How do CDC Schemes Qualify Under the IORP II Directive?

This article considers whether a collective defined contribution pension scheme (a “CDC scheme”) provides “cover against biometric risk” or “guarantees … a given level of benefits” for the purposes of Article 13(2) of EU Directive 2016/2341 (the “IORP II Directive”) or its predecessor, IORP I Directive (2003/41/EC), Article 15(2). If no such cover and no such guarantee are provided, then a CDC scheme is not required to comply with the technical provisions, buffer and other funding requirements applicable to an IORP which is classified as a “regulatory own fund” in Article 15 of the IORP II Directive.