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DRAFT REPORT (COM(2025)0842 – C10-0306/2025 – 2025/0362(COD))

On the proposal for a Directive of the European Parliament and of the Council amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision

ECON-PR-787037

Committee on Economic and Monetary Affairs · Rapporteur: Damian Boeselager

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This is the rapporteur's draft report on the Commission proposal to amend Directives (EU) 2016/2341 and 2016/97 on occupational retirement provision. It sets out Parliament's first-reading position, with amendments to the recitals and articles. The amendments add rules on gender pension gaps, a duty of care for IORPs, and a category of qualifying productive investments, including a requirement for large IORPs to invest at least 2% of assets in venture capital. They require Member States to establish or designate a pension tracking system, make digital information the default, and set new rules on pension benefit statements and decumulation disclosures. They also change authorisation and cross-border timelines, add climate stress-testing, and remove several Commission provisions, including the collaboration platforms article and the underperformance article.

Committee position. The rapporteur proposes to amend the Commission proposal by adding rules on gender, duty of care, qualifying productive investments, a 2% venture capital requirement, pension tracking systems and digital-by-default information, while shortening authorisation and cross-border timelines, adding climate stress tests, and deleting the collaboration platforms and underperformance articles.

Key points

  1. Adds a recital on the gender pension gap of 25.4% in 2023, asking competent authorities and EIOPA to pay attention to access and accrual for part-time and non-standard workers.
  2. States IORPs hold EUR 2.69 trillion in assets serving 74.1 million members, and treats long-term equity, infrastructure, growth equity, green bonds and public-backed exposures as examples of qualifying productive investments.
  3. Requires Member States to ensure at least one IORP accepts sponsorship from any undertaking and from self-employed persons not mandatorily covered, under simple, standardised and non-discriminatory conditions.
  4. Introduces a duty of care for IORPs to act honestly, fairly and professionally in members' best interests, including adequate, risk-adjusted and cost-efficient net returns.
  5. Requires IORPs with assets under management exceeding EUR 1 billion to invest at least 2% of their assets in venture capital investments.
  6. Requires Member States to establish or designate a pension tracking system covering all pension entitlements administered by IORPs in their territory, with optional inclusion of statutory and personal pensions.
  7. Makes digital provision of information the default, with paper copies free of charge on request, and allows IORPs to fulfil information duties through the tracking system.
  8. Sets new content rules for pension benefit statements, including best estimate, favourable and unfavourable scenarios, and requires decumulation disclosures on pay-out options, costs, taxes and risks in plain language.
  9. Shortens authorisation and cross-border timelines: three months for authorisation with deemed granting, one month for host-authority information, and two months for reasoned non-communication.
  10. Requires a climate-related stress-test exercise at least every three years, covering transition and physical risks under disorderly, orderly and 1.5°C-not-reached scenarios, with EIOPA guidelines.
  11. Raises the exemption threshold for small IORPs to 1000 members and beneficiaries and EUR 25 million in assets, and changes the stress-test cycle to at least every five years.
  12. Deletes the Commission's article on collaboration platforms and the article on information to members in case of underperformance, and limits delegated acts to Article 38(6) for a five-year period.

Who is affected

  • IORPs: new duty of care, investment rules, stress tests, reporting and information duties.
  • Member States: must establish pension tracking systems and ensure an IORP accepts any sponsor.
  • Members and beneficiaries: get tracking-system access, digital information by default and paper on request.
  • Self-employed persons and employees of small and medium-sized undertakings: covered by the new access obligation.
  • EIOPA: issues guidelines on climate stress tests and endorses a Union-wide tracking system.

Figures and deadlines

  • EUR 2.69 trillion in assets under management by IORPs.
  • 74.1 million members across the Union.
  • Gender pension gap of 25.4% in 2023.
  • At least 2% of assets in venture capital for IORPs above EUR 1 billion.
  • Exemption threshold of 1000 members and beneficiaries and EUR 25 million in assets.
  • Stress test at least every five years; climate stress test at least every three years.
  • Authorisation deadline of three months, extendable by up to one month.
  • Delegated acts conferred for a period of five years.

Legal basis: Article 294(2), Articles 53 and 62, and Article 114(1) of the Treaty on the Functioning of the European Union.