Thirty funds had converted by the end of March 2026, holding 542 billion euro. The 1,082 billion still under the old rules has under two years to follow.
The transition is progressing, but the funds still to convert hold most of the assets, and they are all doing the same work in the same window with the same advisers and administrators.
After conversion the picture is less settled. DNB has been explicit that the financial position of a converted fund cannot be summarised by a single indicator such as the funding ratio, and that a clearer picture will only emerge as experience is gained. Boards that have steered by one number for years now have to work without it.
Alongside the transition sits a second set of rules that reaches every financial institution, though each bites on a pension fund in its own way. GDPR is the sharpest of them, because health data needs a dual legal basis. The AI Act has no explicit hook for pension activities, which is not the same as having no exposure, and anti-money-laundering rules generally allow simplified due diligence. DORA exempts only the smallest funds, and while most sustainability reporting now falls out of scope after the Omnibus, the same questions come back through the fund's own risk assessment.
For funds that have not converted, the decision to transfer accrued entitlements is still at design, and the conversion itself is implementation against a fixed date. Participant communication is a question of evidence, since the test is whether members understood what they were told. Steering a converted fund sits at assurance, using measures nobody has long experience with yet.
Every regulatory change moves through the same regulatory change lifecycle. No matter where each rule sits, Helia can help your teams.
Decision before conversion
The reasoning has to survive scrutiny long after the people who did it have moved on, and it has to be legible to a supervisor, a participant body and eventually a complaint.
Deadline 1 January 2028
The funds that have not converted are working in the same window, drawing on the same administrators, advisers and actuaries, so a delay at one fund can hold up others.
Correct, clear and balanced
A statement can be accurate and still fail if members cannot follow it, and the language of both pensions and sustainability is hard for most members to follow.
Measures still settling
Boards, risk functions and communication to members were all built around one measure. Replacing it is a governance change as much as a technical one.
Helia reads regulatory text and pulls out what is actually being asked for. It takes the documents you already have, whether policies or procedures, and assesses them against those requirements. It maps your controls to the requirements they are meant to satisfy and shows where nothing covers them. And it keeps the trail intact, so any conclusion can be followed back to the wording it came from.
We built Helia for the stretch between reading a regulation and reporting on it, because that is where most of the effort in a regulatory change goes.
The judgement calls stay with you. Our senior practitioners, who have run this inside regulated institutions, take the first assessments with your team, so you see how conclusions are reached and hold the method afterwards.
RegAI Helia is already live in a number of large European financial institutions. From massive acceleration in interpreting regulatory requirements, through complex impact assessments run against your own internal artefacts, to speeding up the creation of regulatory data requirements, the Helia workbench provides value modularly, and it does so today.
Where the gain sits for you depends on what you already have, so the first conversation is about your current set-up.
Preparing for changes that are coming, accelerating work already under way, or checking after the fact.