France Pensions and Investment News and Analysis

France spends 14% of GDP on public pensions, while its debt burden is 113%, the third highest in the EU. But recent pension reforms are not enough to enable sustainability. The threat of further riots and no confidence votes in parliament make effective measures difficult. Parliamentary debate on the 2026 budget this autumn is likely to bring matters to a head. Nevertheless, France is now the fourth-largest in Europe in terms of IORP assets.

Pension Funds in France - Country Report

France country report 2025: The rise – and rise – of the French IORP

France’s approach to the IORP framework introduced in 2019 has propelled it into fourth place in size in Europe

TOP FRENCH PENSION FUNDS 2024

Pension fund/entity | Assets (€’000)

Agirc-Arrco | 78,500,000
ERAFP | 45,575,000
La Mondiale Retraite Supplémentaire | 28,445,000
Fonds de Réserve pour les Retraites (FRR) | 21,200,000
Ircantec |15,850,000

©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview

Latest France News

French pension reserve fund to invest up to €200m in securitisation

24 July 2025By Susanna Rust

Decision comes as European Commission embarks on reform drive to revitalise the securitisation market

France’s FRR launches private equity mandates

23 July 2025By IPE Staff

The total value across both mandates is expected to be €400m-500m, with each mandate running for 15 years

France’s FRR appoints duo for €1.4bn fixed income mandates

6 June 2025By IPE Staff

AXA Investment Managers and Ostrum Asset Management were selected

Personal pension product success lifts France’s IORP weight

3 June 2025By Susanna Rust

PensionsEurope noted the situation in France in its latest trends report on funded pensions in Europe

ERAFP launches €3bn foreign currency hedging tender

27 May 2025By Susanna Rust

The renewal tender comes after the French pension fund last month activitated its standby manager

All France News

TOP MANAGERS: FRENCH INSTITUTIONAL ASSETS

Company | Assets (€m)

Amundi | 768.216
Natixis Investment Managers | 424,468
Ostrum Asset Management | 324,671
AXA Investment Managers | 257,828*
BNP Paribas Asset Management | 209,608
Ofi Invest | 169,439**
Groupama Asset Management | 69,915***
Allianz Global Investors | 57,114
Swiss Life Asset Management | 49,642**
La Française | 45,216**

_{As at 31.3.25, *31.3.24, **31.12.24, ***30.4.25}

©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report

IPE European Pension Fund Awards

IPE BEST PENSION FUND IN FRANCE AWARD WINNERS

2023 - ERAFP
2022 - AG2R La Mondiale
2021 - ERAFP
2020 - AG2R La Mondiale
2019 - AG2R La Mondiale

Find out more about the IPE awards and how to be involved

Interviews

France Comment

Denmark’s pension funds offer a template for an innovative defence investments play

By Liam Kennedy

The tone of Europe’s political debate on defence expenditure has shifted markedly this year. And as former Netherlands defence minister Kajsa Ollongren, put it in a Chatham House Q&A in early March: “The mindset should be ‘war economy’.”

All France Comment

IPE's France Coverage

French pension reserve fund to invest up to €200m in securitisation

24 July 2025By Susanna Rust

Decision comes as European Commission embarks on reform drive to revitalise the securitisation market

France’s FRR launches private equity mandates

23 July 2025By IPE Staff

The total value across both mandates is expected to be €400m-500m, with each mandate running for 15 years

France country report 2025: The rise – and rise – of the French IORP

July/August 2025 (Magazine)By Gail Moss

France’s approach to the IORP framework introduced in 2019 has propelled it into fourth place in size in Europe

IPE institutional market survey: Managers of France institutional assets 2025

July/August 2025 (Magazine)

This year’s substantial increase in French pension assets (+18%) reflects the broad shift from insurance-based savings under the Solvency II regime to IORPs.