Annual Report 2024
Sometimes, light shines from what glows in the shadows
There is a kind of paradox in the evolution of occupational pension provision when one considers its environment. The legal framework has not evolved, despite a unanimously recognised need to address several shortcomings and adjust key parameters of the system. The best is the enemy of the good: the compromise reached by the social partners was not complied by Parliament, and the people therefore logically rejected the unpalatable package that was put forward.
The international political climate, marked by rising tensions and the spread of conflicts, has also failed to provide the confidence needed. Certainly, the change of administration in the United States, voted in the autumn, helped boost financial markets at the end of the year. But our focus must remain on the long term, and we cannot ignore the fact that the policy direction of the world’s largest economy could pose risks to the entire financial system.
Our pension foundation also faces many other challenges: digitalisation and data dematerialisation raise serious questions about data security; the relatively low interest shown by younger generations forces us to communicate more effectively; and sustainability influences our fiduciary responsibility, requiring greater transparency and an even stronger commitment to long-term returns.
Yet our Foundation had an excellent year, reflected in a 6% increase in the number of insured members and an 8.0% rise in affiliated companies. As a result, increasingly large companies are joining our foundation.
From an actuarial perspective, the average age of our insured members remains young, at 41.6 years. We enjoy an excellent demographic ratio, with one pensioner for every ten active insured members, and our technical interest rate, used to build up our reserves, is set at 2.0%. All of this translated into a financial performance of +7.47%, enabling us to credit interest at 3.25% on the entirety of members’ savings accounts.
You will find all other financial figures and technical indicators in this report. The Foundation’s balance has been strengthened, and the processes we implement daily are regularly reviewed and audited to ensure optimal efficiency. Among our key achievements this year, we would like to highlight the ALM (Asset and Liability Management) study, conducted to ensure our asset allocation is aligned with our liabilities, as well as the ISO 9001:2015 re-certification, which guarantees the quality of the services we provide.
I would like to express my sincere thanks to the management and all staff members for their deep commitment and the excellence of their work. My gratitude also goes to all our affiliated companies for their continued loyalty, which honours and obliges us.
Guy Bardet,
Chairman of the Board