Pensions: Banque de France employees obtain the “grandfather clause”


Posted Feb 17 2020 at 3:44 p.m.Updated Feb 17. 2020 at 3:48 p.m.

The employees of the Banque de France partially succeed. After several days of mobilization in January during which
they defended tooth and nail

    the specificity of their pension plan, the executive decided to accommodate their request. The agents will keep the current regime until 2025, when it will switch to the common regime.

According to the newspaper ”

   “, The Secretary of State in charge of Pensions, Laurent Pietraszewski, assured him to the governor of the bank François Villeroy de Galhau, in a letter dated Thursday, February 13. Information confirmed in the “Echoes” by two of the bank’s unions, the CGT Banque de France (majority in the last professional elections) and SNABF Solidaires.

Created two centuries ago by Napoleon, the pension scheme for employees of the Banque de France
operates entirely by capitalization,

    approaching the models of pension funds. The agents’ retirement reserves amount to more than 14 billion euros, the Bank said. In total, 16,000 retirees benefit from it for around 10,000 contributors.

A forbidden model

Internally, employees are unanimously committed to this plan. The reform of the universal pension scheme also takes place while employees have agreed since 2005 to financial efforts to cover pension commitments at 100%. The Banque de France had supplemented the cash in “in return for very strong restrictions on increases for employees and reduction of staff,” said SNABF Solidaires on Monday.

The unions add that the pension fund has a neutral impact on the community. The Bank of France
instead generates significant revenue for the State

   . “The existence of the fund [de retraites] has always exempted the State from paying us an operating budget: transferring the funds into the general scheme would therefore entail an additional burden for the State, “explained the SNABF Solidaires union a few weeks ago.

Alignment with the public service

Finally, it is difficult to assimilate this special regime to that of the RATP or railway workers. While it has historically had advantages over that of the civil service, the Bank’s regime is now almost aligned with the latter.

The contribution rate will reach, for example, 11.10% in 2022, or the amount contributed by public officials from 2020. “Volunteering”, which offered a 14% increase in the pension without any conditions, and without giving rise to contribution, was removed in 2007. “There is often the idea that the agents of the Bank of France have privileges in terms of retirement, they do not have it”, had affirmed at the end of January the Governor François Villeroy de Galhau.

Gray areas for the CGT

If all unions welcome the maintenance of the reserve fund, the CGT remains on its hunger regarding its gradual disappearance after 2025 to be aligned with the general regime. “For people born before 1975 and who will not retire before 2025, there is also a real vagueness on the level of pensions,” said the union.

the dancers of the Paris Opera

   , the CGT Banque de France also rejects this grandfather clause which will apply after December 31, 2024. “We don’t want to be the generation that will sacrifice the following. The Banque de France has all the means to maintain this pension fund, including for new entrants, “said the central, which recalls the 15 billion euros distributed to the state in the form of taxes and dividends these three last years.

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