This report describes the main quantitative investment regulations that pension funds are subject to in OECD and a selection of non-OECD countries, most of which are IOPS Member countries. This report also covers the investment rules for other pension providers, such as life insurance companies, for countries like Denmark, France, Ireland, Korea, Latvia and Sweden among OECD countries and Jordan among non-OECD jurisdictions. The information reflects the rules in force at the end of 2020 or the latest available date.

The survey covers all types of pension plans. Regulations may vary by type of plan, whether occupational or personal, mandatory or voluntary, defined benefit (DB) or defined contribution (DC), etc. The tables list all the types of plans or funds that the investment regulations apply to.

The information collected concerns all forms of quantitative portfolio restrictions, minima and maxima, imposed on pension funds and other pension providers by different levels of binding rules (laws, regulations, guidelines, etc.).

The survey contains five different tables:

• Table 1 contains portfolio ceilings on the investment of pension funds and other pension providers by broad asset classes. This table indicates whether the main limit applies to direct investments only or restricts the total exposure of pension funds and other pension providers to a given asset class, including indirect investments in this asset class through collective investment schemes. This information is specified in brackets after the main limit (“Direct” versus “Total Exposure”, respectively). Any other relevant information or additional limits are provided in the related “Other / Comments” section.
• Table 2 contains quantitative restrictions on foreign investment, along with the geographical areas or markets these restrictions apply to.
• Table 3.a contains quantitative investment limits in a single issue or issuer, by type of asset.
• Table 3.b contains other quantitative restrictions classified by type of regulation.
• Table 4 shows the main changes to investment regulations during the period 2002-2020.

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