L’Observatoire pulls out of EFRP
FRANCE – The French pension fund association, l”Observatoire des Retraites (OR), has temporarily withdrawn from the Brussels based European Federation of Pension Funds (EFRP) whilst it undergoes an internal reorganisation with its founding partners, AGIRC and ARCCO, and because it has become too expensive to remain a member, says Arnauld d’Yvoire, the OR’s secretary general.
“There is nothing sinister going on. We are undergoing something of a rapprochement with AGIRC and ARCCO and our financial priorities have changed. The problem is that the French pension market is too small, particularly compared to some of our European neighbours, and the costs of remaining in the EFRP have become so great that we felt it financially prudent to drop out for the time being,” d’Yvoire comments.
A spokesperson for the EFRP says that it is not an indication of any far reaching changes to their membership. “We are not concerned that others will follow suit. This is purely an internal matter as part of the OR’s restructuring. Indeed, we will be keeping close contact with them,” she says.
D’Yvoire confirms that the OR will retain close contact with the EFRP and that he will continue to attend meetings and conferences it organises in order to remain abreast of developments in the European pensions market. Moreover, he doesn’t rule out rejoining at some point in the future. “I can’t give anymore details about the reorganisation of the OR, but I can say that we may well rejoin once the reorganisation is complete and the French market grows.”