Company Pension Savings Plans: sustained growth in 2016
Contributions to company pension savings plans (plans d’épargne retraite entreprises)¹ were up 6% in 2016 at 2.4 billion Euros, of which 163 million Euros were voluntary payments (+11 %).
The value of company pension savings plans was 54.3 billion Euros, up 4%. Over the same period, 2.1 billion Euros of benefits were paid out, an increase of 9%.
Net contributions in 2016 were 300 million Euros.
At the end of December 2016², 4.1 million insured parties were covered by company pension savings plans, a growth of 3% over the year.
In France, funded pension benefits of 6.6 billion Euros were paid out in 2016, i.e. 2.1% of total pension benefits. By way of comparison, funded pension benefits accounted for 7.1% of total pension benefits in Germany, 48.4% in the United Kingdom and 17.1% in the OECD countries.
¹ A company pension savings plan (plan d’épargne retraite entreprises) is a pension insurance mechanism, put in place by a company for its employees to assist them in preparing for retirement. The plan guarantees payment of an income for life, thus offering future retirees additional protection. Employees can make voluntary individual payments in addition to the contributions payable by the employer and the employees.
² The statistics are for companies governed by the French Insurance Code (direct business). The value corresponds to the mathematical provisions. Benefits are for all contracts, in both the saving phase and the payout phase.