FRANCE – The Fonds de reserve pour les retraites said it is 143% funded, more than enough needed to fund its liabilities through to 2024 as mandated by the government.
In December, the pension reserve fund implemented a liability driven investment strategy after receiving a clear picture of its liabilities from the French government. It detailed its investment plan in March. (Global Pensions; 10 March 2011)
FRR said as of 31 March, total assets equalled €37.4bn ($54bn), while liabilities totalled €26.1bn.
Nearly 60% of the FRR's portfolio is invested in the so-called coverage portfolio meant to match liabilities, and just over 40% in the performance portfolio meant to bring in additional returns through 2024. The return on the performance portfolio from 13 December through end of March was 2.6%
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