Changes In The Pension Schemes In The Banking Sector

Financial Consequences Of The Agreement Of September 13, 1993

On September 13, 1993, employees and management in the banking sector signed an agreement amending the Collective Bargaining Agreement which, up to that time, had governed the pension schemes applicable to banks. This agreement was signed at a time when the conditions inherent in the running of the pension schemes for banks and the considerable imbalances recorded in certain pension funds of the banking sector did not permit a guarantee that the system could continue to function on a long-term basis.

This agreement put an end to the pension scheme of the Association Française des Banques; this scheme was handled either by special funds in each bank or by a central fund grouping together nearly 300 banks, the Pension Scheme for Bank Employees ("CRPB, Caisse de Retraite du Personnel de Banque").