Recital 18

(18)This Directive does not apply to pension institutions operating social security systems under Union law. Where a Member State has chosen not to apply Directive (EU) 2016/2341 of the European Parliament and of the Council ¹⁰ in whole or in part to an institution for occupational retirement provision in accordance with Article 5 of that Directive, this Directive does not apply to those institutions for occupational retirement provision.