Arcaf, the National Association for Public Employee Pension Savers in France and member of BETTER FINANCE as part of FAIDER, alerted consumers to the insufficient solvency of the COREM pension fund.
According to Arcaf, the French Mutual Pension Union which manages the COREM retirement savings products for 400,000 savers, sits on a hole of more than € 2,5 billion and is keeping it hidden from its existing and potential new participants.
A direct and serious consequence of this huge lack of funding for pension commitments is the absence of any reevaluation of the pensions that are being paid out, thus further aggravating the very large loss of purchasing power already suffered by members since 2002.
Once again ARCAF is requesting for the French Supervising Authority to immediately put an end to the misleading information emanating from the COREM, and to close the pension fund to any new contributions.
Please read more here (article in French).