On 10 June, Ceemet attended a lunch debate on occupational pension systems (IORPs) and the IORP II Revision, organised by the German social partners of the chemical industry. During the event, rapporteur MEP Damian Boeselager (Greens, Germany) underlined that second-pillar pensions are an important supplement to the statutory first-pillar pension. Scale effects deliver better outcomes for pensioners and, through investment, for the wider economy. Larisa Dragomir, Cabinet expert to Commissioner Albuquerque, stressed the bigger picture of the Savings and Investments Union (SIU) and the role IORPs can play in protecting people from old-age poverty, with a focus on sustainability and awareness of long-term risks.
Beate Petry, Global Head of Pensions & Benefits at BASF – the largest chemical producer in the world, reflected on the additional administrative burden created by the Commission’s proposal, which translates into higher costs and, ultimately, lower pensions. She noted that the proposed stress test would mean a 10% cost increase after 10 years, with consequently higher capital requirements. For Defined Benefit systems in particular, strong risk mitigation already exists, so an additional stress test is unnecessary. A minimum-harmonisation approach with less bureaucracy would be welcome, to avoid endangering existing second-pillar systems.
Nils Hindersmann of the chemical trade union IGBCE recalled that the aim of IORPs is to help workers maintain their standard of living in retirement. Employers and unions share the goal of enrolling more people in an IORP, though younger workers are not always keen to join a pension plan when they have other life priorities. Ms Petry was clear that auto-enrolment cannot be combined with an employer’s own existing IORP — a company should not have to pay twice. The Rapporteur concluded that stress testing should differentiate between Defined Benefit and Defined Contribution systems.
In the Q&A, the Commission noted that the proposals are designed to encourage IORPs to grow, since small players cannot invest in venture capital on their own. At the same time, because some Member States do not yet have IORPs, smaller IORPs must remain possible. Asked why there was no Impact Assessment for such an important file, the Commission explained that it had not gone to the scrutiny board; in its absence, a Staff Working Document captures stakeholders’ points of view.
On 23 June 2026, the social partners — Ceemet, ECEG and industriAll Europe — published a joint statement setting out their red lines for the IORP II revision, calling on EU lawmakers to protect and strengthen second-pillar occupational pensions. See the accompanying press release and the full joint statement.