They are 51 million Americans in his case to have seen disappearing in a few months from the years from economies. The extent of the crisis is such as all the American pension funds were touched.
According to Congressional Budget Office (CBO), the funds would have lost on the whole 2.000 billion dollars in fifteen months (20% of their value). Famous CalPERS and CalSTRS, dedicated to the financing of the retirements of the civils servant and professors de Californie, melted 26% and 10% since the end of June.
“I am not more to feel sorry for. I am thirty years old to remake myself, continues Sandrine Prod' Homme. But those which wanted to take their retirement in five or ten years and left theirs under out of Stock Exchange are with most badly. The majority must move back the moment of the departure to the retirement. Some envisage to stop at 80 years!”
“FAULTS OF ALL THE SYSTEM”
With the crisis, it is all the retirement scheme by capitalization which wavers. The United States, the Social security makes it possible to touch a pension but the granted amount, corresponding on average to 40% of the wages, is often insufficient and all the Americans do not have right there. The near total of them thus cotisent in pension funds. Maybe in plans with “guaranteed benefit”, where the employee pours a contribution with his company which begins to pour to him a retirement for an amount fixed in advance (if the company cannot do it, the Pension Benefit Guaranty Corporation, an organization of State, takes over). Either it decides to place its capital at its own way in funds unguaranteed but more flexible and often abounded by the company, like famous “the 401-k”, and receives with its retirement the capital which it will have made bear fruit.
“Today the financial storm reveals the faults of all the system”, concludes the economist Thomas Philippon, professor at the university of New York. The guaranteed plans “put in difficulties the companies. General Motors suffers from it dramatically today”, indicates it, because in fact the companies must finance these retirements whereas the crisis puts at evil their incomes. While the unguaranteed plans penalize the employees. “Overall, the idea sails very about it up to now to finance the retirements only by capitalization is called in question”, estimates Mr. Philippon.
In fact, the United States is not alone in the storm. All the countries which chose an equivalent system, supposed to solve the headache of the financing of the retirements by distribution threatened by ageing of the population, are concerned. In Chile, where the system was privatisé in the years 1980, the pension funds would have lost 20% of their value. In Argentina, vis-a-vis the failure of the private funds, the State even decided to nationalize the system and to use the 26 billion dollars managed up to now by the funds to create a public mode.
“In these two countries, the subject of the retirements is ultra-problems, but in Argentina undoubtedly more than in Chile, comments Pierre de Beaulaincourt, economist at Natixis, because one is unaware of still if the government decided to nationalize the retirements to protect the savers or to make control on their capital.” The crisis indeed also put at evil the Argentinian public purses and this one already announced that it would repatriate Brazil 544 million dollars of the pension funds to reinforce the domestic market of the capital.
In Europe, the United Kingdom, the Netherlands, Norway, Sweden or Finland are also touched. But it is in Poland, Hungary and a Czech Republic who the difficulties are most serious. Over there, the systems were privatisés more recently, to free of debts the States and to follow the recommendations of the large international organizations (Funds international currency, Cooperation organization and of development economic). And contrary to those of the Scandinavian or Anglo-Saxon countries, these funds did not accumulate enough capital to resist an acute and long crisis.
“When the Stock Exchange went up, one paid too much attention to the systems by capitalization, the retirement schemes were individualized. Today, it is every man for himself and the employees are likely to find themselves with poor retirements”, alerts Pierre Habbard, of the TUAC, the advisory trade-union commission of OECD.
Conscious of the problem, the Organization launched a consultation within the various countries where exist pension funds and will publish in December an assessment to quantify the width of the damage and “to learn the many lessons” from this crisis, one of its representatives ensures.
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