Système universel de retraite et taux de taxation marginal implicite des cotisations retraite. Analyse prospective pour un salarié du secteur privé avec une carrière complète sous-plafond né en 2003

This paper studies how the adoption of a universal points-based pension regime (UPR) impacts the implicit marginal tax rate of the pension contribution. Using the formulas for calculating pension entitlements, we identify two key factors for analysing the nature of the change: the wage revaluation factor, and the marginal replacement rate of the revalued wage. We also observe that the method of calculating the defined-benefit pension paid by France?s national pension regime, the CNAV, leads to a discontinuity, because only the marginal increases in wages associated with the best years of contributions count. Our calculations show the extent to which UPR contributions eliminate this discontinuity and also reduce the marginal tax rate of the contribution of France?s supplementary pension scheme for private sector employees (AGIRC-ARRCO), thanks to a better indexation of the value of points. The UPR contribution does not eliminate the implicit marginal rate but leads to a smoother profile over the life cycle.