Order ECM/973/2026 establishes the official typology of pension funds to classify them according to their investment policy (Annex). This measure aims to improve fund comparability and provide participants with clearer, more precise information regarding the investment focus of their assets. The classification is based on criteria of equity exposure, third-party guarantees, and return objectives (Annex).
For participants and potential participants, the regulation facilitates the understanding of risk and investment strategy through standardised nomenclature (Annex). For management companies and funds, it formalises a classification that was already used in statistical reporting to the Directorate General of Insurance and Pension Funds (Order ETD/554/2020). Funds must align with these definitions for correct public communication.
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