Country Reports

In-depth regular coverage and asset manager surveys on European countries and regions

Latest Country Reports

Paris, France

Country Report - Pensions in France (October 2022)

October 2022 (Magazine)

The French pension system is in good health with a first-pillar pay-as-you-go system in surplus. But long-term forecasts are cause for concern, showing that the French state will have to raise expenditure on pensions from the current 13% to nearly 15% of GDP to maintain the system.

Amsterdam netherlands

Netherlands: Pension transition drives consolidation

September 2022 (Magazine)

Pension schemes are turning to mergers as one way to cope with the rising costs of complying with greater regulation

  • Rome, Italy

    Country Report - Pensions in Italy (July 2022)

    July/August 2022 (Magazine)

    Italy’s pension industry continues to develop, albeit at a slow pace. Italian pension funds are adapting their strategies to the volatile and uncertain market regime, by purchasing inflation-linked assets and by taking advantage of potentially higher yields on domestic government bonds. However, as our lead article highlights, they are generally staying true to their long-term diversification strategies, which consist of gradually allocating to alternatives including private equity, private debt and infrastructure. Some have bought shares in the Bank of Italy, a private equity-like investment.

  • Stockholm, Sweden

    Country Report - Pensions in the Nordic Region (June 2022)

    June 2022 (Magazine)

    We open our June Nordic Region report with a stark question: are asset managers living up to asset-owners expectations on ESG, in particular when it comes to climate change reporting?

  • uk

    Country Report - Pensions in the UK (May 2022)

    May 2022 (Magazine)

    The 80-plus local government pension funds in England and Wales have been on course to consolidate into eight asset pools for the last six years, with a target of €1-2bn in cost savings by 2033. 

  • Pensions in Germany and Austria 2022

    Country Report - Pensions in Germany & Austria

    April 2022 (Magazine)

    It took just over 100 days in office before Germany’s new coalition government announced a €500bn budget to first pillar pension financing, setting in motion an agreed reform process that would create a partially funded state pension system.

  • Netherlands country report - March 2022

    Country Report – Pensions in The Netherlands (March 2022)

    March 2022 (Magazine)

    The nominal treatment of liabilities in the Netherlands’ FTK pension regulatory framework means schemes don’t need to explicitly hedge inflation. But Dutch inflation came in at one of the highest rates in the euro-zone in January, and there has been strong criticism in the last decade about pension indexation cuts.

  • Pensions in Ireland - IPE February 2022

    Country Report – Pensions in Ireland

    February 2022 (Magazine)

    Ireland’s new trustee code is bedding in following its publication last autumn. The code aligns Ireland with IORP II, with rules on governance, administration, controls, DB management and ‘fit and proper’ requirements.

  • Central Library - Riga

    Country Report - Pensions in Central & Eastern Europe

    January 2022 (Magazine)

    A combination of poor policy decisions and conservative asset allocations have conspired to stifle the development of supplementary pensions in the CEE region since the widespread adoption of the World Bank’s three-pillar model in the 1990s, as IPE Editor Liam Kennedy writes in this issue

  • Reykjavik, Iceland

    Country Report - Pensions in the Nordic Region

    December 2021 (Magazine)

    Our report on the Nordic region leads on Denmark’s ambitious plan to reduce greenhouse gas emissions by 70%, and with a 2030 deadline. That plan, the most stringent in the region, needs capital. And while there is no shortage of local pension fund investors willing to contribute, they say more detail is needed on the specifics.

  • Almudena Cathedral, Madrid, Spain

    Country Report: Pensions in Spain

    November 2021 (Magazine)

    Spain is moving ahead with pension reforms but there is little indication about the future shape of the second pillar. Our report also assesses Spanish pension investment strategies

  • A view of Zurich, Switzerland

    Country Report: Pensions in Switzerland

    November 2021 (Magazine)

    Swiss pension funds are aligning their portfolios with sustainability goals. We speak to some of the leaders. Our report also assesses the ongoing pension reform discussions, looks at investment trends and features the latest research on risk, investment and funding levels

  • Paris, France

    Country Report: Pensions in France

    October 2021 (Magazine)

    President Macron’s pension reforms were pretty much shredded by the pandemic. Asset managers and policymakers had been hoping that a successful reform programme would channel savings into supplementary pension vehicles like the FRPS. Instead, progress has been very slow indeed. We also profile the public sector scheme Ircantec and highlight Indefi’s latest research on the French institutional market.

  • Amsterdam netherlands

    Country Report: Pensions in the Netherlands (September 2021)

    September 2021 (Magazine)

    Dutch pension funds are hesitant to exclude companies or entire sectors from their investments universe and instead prefer to take the route of engagement, as we find out in our latest in-depth report on Dutch pensions. The report also covers how experiences from other countries can help illuminate the current Dutch pension reform, and analyses why the traditionally sleepy market for pension administration is undergoing unprecedented upheaval.

  • Rome, Italy

    Country Report: Pensions in Italy

    July/August 2021 (Magazine)

    Italian pension funds are growing their allocation to illiquid asset classes at an increasing pace, spearheaded by a number of innovative institutional collaborations. In addition, the sector is more and more making investment choices with ESG factors in mind, as we analyse in our latest in-depth on Italy’s pensions. The report examines the impact of COVID-19 on the health of the country’s second-pillar pensions system, and finds why its future growth is dependent on more decisive policymaking.

  • Oslo, Norway

    Regional Report: Pensions in Nordics

    June 2021 (Magazine)

    Two years have passed since AP Pension became the first of Denmark’s main commercial pension providers to launch a pension product labelled as sustainable. Since then, other players have followed suit, launching new ‘sustainable’ pension products in response to demand from customers. In this report, we also look at other developments  across the Nordic region, including the strong investment returns of Sweden’s AP6 and how Norway’s municipal pension market is opening up to competition.

  • City of London

    Country Report: Pensions in UK

    May 2021 (Magazine)

    The UK’s Pension Schemes Act was finally signed in February 2021, after nearly two years of negotiations in parliament that were severely disrupted by elections, Brexit-related negotiations and the COVID-19 pandemic. The new rules have given the Pensions Regulator (TPR) new powers that could see it intervene in corporate actions such as mergers and acquisitions, as we analyse in this report. The report also looks at other key topics impacting the UK pensions sector, including DB funding, climate change, risk management and pension dashboards.

  • Country report - Germany

    Country report: Pensions in Germany

    April 2021 (Magazine)

    Social partner pensions are just one of the new defined contribution (DC) pension arrangements which have emerged in Germany in the past three year and more more could follow, as we analyse in this report. Will this bring a boost to the country’s neglected second pillar? We also look at pension risk management and find how investors are evolving to adapt to new realities in terms of assets and liabilities, and assess why German politicians are looking abroad for ways to boost exposure to equities in long-term savings.

  • Amsterdam canal houses, Netherlands

    Country Report: Pensions in the Netherlands (March 2021)

    March 2021 (Magazine)

    After decades of intense debate surrounding pension reform, a ‘historic’ deal was reached last year between the social partners and the government about the direction of the new Dutch pension system. The move from defined benefit (DB) to defined contribution (DC) under the new pension contract is having an impact on the sector as a whole. In this report, we explore some of the key issues facing the industry including funding pressures, assessing members’ risk appetite, the future of fiduciary management, and the surge in alternative strategies

  • Ireland

    Country report: Pensions in Ireland 2021

    February 2021 (Magazine)

    In 2018, the Irish government published its “Roadmap for Pensions Reform”, which set out plans for a national auto-enrolment system to be implemented for 2022. The implementation of changes has been dogged by delays, with COVID-19 joining the long list of obstacles slowing the country’s pension reform, as we analyse in this report. We also look at how volatile financial markets have impacted funding levels of defined benefit (DB) pension schemes, and explore the potential of the new regulated investment limited partnerships for institutional investors in private assets.

  • Szymon Ożóg

    CEE - Poland: Auto-enrolment limps to the finishing line

    January 2021 (Magazine)

     Lack of trust underpins poor take-up of new plans 

  • Female staff members at ATP

    Denmark's ATP: Accelerating diversity

    December 2020 (Magazine)

    ATP has written its own manual to boost diversity among its senior workforce 

  • MartinElingpic

    Switzerland: The road to digital pensions

    November 2020 (Magazine)

    From letters still sent by pension funds, to apps and portals, the road to digitise the Swiss pension system looks long but promising

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