RESAVER Pension Fund, standing for Retirement Savings Vehicle for European Research Institutions (hereinafter referred to as “RESAVER" or “the Fund”) is a special multi-country, multi-employer pension vehicle based in Belgium, subject to cross-border pension regulations according to the IORP Directive. The Fund accepts members from research organisations and higher education institutions. The overall aim corresponds to the strategic objectives of the European Union on the creation of the European Research Area to enhance the competitiveness of a knowledge-based Europe by removing the obstacles of researchers’ mobility in Europe.
Researchers are often reluctant to accept postings in a foreign country fearing from losing their pension contributions or even not being eligible for these during short-term contracts due to vesting periods. RESAVER enables mobile employees of its member institutions to remain affiliated to the same supplementary pension fund when moving between different countries within the European Economic Area (EEA) and at the end of their career, they will receive their second pillar pension from one pension fund. Not only mobile employees can benefit from RESAVER though: all staff is eligible for joining from organisations engaged in research activity.
Since the start of its operation in 2016, 12 employers joined the Fund from 6 countries (Belgium, Hungary, Austria, Italy, the Netherlands and Cyprus). The Fund is being implemented in France and Spain with the Czech Republic to follow.
In the first 6 years of its operation RESAVER focussed on obtaining regulatory approval and completing operational implementation for the aforementioned countries. This resulted in RESAVER being present in most host countries in the EU among other pan-European IORPs. A solid foundation has been built to onboard new organisations from these host countries and expand presence in the European Economic Area.
RESAVER was designed to serve not only as a large cross-border DC pension fund in Europe but one offering state-of-the art services with a governance structure of high standards and flexibility to its members and participants in terms of investment strategies and pay-out options. There are no operational issues, the governance structure is strong, home and host country regulations are adhered to and its service providers are industry leading companies.
