To combat the billions of idle late payments on forgotten or unclaimed supplemental retirement savings contracts, the Legislature passed a bill on February 26, 2021.
This law provides:
- From 28 February 2021: strengthening the obligation of employers to provide information to employees when they leave the company through a document summarizing the pension savings agreements concluded by the company. From now on, this document must refer to the contracts PER, PERP, PERCO, Madelin, Prefon, CRH, Corem, Article 83, Article 82 and Article 39, Carem, Fonpel.
- No later than 28 August 2022: exchange of information between pension savings agreement managers and the Group of Public Interests (GPI) “Trade Union Pensions”. This applies to contracts PER, PERP, PERCO, Madelin, Prefon, CRH, Corem, article 83, article 82 and article 39, Carem, Fonpel.CMF.
This body must:
- centralize data collected under additional pension savings agreements,
- then make them available to individuals through the website info-retraite.fr (currently intended only for obtaining information on compulsory pensions) so that beneficiaries can find old contracts.
Practical implications
Centralization of information on additional pension savings agreements
Which organizations are affected by this obligation?
Management companies (insurance companies, mutual investment companies, credit institutions, supplementary occupational pension organizations, etc.) They must annually inform the Group of Public Interests (GPI) "Trade Union Pensions" about the subscribers and beneficiaries of the contracts.
The group will centralize the data of all management companies and then make the information available free of charge to all policyholders through the website info-retraite.fr.
If there is any doubt as to the identity of the subscriber, the group may notify him of the existence of the contract.
A website already exists to review mandatory pension plans. Thus, the insured will be able to have information about compulsory and supplementary pensions in his personal account.
Please note that the information will not include individual pension contracts.
What types of pension savings agreements can you find?
This will affect new pension products created in accordance with loi PACTE. In addition, it is expected that the full list of relevant contracts will be determined by an additional resolution.
In our opinion and in view of the purpose of this law, group contracts that are not directly signed by the beneficiary (PERCO, Articles 83, Article 82 and Article 39) should also be subject to this obligation.
For contracts concluded individually, the logic is different, since the company has a direct connection with the beneficiary, which limits the risk of being forgotten. Therefore, there is no certainty that the law will be extended to Madelin or PERP contracts.
We will have to wait for the publication of the decree to be sure of this.
Strengthening the duty to inform employers
Until now, employers were required to warn their employees when they left the company of the acquired rights in respect of amounts related to profit sharing, participation, PEE or PER (PERE).
From 28 February 2021, the employer must include information relating to pension contracts under sections 83, 82 and 39 in the summary report.
Despite the system's entry into force (February 28, 2021), no regulation has been adopted to provide detailed information on relevant new products, to communicate the contact details of the relevant insurance company to employees, or to provide for penalties in case of non-compliance.
One may question the effectiveness of this provision beyond simply notifying the employee of the existence of a contract. Indeed, in the event of death or on the day of retirement, it will not be easy to find the document provided upon leaving the company.
In practice, it is more likely that having information on a retirement information website will actually allow the insured (or his beneficiary) to know his rights and therefore limit the risk of being forgotten.
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