A government circular (L137-11-2) provides further details about the contractual terms applicable to the new supplementary defined benefit (DB) pension schemes, effective 23 Dec 2020. The circular follows publication of a 3 Jul 2019 ordinance that reformed the former “Article 39” DB pension plans. The reforms required that existing “Article 39” plans (those which closed after 20 May 2014 or which remained open) close to new entrants from 4 Jul 2019 and to freeze future accruals from 1 Jan 2020.
Africa
