Some Considerations Relevant to Prefunded Pensions in France

Joaquim Levy

No 1995/064, IMF Working Papers from International Monetary Fund

Abstract: Increasing use of life insurance instruments and company-sponsored funds in France suggests that French households may be inclined to a greater reliance on financial savings as a source of retirement income. This paper examines the challenges imposed by an aging population on the pay-as-you-go basic and supplementary pension systems, the growth of life insurance and company-sponsored funds in the absence of a comprehensive legislation on prefunded pensions, and issues related to prefunding pension schemes, such as the possibility of an welfare enhancing transition to prefunding; effects on capital markets in view of the experience in other OECD countries; and the importance of the transportability of pensions and measures fostering competition in financial markets.

Keywords: WP; firm; savings plan; worker; market; savings program; savings fund; sponsoring company; banking firm; life insurance company; fixed income; Pension spending; Pensions; Insurance; Insurance companies; Income; Europe (search for similar items in EconPapers)
Pages: 36
Date: 1995-07-01
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