French civil service scheme swaps PAYG for funding
FRANCE – The French civil service complementary pension scheme, the €5bn Complément Retraite de la Fonction Publique (CREF), part of the Mutuelle Retraite de la Fonction Publique (MRFP), is to convert from a traditional caisse de retraite pay-as-you-go system to a fully funded pension scheme, managed by three public mutual ...
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