Contributions collected by pension plans amounted to 48.9 billion dirhams (billion dirhams) in 2019, or 4.2% of GDP, according to Bank Al-Maghrib (BAM).
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The benefits provided by these plans managed by the Moroccan Pension Fund (CMR), the National Social Security Fund (CNSS) and the Moroccan Interprofessional Retirement Fund (CIMR) as well as the general regime of the Collective Retirement Allowance Scheme ( RCAR) reached 52.6 billion dirhams, which represents 4.6% of GDP, specifies BAM in its report on financial stability, published jointly with the Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority (AMMC).
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The number of active contributors stood at 4.7 million representing 42.4% of the employed labor force, adds the report, noting that the reserves constituted by these schemes increased by 3.3% compared to 2018. to stand at 320.4 billion dirhams. The reserves of the Civil Pension Plan (RPC-CMR), whose overall balance has been in deficit for several years, recorded an average annual decline of 2.4% over the last three years to stand at MAD 80.2 billion in 2019.
The structure of pension plan investments is characterized by a preponderance of bonds with a share of 68.5% of total assets. Investments in stocks and shares represent 49% for the CIMR against 25.0% and 19% respectively for the RCAR and the RPC-CMR. For the latter, the share of real estate investments increased to reach 7.6% of the total investments of the plan in 2019 against a share of 0.5% a year earlier following the acquisition of five university hospitals for an amount of of 4.6 billion dirhams.
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The total amount of the investments of the four plans thus reached 313.2 billion dirhams, up 3.8% compared to the previous year, the report said.
The technical balance of the CPP-CMR, which has been in deficit since 2014, has improved compared to 2018 as a result of a larger increase in its contributions relative to that of the plan’s benefits, respectively by 14.8% and 8, 6%, notes the same source. With a balance of financial transactions amounting to MAD 4 billion, the overall deficit stood at MAD 1.3 billion instead of MAD 2.7 billion a year earlier.
In addition, the technical deficit of the general RCAR regime stood at 2.7 billion dirhams against 2.5 billion dirhams recorded in 2018. The balance of financial transactions made it possible to absorb this deficit and put the overall balance of the scheme at 1 , 7 billion dirhams against 1.3 billion dirhams in 2018.
The retirement branch of the CNSS recorded, for its part, a technical surplus of 1.8 billion dirhams against 1.9 billion dirhams in 2018. The financial products allowed the branch to generate an overall surplus of 3.1 billion dirhams, improving 7% compared to its level a year earlier.
In addition, the technical and global balances of the CIMR amounted to 2.5 billion and 5.6 billion dirhams respectively. The regime would record a technical deficit (from 2057) while the overall balance would remain in surplus throughout the duration of the projections and would continue to accumulate reserves which would remain on an upward trend throughout the projection horizon.
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