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Romania’s Pillar II pensions post record 19.2 per cent return in 2025


By Callum Conway

Romania’s mandatory private pension system delivered record-breaking results in 2025, with Pillar II funds posting their strongest annual performance since the system’s launch almost 18 years ago.

The seven Pillar II pension funds achieved an average annual return of 19.2 per cent in 2025, according to APAPR calculations, marking a historic high for the system


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Finland’s Varma led TyEL transfer gains in 2025

Finnish earnings-related pension provider Varma posted the strongest gains in the Employees Pensions Act (TyEL) insurance transfer market in 2025, while competitors recorded losses, according to figures from the Finnish Pension Alliance (Tela)
Finland’s Varma reports fall in disability pension applications; Elo warns of mental health crisis

Finnish earnings-related pension provider Varma has reported a 2.9 per cent fall in disability pension applications in 2025, compared to 2024, but, along with Elo, it has highlighted that mental health disorders continue to be the most cited reason for disability pension applications

Irish multi-asset pension funds post 6.8% gain for 2025

Irish multi-asset pension funds made an average return of 6.8 per cent in 2025, according to Rubicon Investment Consulting
Swedish pension authorities appoint MSCI and Clarity AI for sustainability analysis

The Swedish Fund Selection Agency (FTN) and the Swedish Pensions Agency have procured new systems to support the sustainability analysis of funds within Sweden’s premium pension system

P+ records double-digit returns in 2025

Danish pension provider P+ has revealed strong investment returns in 2025, with double-digit performance delivered across its pension schemes for the third consecutive year despite heightened geopolitical uncertainty
Working longer cuts tax and can boost retirement income for Swedes, SPA report finds

Continuing to work rather than drawing a pension early can result in lower tax and a higher pension over the long term, according to new analysis from the Swedish Pensions Agency


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Bursting under the pressure

Belgium’s Arizona coalition is facing mounting pressure as it looks to push through sweeping pension reforms. Sandra Haurant explores whether the changes will bring more unrest than solutions

The digital tightrope

Although approaches to AI in pensions vary across Europe, the industry is grappling with the same challenge – how to harness the technology’s benefits while managing the risks associated with data, governance, and regulation. Paige Perrin reports

Europe’s pensions puzzle

Earlier this year, the EU’s auditors warned that EIOPA lacks the power to ensure

consistent supervision across member states. So how can EIOPA – and Europe’s other institutions – play a stronger role in shaping better pensions for citizens? David Adams reports

Guiding Irish pensions through change

From the rise of master trusts to the rollout of auto-enrolment, newly appointed CEO of the Irish Association of Pension Funds (IAPF), Joyce Brennan, shares her vision for simplifying the system, supporting trustees, and securing better retirement outcomes for all

Communication: Hot or not

Callum Conway takes the temperature of Europe’s pensions industry, exploring which

approaches to member engagement are catching fire – and which risk leaving savers cold

Ask the industry

With pension fraud on the rise and becoming more sophisticated, European Pensions asks the industry what regulatory or industry-led measures should be prioritised to better protect schemes and savers – and which countries are leading the way in tackling pension-related fraud?

The safety net

Disability benefits act as a safety net across Europe, delivered through insurance, occupational pension funds or the state. But with rising retirement ages and a concerning mental health epidemic, calls for preventative solutions are growing. Natalie Tuck reports

In defence of returns

Sophie Smith takes a closer look at how retirement savings are being mobilised in

uncertain times, with recent geopolitical tensions sparking a shift in attitudes as security tops the agenda

Unlocking private potential

European pension funds are deepening their push into private markets, with a focus on mid-market buyouts and local opportunities. While digitalisation and ESG remain key themes, investors face growing pressure to conduct rigorous due diligence to manage risks. Lynn Strongin Dodds reports

Passing the parcel

Banks are shifting slices of loan risk to pension funds through significant risk transfer deals, offering schemes fresh diversification and returns, but also drawing regulatory scrutiny. Giovanni Legorano reports

Returns with responsibility

Finnish Church Pension Fund CIO, Ira van der Pals, speaks to Paige Perrin about how the fund’s strategy has evolved, its sustainability ambitions and the opportunities and challenges ahead

Reform in bloom?

Big changes are coming – slowly – to the Netherlands' celebrated pensions system, as demographics and economics have made reform necessary. David Adams reports on the challenges still to be overcome

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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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