pension fund
as defined in Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global…, Article 3, point (33) (Definitions)
(a) an entity that is established and operated in a jurisdiction exclusively or almost exclusively to administer or provide retirement benefits and ancillary or incidental benefits to individuals where: (i) that entity is regulated as such by that jurisdiction or one of its political subdivisions or local authorities; or (ii) those benefits are secured or otherwise protected by national regulations and funded by a pool of assets held through a fiduciary arrangement or trustor to secure the fulfilment of the corresponding pension obligations against a case of insolvency of the MNE group and large-scale domestic group; (b) a pension services entity