Belgium and France announce new minimum returns for complementary pensions

In Belgium, the financial regulator announced that the legally required minimum return on complementary pension schemes will be set at 2.5% for 2027. Employers must cover any shortfall if insurers fail to meet this rate. The rule applies to all accumulated balances in vertical schemes, while horizontal schemes will only apply the new rate to future contributions.

In France, the Agirc-Arrco private-sector pension scheme is poised for a revaluation effective 1 November 2026. The increase will be calculated based on the year’s inflation forecast minus 0.4 percentage points, with a decision expected from the scheme’s board on 14 October 2026. The adjustment could range from about 1.2% to 2%, affecting roughly 14 million retirees, and must respect a reserve equal to six months of pension spending over a fifteen‑year horizon.