Wharton Pension Research Council Working Papers

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Working Paper

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Risk disclosure in the European insurance industry will be profoundly influenced by Solvency II rules seeking to improve transparency in the insurance sector. Attempts to extend this reform to occupational pension funds face considerable difficulties. This chapter describes the recent European Union reforms in prudential regulation for insurance undertakings and occupational pension funds. We compare both sectors and describe how differences between both types of institutions might justify differences in risk disclosure. We conclude that, because of the growing importance of defined contribution (DC) pension schemes, risk disclosure is important for both DC and defined benefit (DB) schemes.


The published version of this Working Paper may be found in the 2016 publication: Retirement System Risk Management.


Solvency II, occupational pension funds, solvency balance sheet, holistic balance sheet, risk and solvency assessment, pension benefit statement

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2015 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.



Date Posted: 12 March 2019