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The Varieties of Pension GovernancePension Privatization in Europe$
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Bernhard Ebbinghaus

Print publication date: 2011

Print ISBN-13: 9780199586028

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199586028.001.0001

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France: Promoting Funded Pensions in Bismarckian Corporatism?

France: Promoting Funded Pensions in Bismarckian Corporatism?

Chapter:
(p.89) 4 France: Promoting Funded Pensions in Bismarckian Corporatism?
Source:
The Varieties of Pension Governance
Author(s):

Marek Naczyk

Bruno Palier (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199586028.003.0004

Following the Bismarckian social insurance tradition, the post-war pension system of France has been characterized by occupational fragmentation, its strong reliance on pay-as-you-go financing, and by the direct involvement of employers and trade unions in their management. Generous benefits offered a combination of statutory public pension and mandatory occupational pensions, initially crowding out any funded private pensions. However, pension reforms that promoted retrenchment both in the two pay-as-you-go-financed statutory public and occupational pension schemes since the 1990s have resulted in the gradual development of funded private pensions. In recent years, the governance of mandatory occupational schemes has been harmonized and inequalities between different occupational categories have been reduced. While the regulatory framework governing voluntarily funded plans (both occupational and personal pensions) has been largely unified, access to these schemes remains mostly limited to high-skilled employees.

Keywords:   France, Bismarckian social insurance, pension reform, pay-as-you-go financing, employers, trade unions, private pensions, pension fund governance

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