Cross-Border IORPs Flatline Across the EEA, EIOPA Says

According to the latest report from the European Insurance and Occupational Pensions Authority (EIOPA), published in December 2025, cross-border activity among IORPs across the European Economic Area stayed broadly flat in 2024.

EIOPA’s fifth annual Cross-Border IORPs Report 2025 shows that 27 cross-border IORPs were active across the EEA last year—down one from 2023.

Zoom out, though, and the bigger picture hasn’t changed. EIOPA confirms what it has been saying for years: cross-border IORP growth has been effectively stalled since 2010, and there are little  prospects for revival in the near future .

Assets Up, Liabilities Down

By the end of 2024, cross-border IORPs managed around €11.5bn in assets (+3% year-on-year, thanks to stronger financial markets), against €9.4bn in liabilities (-0.5% year-on-year). That represents just 0.4% of total IORP assets across the EEA.

Still a Small, Concentrated Market

Cross-border activity remains heavily concentrated in just eight member states, with Belgium firmly holding its position as the leading home country.

In 2024, Belgium was home to 15 cross-border IORPs, operating across 15 host member states—essentially unchanged from the year before. Overall, cross-border IORPs were present in 18 host countries, again flat year on year.

Expansion Has All but Stopped

Historically, cross-border IORPs tended to add new host countries over time. In 2024, there were none at all.

More Sponsors, Shifting Benefit Mix

While the headline number of cross-border IORPs barely moved, participation and sponsorship continued to grow. “Existing multi-employer cross-border IORPs attracted new sponsors, reflecting the sustained appeal of established arrangements,” EIOPA noted.

Interestingly, despite a long-term shift toward defined contribution (DC) plans in the cross-border market, 2024 saw a temporary tilt back toward defined benefit (DB) coverage. EIOPA stresses this was largely a technical effect, driven by plan closures and reclassifications rather than a structural reversal.

Bottom line: cross-border IORPs remain niche, static, and geographically concentrated—stable, yes, but still far from a growth story.