52. Adjusting Old-Age Pensions to Match Employment Biographies in France

The French pension system has established mechanisms to compensate for career hazards and discontinuities in employment biographies based on solidarity but also, sometimes, on equity. These arrangements therefore make it possible to assess the "career" risk, albeit only partially; they are only found within the framework of the First Pillar, since the design of the retirement tools of the Second Pillar is unsuitable for taking account of such a "career" risk. Conversely, when looking at end-of-career management, the First Pillar is cautious on the issue of individualisation. For the time being, end-of-career planning is an issue that, in terms of "regulation", is referred mainly to the companies, which on their part requires a strong incentive for negotiations and which may result in very contrasting situations depending on the size and means of the respective company.