Cross-border IORP activity remained stable across the European Economic Area (EEA) in 2024, the European Insurance and Occupational Pensions Authority's (EIOPA) latest report has found.

Its fifth annual EIOPA report on cross-border IORPS 2025 found that 27 IORPS operated across the EEA in 2024, a slight decrease from 2023 due to the closure of a scheme in Liechtenstein.

Overall, however, EIOPA admitted that the developments confirm previous findings that cross-border IORP growth has stagnated since 2010, with “minimal prospects for revival in the near future under the current conditions”.

In terms of assets under management, the report found that by the end of 2024, cross-border IORPs held approximately €11.5bn, compared to liabilities of €9.4bn.

This represented 0.4 per cent of IORPs' total assets under management and a 3 per cent increase in assets and a 0.5 per cent decline in liabilities compared with the previous year.

EIOPA said the growth in assets was primarily driven by favourable financial market developments, which more than offset the impact of the closure of one cross-border IORP and the reporting adjustments made to the Irish cross-border IORP.

Activity also remained concentrated to just eight member states, and Belgium maintained its position as the leading home member state.

In 2024, Belgium hosted 15 cross-border IORPs, which collectively operated across 15 host member states, similar to 2023, the report noted.

EIOPA also found that the number of host member states remained significantly higher than that of home member states, with cross-border IORPs present in 18 host countries, unchanged from the previous year.

Nonetheless, the closure of the Liechtenstein cross-border with host activities in Germany, the Netherlands, and Sweden reduced the total scope of cross-border activities.

The authority noted that, historically, cross-border IORPs tended to widen their activities to new host countries, but this has been less common since 2022, and in 2024, there were no expansions.

However, Luxembourgish cross-border IORPs received authorisation to establish activities in France and Romania, although these IORPs had not commenced operations in 2024.

Although the number of cross-border IORPs remained largely unchanged, the report found that participation and sponsoring activity continued to expand.

“Existing multi-employer cross-border IORPs attracted new sponsors, reflecting the sustained appeal of established arrangements,” EIOPA stated.

In addition, despite long-term trends pointing to greater defined contribution (DC) coverage in the cross-border market, in 2024, there was a shift in coverage towards defined benefit (DB).

However, EIOPA explained that this is due to the closure and reclassification of certain schemes.

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