ABSTRACT
For a long time, the retirement was performed by the
intergenerational mutual aid between people. Several types of retirement was
developed up to the social security.
However, the current system is in danger because of the
demographic evolution. The active population is less important than the
retired, compare to the past, and the financial reserve deplete. And
projections for the future are not so good.
Successive governments have implemented some reforms to
perpetuate the system. The latest one is about the pension's revaluation, now
it won't be indexed on the totally inflation, but only for a part.
French people have realized the need to create by themselves
their supplementary retirement income, and the life-insurance is good for
this.
Outing annuities and partial buyback are the two possibilities
offered by life-insurance contracts. But the first one includes an alienated
capital, and the second one presents a risk of survive after the capital
depletion.
Among life-insurance contracts, the Variable Annuities became
in the middle of 90's in United States. There are three phases in their life.
During the first one, the investor accumulates his saving by payment. The
contract is provided with a minimum revaluation and a blocking system: it
insure the placement against the decrease of markets. During the second one,
the investor does predefined partials buyback until the capital depletion
without alienation of it. After, if the investor is still alive, the third
phase is set up and the insurance pays annuities which the value will be the
same of partials buyback.
Although the Variable Annuities offers advantageous
guarantees, they didn't meet success in France. At issue, the several contracts
with an advantageous tax, the cost of guaranties and the small target for this
contract are the reasons why Variable Annuities didn't work.
Moreover, Axa, who was the first to propose this contract in
United States, suffered larges loses after the sub prime's crise, and the other
insurance companies are not motivate to follow him in this direction, because
risks are difficult to control.
TABLE DES MATIERES
V
LES VARIABLE ANNUITIES SONT-ILS L'AVENIR DES RETRAITES
COMPLEMENTAIRES ?
TABLE DES MATIERES
Remerciements I
Résumé II
Abstract IV
INTRODUCTION 1
1ERE PARTIE : L'ETAT DU REGIME DES RETRAITES
EN
FRANCE 2
Chapitre I : Le mécanisme des retraites
3
I Historique . 3
A L'origine des retraites (du moyen âge à 1945) 3
B Mise en place du système de répartition (1945 -
1975) 4
II Fonctionnement 5
A Les mécanismes par répartitions et par
capitalisation. 5
B Régimes de base et régimes
complémentaires. 7
C Solidarité entre les régimes obligatoires 8
Chapitre II : Un système en danger 9
I L'évolution démographique. 9
A La pyramide des âges 9
B L'espérance de vie 10
C Le vieillissement de la population 11
II L'épuisement des retraites 14
A L'état actuel de la situation financière du
système de retraite 14
B Quelles sont les projections financières pour 2020,
2040, 2060 ? 16
III La réforme des retraites. 16
Chapitre III : De la rente publique à la rente
privée ? 18
I Rente publique vs la rente privée
18
II Le niveau de vie des retraités 19
III La désindexation des pensions de retraite
19
A Utiliser l'épargne des Français 20
B Placer l'épargne disponible 20
2NDE PARTIE : QUELS AVANTAGES LES VARIABLE
ANNUITIES
APPORTENT-ILS AUX ASSURES 21
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