France: A Nation of Actuaries?

(May 3, 2013) — For a nation known primarily for gastronomy, art, and philosophy, France has done remarkably well in the actuarial stakes.

In a poll by IPSOS conducted last month, the Gallic Republic has said it wants to push pension reform further than its president is keen to do.

Francois Hollande, who took over at the Elysees Palace a year ago, has proposed a series of reforms intended to reduce the huge pension burden on the nation’s finances. Recent estimates have put the public pension deficit hitting €20 billion by 2020.

However, today’s poll results, which were published in French daily Les Echos, show the people think more needs to be done.

Some 63% of respondents said they wanted an in-depth overhaul, with 66% saying the pay-in period should be extended beyond the current 41.5 years.

One of the policies Hollande ran in his election campaign was reduce the retirement age from 62 to 60 – reversing a move made by his predecessor Nicolas Sarkozy.

A significant 61% of respondents to the poll said the legal retirement age should be raised.

Hollande has not enjoyed popularity in his term at the top, which has been plagued by scandals within his cabinet. The French economy has stuttered under his leadership and links forged with Eurozone leaders under Sarkozy have been strained.

Tellingly, 76% of poll respondents said they did not trust Hollande and his government to make the pension system sustainable.

Zut alors indeed.