CERN Pension Fund Emilie Clerc Benefits Service. 1 Summary 1) The Fund Purpose Members Resources 2)...
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Transcript of CERN Pension Fund Emilie Clerc Benefits Service. 1 Summary 1) The Fund Purpose Members Resources 2)...
CERN Pension Fund
Emilie ClercBenefits Service
2
Summary1) The Fund
• Purpose• Members• Resources
2) Benefits• Retirement• Disability• Surviving Spouse• Orphans• Transfer value
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THE FUND
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Reference salary*
Staff members• Basic salary x Coefficient C• Ex.: Bb.3 (basic salary = 6’347 CHF)
Coefficient C(Annex A of the Rules and Regulations of the CERN PF)
* Pensionable salary
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Reference salary*
Fellows
5’948 CHF
* Pensionable salary
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Reference salary
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PURPOSE
To insure its members and beneficiaries against the economic consequences of:
• old age
• disability
• death
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MEMBERS
• CERN staff members
• CERN fellows
• ESO (European Southern Observatory) International Staff Members
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RESOURCES
• Contributions from CERN and ESO
• Contributions from the members
• Income from the investment of assets
• Transfers from other schemes
ContributionsMembers who joined the Fund on or before 31.12.11:
• Organization : 22.67%
• Members : 11.33%
of the member’s reference salary
Members who joined the Fund on or after 01.01.12:
from 01.01.12 to 31.03.12• Organization : 17%• Members : 11.33%
as from 01.04.12• Organization : 18.96%• Members : 12.64%
of the member’s reference salary
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Transfers from other schemes
The purpose:
• to put back the effective date of entry to an earlier date.
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BENEFITS
RETIREMENT PENSION
Members who joined the Fund on or before 31.12.11:
• the official retirement age is 65
• pensions are calculated on the basis of 2% of the last reference salary per year of membership (minimum 5 years; maximum 35 years)
Members who joined the Fund on or after 01.01.12:
• the official retirement age is 67
• pensions are calculated on the basis of 1.85% of the average of the last 3 years’ reference salary* per year of membership (minimum 5 years; maximum 37 years and 10 months)
* Based on the salary scale at the end of the contract
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DISABILITY PENSION
• Paid to a member whose disability is recognised by the Organization
• Equal to the retirement pension the member would have received at the applicable retirement age
• It can be total or partial
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SURVIVING SPOUSE PENSION
• Paid to the spouse of a member whose marriage dates from at least 1 year
• Equal to 1.1% of the last reference salary per year of membership until the applicable retirement age
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ORPHAN’S PENSION
• Equal to:- 24%* for 1 orphan- 34%* for 2 orphans- 40%* for 3 orphans…
*of the member’s last reference salary
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TRANSFER VALUE
• Equal to:
- 14.7% of the last reference salary for the first 10 years of service,
- 22% of the last reference salary for each further year of service.
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1st scenario
Less than 5 years of service
1. The transfer value can be paid into another pension scheme.
2. The transfer value can be paid to the member.
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2nd scenario
5 years but less than10 years of service
1. The member is entitled to a deferred retirement pension.
2. The transfer value can be paid into another pension scheme.
3. If the latter is not possible, the transfer value can be paid to the member.
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3rd scenario
More than 10 years of service
1. The member is entitled to a deferred retirement pension.
2. The transfer can be paid into another pension scheme.
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Other information
• Web site : http://pensionfund.cern.ch
- Rules and Regulations of the CERN Pension Fund- Financial statements
• Annual Pension Fund update
• Emilie Clerc (5/5-017)tel.: [email protected]