French pension law changes may have many ripples

Article Abstract:

France's Parliament has enacted pension legislation that limits the tax advantage on employer contributions and may have deleterious effects upon highly compensated employees. The pension law is a reworking of already existing pension contracts which allow retirement savings to be invested and then returned in lump sum or annuity payments. The potential bankruptcy of Social Security and mandatory supplementary retirement programs threatens the potential benefits due to highly paid employees.

France. Parliament

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Labor government likens pension providers to alcoholics

Article Abstract:

The British government under the Labor Party is launching a campaign against pension malpractice in the insurance industry. Economic secretary to the treasury Helen Liddell has warned erring insurers to comply with federal regulations or face punishment under the Financial Services Act. She has already identified a list of pension providers that are involved in the scandal. In addition, the Personal Investment Authority (PIA) will be granted broader powers to crack down on guilty insurers.

Insurance Regulation, United Kingdom, Insurance industry, Insurance law, Insurance fraud, Liddell, Helen

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French pension law changes may have many ripples

Article Abstract:

New French legislation purportedly authorizes 'pension funds' but those funds actually consist of a mixture of existing vehicles. Unfortunately, the law severely limits tax breaks on employer contributions to funds, severely limiting their potential development. That is bad news for highly paid employees, in particular, because France's Social Security program and AARCO/AGIRC supplementary retirement programs are in financial trouble. The new law's implications are discussed.

France, Economic policy

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