Pension reform: has the insurer AXA advertised a savings product by announcing a reduction in pensions?

Pension reform: has the insurer AXA advertised a savings product by announcing a reduction in pensions?

The insurer posted an advertisement for its retirement savings plan, before unpublishing it. AXA announced “the planned reduction in future pensions”. The company assures that the publication is “old and not up to date”.

A poster during the Paris demonstration of December 17, 2019 against the pension reform.  (NICOLAS PORTNOI / HANS LUCAS / AFP)

After the announcement of the false disappearance of the “pivotal age”, the mobilization continues against the pension reform, Thursday January 16. Two bills must be presented on January 24 in the Council of Ministers. It is in this context that the spokesperson for the Attac France association Raphael Pradeau shared a publication from the insurer Axa, which, according to him, “Says what the government does not want to say”.

In an infographic, the insurance company explains that the number of contributors per retiree is “free fall”, while retirement is “More and more late”. What to call into question “The financial equilibrium of the pension systemcurrent”.AXA is finally announcing very clearly a “Programmed reduction in future pensions”.

For its part, the government keeps repeating that the level of pensions will not decrease: measures to keep the system in balance “Should not lead to a reduction in pensions, to preserve the purchasing power of retirees, or an increase in labor costs, to guarantee the competitiveness of our economy”, continued Prime Minister Edouard Philippe, Sunday January 12.

AXA’s infographic also points to the fear of the French vis-à-vis the current pension system, which would not provide them with “A correct level of pension”. In return, the insurer mentions the greater attractiveness of retirement savings and in particular of the retirement savings plan (PER) allowed by the Pacte law. One way, according to Raphael Pradeau’s tweet, to take advantage of the pension reform to attract new customers to its savings products.

A page deleted, or almost

After the tweet of Raphael Pradeau, AXA has removed the web page on which this infographic was visible, on the site (which now displays an error message). To Franceinfo, the insurance company explains that it was a “Old publication, which was not anchored in the news and we did not think of updating it.” “We made the choice to unpublish it yesterday, because all the comments were misinterpreted, the writing was unhappy”, continues the insurer. “In the current context, all the comments made on pensions take on a different color. But this is factual information: all the players are talking about this. ”

TheThe publication dated precisely July 2, 2019: before the start of the mobilization against the pension reform and even before the presentation of Jean-Paul Delevoye’s report, on July 18. This July 2 date also appears on Axa’s main site, where the infographic is still visible.

Pension reform, a boon for insurers

Was it taking advantage of political news to advertise your retirement savings plan? AXA denies having put forward its PER more than other products. However, the page now deleted, but still listed by the Google search engine, made it clear that his retirement savings plan would be a “Major event this year on the retirement market”, which was registered “In the context of the Pacte law”.

For Raphael Pradeau of Attac France, the problem does not come from the insurer. “AXA just says what the government doesn’t want to say”, he assures Franceinfo. Obviously, the aim of the reform is to lower pensions. The government tells us that is not true but AXA, which is not frankly an opponent of the government, says it very clearly in its advertising. All insurers and all banks have understood that this pension reform opens up a avenue for them. So they advertise and say ‘come to us if you want to have a retreat.’ ” Attac France also affirms, in a note of January 16, that Axa is one of the “big winners” in the development of funded retirement, like other insurers, bankers or asset managers.

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