State pension rollback provides opportunity for insurers

Politically-led change in the French pension system means insurers are eyeing new opportunities in the country’s market, but are consumers ready for more complex savings vehicles? Blake Evans-Pritchard reports

The end of 2010 has seen a fiery debate taking place over the future of France’s pension system. First of all, in October, President Nicholas Sarkozy waged war with the trade unions by raising the minimum retirement age from 60 to 62. He may yet be punished for this at the 2012 election. Then, a month later, the French parliament gave the green light for the government to dip into a €36 billion (£30.5 billion) fund, which was set up to meet long-term pension needs, in order to fill the current