Faulty governance, wait-and-see attitude in the management of the scheme, poorly documented investment strategy, opaque administrative management... the report of the General Inspectorate of Social Affairs (Igas) on the difficulties of Ircantec, the supplementary pension scheme for contract employees of the civil service, is severe.
The scheme, now in surplus, has certainly built up significant reserves (13 billion euros) due to favorable demographics and a reform of its parameters in 2008. But the increase in the life expectancy of its 2.91 million affiliates will generate large deficits in the coming decades.
The "contributors to pensioners" ratio, which remained stable for a long time at a level close to 1.5, has already been falling since 2015. 2033 and 2040 depending on the scenarios.
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