5

In order to legitimize the reform of pension funds in France, one of the most conventional arguments is that this reform could encourage financing in the innovative, but capital-hungry, sector of small and medium enterprises and industries (SME/SMI). Examining the British case, the present paper challenges this largely mythical view on two points: the presence of large pension funds is a far from sufficient condition for the financing of research and development and innovative SME/SMIs, and the social aspect of the British social protection system, characterized by the growth of pension funds, demonstrates how many trade-offs, between social interests and shareholders’ interests, largely benefit shareholders.