 
Luxembourg (LU) 
a) Authorised and supervised by CSSF.  
b) Authorised and supervised by Commissariat aux Assurances. 
c) No relevant prudential EU legislat ion applicable to the pension product. To the provider: Directive 2002/83/EC for 
underlying insurance contracts,  Banking Directive 2006/48/EC and UCITS directive (2001/108/EC). 
Hungary (HU)  
a) Since 1.1.2010, there is a performance guarantee equal to inflation.  
b) Members are obliged to pay contribution. However the employ er has the possibility to pay contribution on behalf of the 
member. 
c) This is a special saving account with  tax incentives. There is no relevant prudential EU legislation applicable to the 
pension product. To the provider:  Banking Directive 2006/48/EC and UCITS directive (2001/108/EC). 
Malta (MT) 
a) A Retirement Scheme of a contractual na ture consists of a separate pool of a ssets with no legal personality with the 
purpose of providing retirement benefits. 
b) Currently the pension system in Malta is  still based on state pension provisioning.  
c) In addition, Directive 98/49/ EC (safeguarding the supplementa ry pension rights) applies.  
d) An employer cannot contribute to Persona l Retirement Schemes that may be establishe d in terms of the current legislation. 
These Personal Retirement Schemes would be funded solely by contributions from the individual. 
Netherlands (NL) 
a) Various legal forms are permit ted, but pension funds almost exclusively prefer a Foundation. 
b) As for occupational pension sc hemes, the social and labour law and the information requirements are the same for insurers 
and pension funds. 
EN 33   EN Poland (PL) 
a) There are four legal forms of occupati onal pension plans in Poland which could be  freely chosen by an employer as the 
plan sponsor. 
b) “Pracowniczy fundusz emerytalny” is a Polish financial institution (fund) whic h operates in Poland and under the Polish 
law and its only two tasks are to accumulate and to administ er contributions (premiums) from sponsoring undertakings for 
occupational pension purposes . This institution fulfils criteria for IORPs under Article 6a of the IORP Directive, so it can 
also operate cross-border in other Member States. 
c) “Zarzadzajacy zagraniczny” is a foreign IORP which operates cross-border in Poland, in the meaning of the Polish law. 
Portugal (PT) 
a) These institutions are out of the sc ope of the IORP Directive because they  are institutions for personal retirement 
provision. They are covered either by the Life or UCITS Direct ive or by the national pension fund legislation. The national 
pension fund legislation (one single Decr ee-Law), which always covered both o ccupational and individual schemes, was 
updated to reflect the requireme nts of the IORP Directive. 
b) These institutions are out of the sc ope of the IORP Directive because they are institutions for personal retirement 
provision. They are covered by national pension fund legislatio n. This legislation (one singl e Decree-Law), which always 
covered both occupational and individual schemes, was updat ed to reflect the requirements of the IORP Directive. 
c) Usually covers retirement benefits that are no t tax qualified, e.g. early retirement programmes. 
Romania (RO) 
a) Personal, mandatory, mini mum benefit established by La w, funded pension scheme with automatic enrolment.  
b) Voluntary, unprotected, funded pension scheme. 
c) In the national implementation. 
Slovenia (SI) 
a) May offer individual pension policies. 
b) May offer individual pension policies and life insurance.  
c) The mutual pension fund is not a legal entity. It may offer individual policies.  
Slovakia (SK) 
a) Mandatory for certain categorie s of employees (e.g. miners). 
b) Occupational for certain categor ies of employees (e.g. miners). 
Sweden (SE) 
a) Voluntary, though most occupational pensio n is mandatory through collective agreements. 
b) May offer life insurance (separate) as well.  
c) Linked to companies who have tec hnical provisions as DB book reserves  (outside of IORP directive scope) 
d) Companies recently try to set up book reserves even for DC schemes. The Swedish authorities have therefore initiated a 
discussion with the companies to begin in the near future. By  law it is required that the book reserves must be secured. 
Normally this is done through credit insurance. 
United Kingdom (UK) 
a) The pension scheme is classed as the institution. As such there is no legal sepa ration. Legal separation of pension fund 
assets from all other assets is achieved via the tr ust mechanism under which all pension schemes are set up.  
EN 34   EN b) Legally classified in UK as DB but has so me guarantees and some money purchase elements. 
Iceland (IS) 
a) Pensions fund are in many cases ba sed on profession, but some professions ca n choose in which pension fund they pay. 
Liechtenstein (LI) 
a) Beside the statutory pillar (old age, disability and surv ivors’ insurance; AHV), Liechtenstein has also a mandatory 
occupational pillar to supplement the statutory pillar. For each  employee for whom an employer has the obligation to pay 
contributions to the social insurance (statutory pillar), the empl oyer has also the obligation to pay to an occupational DB or 
DC scheme (beside some exceptions; minimu m contributions are stipulated by law). The relevant law is the “Gesetz vom 20. 
Oktober 1987 über die betriebliche Personalvorsorge” (BPVG). 
b) For an employee having the obligation to pay contributions  to the social insurance (sta tutory pillar), only voluntary 
contributions can be made into a pensi on plan according to the “G esetz vom 24. November 2006 be treffend die Aufsicht über 
Einrichtungen der betrieblichen Altersversorgung” (Pensi onsfondsgesetz; PFG), with wh ich directive 2003/41/EC was 
implemented. The mandatory part has to be paid into a pension plan according to the BPVG. 
c) Insurance company (Versicherungsunter nehmen, direkte Lebensversicherung). 
Norway (NO) 
a) The use of this kind of schemes is unknown and probable very limited.  
b) Usually DB schemes based on contract and usually limit ed to providing pension benefits to company managers. 
c) All pensjonsfond are establ ished according to tax regulation before 1968. Pensjonsfond are without  guaranteed benefits. 
The benefits are derived according to certain rules laid down in  tax law on the basis of the size of the fund. Benefits from 
these pension funds are paid primarily in order to compensa te employers/pensioners born be fore 1917 for reduced benefits 
from State pension scheme. 
d) The pension schemes are fixed by legislation. 
e) It is legally possible for pension funds to offer individua l pension schemes to members.