The plans then join funds which represent their industry or region. In turn the various pension funds are affiliated with large administrative councils. Some individuals are further covered by supplemental occupational pension plans which are offered by a few companies. In addition, certain individuals are paid a lump-sum payment at retirement, which is held by the employer as an additional portion of the occupational scheme. These may offer a component of third pillar personal savings for retirement.
Companies are free to set their own goals.
Finally, there are other long-term savings products like life insurance which forms an additional component of the third pillar. France, as most other governments, is examining means to better fund its retirement system. Much of this effort is focusing on developing supplemental private schemes, though these schemes will develop over the course of several years. In February 1997, a new pension law was passed but was later rejected by the new socialist-led government elected in May 1997. A new proposal on pensions is being discussed but remains at a preliminary stage.