Recent insights highlight both the resilience and the ongoing challenges facing occupational pension systems. The 2025 EIOPA stress test shows that European occupational pension funds (IORPs) are generally well-prepared for liquidity shocks, thanks to robust risk management practices and reactive measures. Yet, temporary cash shortfalls in some entities underscore the importance of careful liquidity management, particularly for funds using derivatives.
Complementing this, the FSMA’s annual overview of Belgian supplementary pensions offers a detailed snapshot of coverage, structure, and size of the sector as of January 1, 2025. At the beginning of 2025, 4,562,000 Belgians had built up a supplementary pension, representing a 2% increase compared to the previous year and covering approximately 78% of the working population, according to an FSMA overview.
Meanwhile, broader surveys—including Insurance Europe’s Pension Survey and the EU-wide Eurobarometer—reveal a persistent pension savings gap: a significant share of Europeans, including many Belgians, still lack supplementary pension provisions and remain uncertain about their long-term financial security. Together, these reports provide both context and caution, emphasizing the importance of strategic planning, risk awareness, and policies to strengthen retirement readiness.
EIOPA 2025 Stress Test highlights liquidity resilience of European occupational pension funds
16/12/2025 – Source
The European Insurance and Occupational Pensions Authority (EIOPA) has released the results of its 2025 stress test of occupational pension funds (IORPs), focusing specifically on liquidity risks under rapid yield curve movements and margin call pressures. The exercise, the first pan-European stress test to target liquidity in this sector, tested two severe but plausible scenarios—‘yield curve up’ and ‘yield curve down’—reflecting geopolitical tensions, market volatility, and economic shocks. Results show that while rising rates and euro depreciation can create substantial liquidity needs—leaving many IORPs with temporary shortfalls—strong risk management practices and the use of reactive measures (asset sales, rebalancing, reduced trading) allowed the sector as a whole to restore liquidity. Although 27 entities still faced cash constraints, the aggregate sector remains resilient, with sufficient liquid assets to cover shocks and no systemic spillovers. The findings underscore the importance of robust liquidity management, particularly for funds using derivatives, and will guide EIOPA’s ongoing supervision and dialogue with IORPs.
These insights complement the key data published annually by the FSMA on supplementary pensions for employees and self-employed workers. The latest edition of “Le deuxième pilier de pension en images”, reflecting figures as of January 1, 2025, provides a valuable snapshot of the occupational pensions landscape, offering context on the size, coverage, and structure of the sector in which these liquidity risks and stress-test results apply.
EUROBAROMETER 2025 : consumer trends in insurance and pension services
01/12/2025- Source
In 2025, EIOPA conducted an EU-wide Eurobarometer survey with 25846 online interviews of consumers aged 18 and above to gather insights into consumer trends in the insurance and pensions sectors. According to the Eurobarometer, Belgium is performing well overall: a large majority of the population holds several insurance products and feels relatively well protected in everyday life. However, a concern remains. When looking beyond the short term, uncertainty emerges. Only a minority of Belgians benefit from a supplementary pension through their employer or from an individual pension product, and even fewer are truly confident that their financial future is secure.
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Europe continues to face a persistent pension savings gap, according to a new Insurance Europe’s Pension Survey
25/11/2025- Source
41% of Europeans are still not contributing to supplementary pension schemes, underscoring the need for targeted policy action, advice, and frameworks that support long-term, secure retirement saving. The results come as the European Commission (EC) reflects on social resilience, financial inclusion, and the next steps under the Savings and Investments Union (SIU), including the review of the Pan-European Personal Pension Product (PEPP) framework.
The fourth edition of the survey, covering 12 markets (Austria, Belgium, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Spain, and Switzerland), confirms that a growing share of people recognise the importance of saving, but financial pressures, information gaps, and behavioural factors are still preventing many from taking action. Women, unemployed people, and non-standard workers remain disproportionately affected. Insurance Europe calls on policymakers to build on these insights, as they advance the SIU and review of the PEPP framework.
