The FRR’s role

The Fonds de Réserve pour les Retraites (FRR) is a public administrative establishment (établissement public administratif), and was created by law n°2001-624 dated 17 July 2001.

For the management of its assets, the FRR appoints investment services providers. These investment services providers provide portfolio management services for third parties as referred to in paragraph 4 of article L.321-1 of the Monetary and Financial Code according to a general investment policy guideline.

The pensions reforms introduced in 2010 have significantly changed the FRR’s investment objectives.

Compared to previous liability assumptions, the FRR’s investment horizon is shorter whilst remaining sufficiently long to permit a significant level of exposure to performance assets: up until 2010, the FRR was working on the assumption of 21 payouts between 2020 and 2040. After the reform, the FRR has to pay 2.1 bn€ to CADES each year between 2011 and 2024 (inclusive) and a single payment [1] to CNAV in respect of the CNIEG contribution in 2020. Moreover, the annual endowments received until now by the FRR are henceforth directly allocated to CADES.


  1. The amount of which will depend on how investments perform over time. Since the amount of the CNIEG liability has not been fixed by law, this single payment is for the moment a working assumption.
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