France Investment and Pensions
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
Pensions in France report 2026: Is France ready for a funded model?
New proposals from asset management body AFG call for a Swedish-style funded pension scheme to “sustainably strengthen” France’s pensions system
TOP FRENCH PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Agirc-Arrco | 85,600,000
- ERAFP | 50,757,000
- La Mondiale Retraite Supplémentaire | 29,470,000
- CNP Retraite | 21,000,000
- Fonds de Réserve pour les Retraites (FRR) | 20,400,000
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
FRR picks managers for €500m in PE fund-of-fund mandates
French reserve fund announces winners of 2025 tender
Investors create definitions and assessment framework for shareholder engagement
VOICE project intended to help asset owners convey expectations of asset managers for ‘good’ stewardship
NEST joins Australian superfunds in search of European private markets deals
A delegation of Australian super funds that includes NEST is seeking investment opportunities in European private markets, starting with France
French reserve fund picks funds for €200m securitisation allocation
FRR says it may consider dedicated mandates in the future
EU pension overhaul must not ‘disturb’ Dutch system, warns finance minister
Other member states call for simplification and changes to tax treatment during debate on IORP II and PEPP revisions
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
Interviews
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Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Pensions in France report 2026: Is France ready for a funded model?
New proposals from asset management body AFG call for a Swedish-style funded pension scheme to “sustainably strengthen” France’s pensions system
IPE institutional market survey: Managers of French institutional assets 2026
Assets managed on behalf of French institutional investors reached €2.3trn at the end of 2025, just shy of 1% higher than the previous year. Growth last year was flat and has been trending down since 2023. With over €818bn of assets, Amundi is the leading manager of French institutional assets in terms of AUM
Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
FRR picks managers for €500m in PE fund-of-fund mandates
French reserve fund announces winners of 2025 tender
Investors create definitions and assessment framework for shareholder engagement
VOICE project intended to help asset owners convey expectations of asset managers for ‘good’ stewardship
NEST joins Australian superfunds in search of European private markets deals
A delegation of Australian super funds that includes NEST is seeking investment opportunities in European private markets, starting with France
French reserve fund picks funds for €200m securitisation allocation
FRR says it may consider dedicated mandates in the future
Trusted partners: Advising Europe’s pension funds
IPE’s survey of European consultants reveals a complex patchwork of client preferences
EU pension overhaul must not ‘disturb’ Dutch system, warns finance minister
Other member states call for simplification and changes to tax treatment during debate on IORP II and PEPP revisions
ERAFP brings forward end date for qualified fossil-fuel debt financing
The French fund’s announcement of a tighter fossil fuel policy comes after FRR updates its exclusions for unconventional hydrocarbons and thermal coal
IPE BEST PENSION FUND IN FRANCE AWARD WINNERS
- 2025 - FRR (Fonds de Reserve pour les Retraites)
- 2024 - AG2R La Mondiale
- 2023 - ERAFP
- 2022 - AG2R La Mondiale
- 2021 - ERAFP
- 2020 - AG2R La Mondiale
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