FRANCE - Philippe Caïla is leaving his role as director of the Etablissement de Retraite Additionnnelle de la Fonction Publique (ERAFP), the mandatory supplementary pension scheme of French public servants.

He has been appointed deputy chief of staff with specific responsibility for the civil service in the private office of Eric Woerth, minister in charge of the budget, public accounts and the civil service in President Nicolas Sarkozy's new government.

Caïla was previously involved in pensions reform, serving as budgetary adviser in charge of pension reform from 2002 to 2004 under Jean-Paul Delevoye, minister for the civil service, administrative reform and regional development.

No successor at the ERAFP has yet been announced.

The ERAFP was created by a law of 2003 and began collecting contributions in 2005. It is a funded scheme, unlike most other French pension vehicles which are principally PAYG, and is the second largest funded pension scheme in France after the reserve fund, the Fonds de Réserve pour les Retraites (FRR).

Its assets totalled €3bn at the end of last year and are expected to reach €4.5bn by the end of this year.

From its beginning, the ERAFP chose to invest all assets according to SRI principles and in March this year adopted an SRI charter.