1.This Directive shall apply to institutions for occupational retirement provision. Where, in accordance with national law, institutions for occupational retirement provision do not have legal personality, Member States shall apply this Directive either to those institutions or, subject to paragraph 2, to those authorised entities responsible for managing them and acting on their behalf.
2.This Directive shall not apply to: (a) institutions managing social-security schemes which are covered by Regulation (EEC) No 1408/71(5) and Regulation (EEC) No 574/72(6); (b) institutions which are covered by Directive 73/239/EEC(7), Directive 85/611/EEC(8), Directive 93/22/EEC(9), Directive 2000/12/EC(10) and Directive 2002/83/EC(11); (c) institutions which operate on a pay-as-you-go basis; (d) institutions where employees of the sponsoring undertakings have no legal rights to benefits and where the sponsoring undertaking can redeem the assets at any time and not necessarily meet its obligations for payment of retirement benefits; (e) companies using book-reserve schemes with a view to paying out retirement benefits to their employees.