French warm to Épargne Salariale pensions
FRANCE – The Épargne Salariale market is fast becoming considered a principal source of retirement provision in France, according to the 2nd Baromètre Annuel de la Gestion de l’Épargne Salariale, the annual survey of occupational savings trends by JP Morgan Fleming, Hewitt and Interépargne Banque Populaire.
Just over half of those polled now consider their long-term company savings plan as the main complementary pension to the traditional caisse de retraite.
The number of companies considering setting up a Plan Partenarial d’Épargne Salariale Volontaire (PPSEV), which has a minimum 10 year saving plan, has risen from 29% when the scheme was introduced in February 2001 to 38%. Nine out of ten companies are introducing their PPSEV schemes as pensions vehicles.
However, more than 2 out of three employees, said they were dissatisfied at the level of information and communication offered by their companies about the new savings models. Almost nine out of ten agreed with the principal of a longer term savings plan, such as the PPSEV, but were not prepared to commit themselves to one.
The joint research sought the views of 104 companies and their employees representing more than 60% of the stock market value of the CAC 40 index.