Pension reform 2013: the implicit contribution of the purchasing power of retirees.

Summary Less than three years after the 2011 pension reform, the government made new adjustments in early 2014, leading to a reform described by its promoters as "sustainable and fair". The following article examines the assumptions underlying the return to equilibrium foreseen in the 2014 reform. it also analyses the sensitivity of the results to the macroeconomic assumptions used. The second part examines in great detail the balancing role of the deterioration in the purchasing power of pensioners and concludes with a worrying outlook for that purchasing power.