Occupational pensions in Europe: Trojan horse of financialization?

The aim of this article is to shed light on the nexus between occupational pensions (OPs) and the financialization of pensions in Europe. In particular, we address the following questions: Has the recent evolution of OPs contributed to the financialization of pension policy? Is the nexus between OPs and financialization the result of the increased influence of financial markets in the pension field? Or of a more complex interaction of state, market, and social actors? By comparing Italy, the Netherlands and the United Kingdom, we show financialization is a broad process that affects the three countries, but it has followed three different paths. In Italy, financialization is spreading through individual pension schemes rather than OPs. The Dutch collective OPs are still a central part of the pension systems, but are increasingly influenced by the financial markets. In the United Kingdom, employer‐led OPs are in the hands of the financial services industry. This proves that financialization is a powerful trend, but has to deal with domestic socioeconomic institutions (a country's political economies and pensions institutions) that shape actors' strategies and reforms. Financial actors have an increased role in pension politics, but are involved in complex interactions with the state, employers, and trade unions.