How the state allocates

France's FRR is making far-reaching changes to its asset allocation strategy. What kind of funding analysis lay behind the decision and what are other state pension reserve funds doing? Aaron Woolner reports


In 1999 the French government realised that it faced a shortfall in its Pillar I pension provision from 2020 onwards as its demographic timebomb was set to explode. Established by an act of parliament, the Fonds de Reserve pour les Retraites (FRR) was charged with filling the gap between the pensions France had promised its citizens and the funds available to do so.

The exact nature of these liabilities was unknown in 1999, so in consequence the FRR took a cautious view of its potential future

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here