2018.03.26 Copré Règlement de prévoyance 2018 … · PENSION REGULATIONS 2018 4 / 34 I GENERAL PROVISIONS Art. 1 Purpose 1. Upon joining the “La Collective de prévoyance –

DEPUIS 1974

LA COLLECTIVE

DE PRÉVOYANCE

co re

PENSION REGULATIONS — © copré — March 2018

PENSION REGULATIONS 2018 2 / 34

CONTENTS

I General provisions 4

Art. 1 Purpose ............................................................................................................................................... 4Art. 2 Pension Fund .................................................................................................................................... 4Art. 3 Contents of the pension regulations ....................................................................................... 4Art. 4 Age ........................................................................................................................................................ 4Art. 5 Normal age of retirement ............................................................................................................. 4Art. 6 Obligation to be insured ............................................................................................................... 5Art. 7 Salaried staff not subject to obligatory insurance and voluntary insurance ........... 6Art. 8 Commencement and cessation of the insurance ................................................................ 7Art. 9 Obligation to inform ....................................................................................................................... 7Art. 10 Obligations of employers to inform ......................................................................................... 8Art. 11 Information provided to the Insured Persons ...................................................................... 8Art. 12 Entry benefit ...................................................................................................................................... 9

II Provisions relative to the salary 9

Art. 13 Pensionable salary .......................................................................................................................... 9Art. 14 Insured salary ................................................................................................................................... 10Art. 15 Maintenance of the pension at the level of the last insured salary ............................. 10Art. 16 Special features ............................................................................................................................... 10

III Benefits 11

Art. 17 Summary of the benefits .............................................................................................................. 11Art. 18 Retirement assets ............................................................................................................................ 11

A. Retirement benefits ................................................................................................................................... 12Art. 19 Retirement pension ....................................................................................................................... 12Art. 20 Deferred retirement ....................................................................................................................... 13Art. 21 Partial retirement ............................................................................................................................ 14Art. 22 Pension for the child of a retired person .............................................................................. 14

B. Disability benefits ....................................................................................................................................... 14Art. 23 Disability pension ........................................................................................................................... 14Art. 24 Pension for the child of a disabled person ........................................................................... 16Art. 25 Exemption from payment of contributions ......................................................................... 16

C. Benefits in the event of death ................................................................................................................. 17Art. 26 Pension of surviving spouse ....................................................................................................... 17Art. 27 Pension of live-in companion .................................................................................................... 17Art. 28 Amount of the pensions of the surviving spouse .............................................................. 18Art. 29 Reduction and termination of the pensions of the surviving spouse ........................ 18Art. 30 Right of the divorced surviving spouse ................................................................................. 18Art. 31 Orphan pensions ............................................................................................................................. 18Art. 32 Death benefits ................................................................................................................................. 19

D. Life annuities for divorced spouses and separated partners (divorce pension) ....................... 20Art. 33 Payment of the divorce pension ............................................................................................. 20

E. General provisions applying to benefits .............................................................................................. 20Art. 34 Guarantee Fund ............................................................................................................................. 20Art. 35 Adaptation to price evolution .................................................................................................. 20Art. 36 Relations with other insurances ................................................................................................ 21Art. 37 Provisions for reduction and coordination ........................................................................... 21Art. 38 Duty to notify and return what is not due ........................................................................... 22


Art. 39 Payment of the pensions ............................................................................................................ 23Art. 40 Lump sum benefits ....................................................................................................................... 23

IV Termination of working relationships 24

Art. 41 Right to leaving benefits ............................................................................................................ 24Art. 42 Amount of the leaving benefits ............................................................................................... 24Art. 43 Maintenance of the pension ...................................................................................................... 24Art. 44 Payment in cash ............................................................................................................................. 24Art. 45 Extension of the insurance cover ............................................................................................ 25

V Contributions 25

Art. 46 Obligation to pay the contributions ....................................................................................... 25Art. 47 Amount of the contributions .................................................................................................... 25Art. 48 Purchases ......................................................................................................................................... 26

VI Organisation of the Foundation, and control 28

Art. 49 Organs of the Foundation .......................................................................................................... 28Art. 50 Auditing body ................................................................................................................................. 28Art. 51 Expert on occupational pensions ............................................................................................ 28

VII Final provisions 28

Art. 52 Liquidation ....................................................................................................................................... 28Art. 53 Stabilisation measures ................................................................................................................. 28Art. 54 Encouragement of home ownership ..................................................................................... 29Art. 55 Assignment and pledging .......................................................................................................... 29Art. 56 Compensation ................................................................................................................................. 29Art. 57 Divorce ............................................................................................................................................. 30Art. 58 Utilisation of surpluses and profits ........................................................................................ 30Art. 59 Transfer of pensioners ................................................................................................................ 30Art. 60 Place of execution ........................................................................................................................ 30Art. 61 Obligation of discretion – Management and protection of data ............................... 30Art. 62 Place of jurisdiction ....................................................................................................................... 31Art. 63 Adaptations of the regulations ................................................................................................. 31Art. 64 Deficiencies in the regulations .................................................................................................. 31Art. 65 Versions .............................................................................................................................................. 31Art. 66 Temporary provisions ................................................................................................................... 31Art. 67 Entry into force ............................................................................................................................... 31

ATTACHMENT 1 AVS-Bridge .................................................................................................................................. 32

ATTACHMENT 2 Conversion rates ...................................................................................................................... 33


I GENERAL PROVISIONS

Art. 1 Purpose

1. Upon joining the “La Collective de prévoyance – Copré” (hereinafter: “the Foundation”), acollective foundation established under private law, affiliated employers and independentsshall have as their objective the protection of their salaried staff and/or themselves againstthe economic consequences of a loss of earnings through old age, death or disablement.

2. Employers may be admitted to the Foundation, within the scope of the legal provisions, underconditions identical to those of their salaried staff. Independents may, if they so request, joinin a voluntary capacity, together with their staff.

3. Membership of the Foundation takes place on the basis of a membership agreement whichgoverns the rights and obligations of the employers. The agreement is binding for thecoverage of persons unable to work or pensioners, if this is accepted.

4. The Foundation shall be recorded in the Register of Occupational Pensions. It shall be subjectto the competent Surveillance Authority of the Foundations and Pension Institutions of theplace where it has its head office.

Art. 2 Pension Fund

The Foundation shall administer a pension fund for each company with which it has concluded a membership agreement.

Art. 3 Contents of the pension regulations

1. The present regulations govern the rights and obligations of the Foundation, the InsuredPersons, the employers and the beneficiaries. The type and amount of the benefits as well astheir financing shall be determined in a pension plan drawn up for each company. The InsuredPersons may be divided into categories. The categories are defined in the pension plan.Membership of a category shall be determined on the basis of objective and non-discriminatory criteria. The definition of the aforesaid category must enable the affiliation ofseveral Insured Persons. A self-employed person may not at any time be the sole personinsured.

2. The organisation of the Foundation, its methods of election, the competence of its organs andthe investment of assets shall be the subject of the statutes and regulations specially enactedfor this purpose.

3. In the application of these regulations, registered partnerships as per the Federal Law of 18June 2004 on registered partnerships and marriages concluded abroad between persons ofthe same sex are treated as marriage. This is valid in particular for the approval of payment ofbenefits in the form of capital, for the right to survivors’ benefits and for sharing theretirement capital in the event of dissolution of the registered partnership.

Art. 4 Age

The determining age for admission, for the amount of the contributions and retirement bonuses, and for calculating the minimum amount in the case of vested benefit, shall result from the difference between the current calendar year and the year of birth.

Art. 5 Normal age of retirement

The normal retirement age shall be reached on the first day of the month following that during which the Insured Person attained the legal retirement age in accordance with the Federal Law on the Occupational Old-age, Survivors’ and Disability Benefit Plan (LOB), or from the age mentioned in the pension plan if that is different.


Early retirement is possible from the first month following the attainment of the age of 58.

Deferred retirement is possible up to the age of 70, subject to the agreement of the employer, according to the provisions of Art.20.

Art. 6 Obligation to be insured

1. All salaried staff shall be admitted to the Foundation from the 1st of January following the dateat which they reached 17 years of age and receiving an annual salary from the employerexceeding the amount resulting from Art. 2 para. 1 and 7 LOB, or the amount determined in thepension plan.

2. The male and female salaried staff admitted to the Foundation shall hereinafter be designatedas “the Insured”.

3. The occupational pension cover is definitive and without reservation for the minimum benefitsprovided for by the LOB, the benefits acquired with the capital contribution of the vestedbenefit, provided that they have been insured without reserve by the previous pensioninstitution.

4. With respect to the other benefits, the insurance cover is only definitive and withoutreservation if the person insured was fully capable of earning at the beginning of the insuranceand where the statutory insurance benefits do not exceed the limits set by the Foundation orthe reinsurer. Otherwise the Foundation grants a provisional cover limited to the LOB minimum.

5. Those considered as not fully capable of earning are the insured person who at the beginningof the insurance cannot perform his/her work fully or partially for medical reasons, draws adaily allowance as a result of an illness or accident, is registered with a state disabilityinsurance, draws a full or partial disability pension, or for health reasons can no longer fullyperform work corresponding to his training and capacities.

6. When an Insured Person exhibits a partial lack of earning ability upon his admission to theFoundation – even without being partially disabled in accordance with the Federal disablementinsurance (DI) – and when the cause of this lack of earning capacity results in disability ordeath, the right to the benefits arising from the present regulations shall be limited to those dueby virtue of the minimum LOB.

7. The Foundation may make acceptance, reduction of or exclusion from the benefits that exceedthe legal obligations conditional upon the result of a medical examination. In this case it shallgrant a provisional cover limited to the minimum LOB. After receiving the medical report, itshall decide on the definitive cover with or without reservation. The duration of a reservationshall not however exceed five years. As a general rule, the Foundation follows the decisions ofpossible reinsurers. Exclusion from cover implies the definitive cancellation of the disability andsurvivors’ benefits of the non-compulsory insurance.

8. The exclusion of cover leads to the definitive cancellation of the disability and survivorsbenefits in the non-compulsory pension insurance.

9. The Foundation shall give a ruling at the latest within six months following receipt of thequestionnaire or the medical examination. If reservations are imposed, they shall becommunicated to the interested party in writing.

10. If the Insured Person has failed to reply or replied inaccurately to the questions asked, or if it isestablished that the medical questionnaire and/or the medical certificate submitted to theFoundation is inexact or incomplete, the Foundation may abandon the pension insurancecontract and definitively refuse to pay the part of the disability or death benefits arising fromthe extended occupational pension insurance. The Foundation shall inform the Insured Personof its decision within 6 months of the time it becomes aware with certainty of the omission orconcealment.


11. If an Insured Person becomes disabled or dies before the Foundation has pronouncedjudgement, the Foundation shall pay the Insured Person or his beneficiaries at least the benefitsresulting from the application of the LOB and the contributed entry benefit.

12. No new health reservation shall be applied for the parts of benefits acquired by means ofvested benefits.

13. Some reservations applied on the state of health by former pension institutions may bereapplied. They shall be valid for a maximum period of five years counting from the date oftheir notification to the Insured Person by the former pension institution.

14. In the event of the occurrence, during its term of validity, of the risk attached to the declaredreservation, the benefits are reduced definitively in the amount of the pension purchasedthrough the vested benefits contributed, and failing this, in the amount of the compulsoryminimum according to the LOB.

15. The provisions of paragraphs 3 to 11 above shall apply by analogy at the time of an increase inthe salary insured or of a change of plan. In this case, the acceptance of cover shall onlyconcern the difference between the new and former benefits.

Art. 7 Salaried staff not subject to obligatory insurance and voluntary insurance

1. Not admitted to the Foundation are:

• salaried staff who have reached or exceeded ordinary retirement age (apart from the exception mentioned in art. 20);

• persons whose employer is not subject to the obligation of contributing to the AVS;

• salaried staff engaged for a limited period not exceeding three months. However, salaried staff whose hiring period or mission is limited are subject to compulsory insurance when:

o the working relationship is extended beyond three months without there being any interruption of the said relationship: in this case the employee is subject to compulsory insurance from the time the extension is agreed;

o several hiring periods with the same employer or missions on behalf of the same service agency last in total more than three months and no interruption exceeds three months: in this case, the employee is subject to compulsory insurance from the beginning of the fourth month of work; when it has been agreed, before the commencement of the work, that the employee is hired for a total period exceeding three months, the obligation to be insured begins at the same time as the working relationship.

• salaried staff performing an ancillary activity with the affiliated company, if they are already subject to obligatory insurance for a paid full-time occupation or if they are carrying out an independent paid activity as a full-time occupation;

• salaried staff who are disabled as per the definition of the Federal disability insurance (DI) at a level of at least 70%;

• salaried staff without an activity in Switzerland or whose activity in Switzerland is probably not of a durable nature, and who benefit from sufficient provident measures abroad (on condition that they justify their request for exemption from admission to the Foundation).

2. The Foundation does not provide voluntary insurance according to Art. 46 LOB.

The Foundation provides voluntary insurance in accordance with Art. 47 LOB for Insured

Persons who leave obligatory occupational insurance because they are going to work, for a

limited period, for a foreign company, which is economically linked to the employer.

They may choose to maintain the whole of their occupational insurance, or just their retirement

insurance.


Insured Persons who wish to benefit from this external insurance must obtain the agreement of the employer and notify their request one month before the date at which they will leave the occupational insurance. They must submit a copy of their new employment contract and indicate the country/countries in which they are going to work and reside. The insurance shall commence from the day following the exit from the obligatory occupational insurance, but at the earliest from the moment at which their request was accepted.

The Foundation reserves the right to refuse or limit the risk cover in the event of disability and death. The Foundation shall give a ruling at the latest within the six months following the application.

The Swiss employer shall be responsible for the payment of the contributions. The insurance shall cease from the moment that the contributions are no longer paid, when the working relationships with the company abroad cease for a reason other than death, disability and retirement, when the Insured Person and the Swiss employer request it, or in the event of delay in payment of the contributions and if the employer does not respect the summons delivered to it.

For the rest, the provisions of the present regulations shall be applicable by analogy.

Art. 8 Commencement and cessation of the insurance

1. The insurance shall commence at the same time as the working relationships.

2. The insurance shall cease when the minimum salary is no longer attained in a sustainablemanner, or in the event of a termination of the working relationships, provided that there existsno right to benefits in the event of retirement, death, disability or inability to work.

3. During an unpaid holiday, the insurance shall be maintained in conformity with the regulationsand the pension plan for a period to be agreed, but for a maximum of two years. The employerand the Insured Person may request the Foundation, by means of a written declaration signedby both parties, that the insurance be partially (retirement benefit) or entirely (retirementbenefit and risks) suspended during this period. The Foundation shall be entitled to the wholeof the statutory contributions covering the continuation of the insurance relationship.

4. If the annual OASI (Federal Old-age and Survivors’ Insurance) salary of an Insured Person fallsbelow the amount determined in Art. 2 para. 1, LOB, without the benefits of death or disabilitybecoming due for payment, the death and disability insurance of the Insured Person shallexpire. His retirement assets shall be used in conformity with Art. 43 of the present regulations.

5. If the annual OASI salary of an Insured Person decreases temporarily for reasons of sickness,accident, unemployment, maternity or other similar circumstances, the insured salary and theobligation to contribute shall be maintained for at least the period of legal obligation for theemployer to pay the salary. The Insured Person may however request it to be reduced.

Art. 9 Obligation to inform

1. Upon joining the pension institution, Insured Persons are required to present to the Foundation,of their own accord, the vested benefits of the previous pension institution(s). In addition, atthe moment of joining and in the case of a subsequent increase in benefits, they are required toinform the Foundation concerning their state of health, insofar as that may be useful inestimating risks. The Foundation may require consultation by a doctor of its choice.

2. Insured Persons must inform the Foundation about any amounts and dates of purchase duringthe last three years before joining the Foundation, and communicate to it all necessary dataconcerning the purchases carried out according to Art. 48 of the present regulations.


3. When the Insured Person has not declared a significant risk of which he had, or should havehad, knowledge, the Foundation may reduce or cancel, within the scope of the legal provisions,the statutory benefits. It shall then notify the Insured Person within a period of six months,counting from the moment that it gained knowledge of the breach of duty to inform. Art. 6,para. 5 of the present regulations shall remain reserved.

4. The usual legal provisions relative to concealment shall be reserved for the share of the insuredbenefits that exceed the legal provisions.

5. Insured Persons are required to inform the Foundation of changes in civil status, as well as ofthe commencement or cessation of a maintenance liability. Any change in level of activity orearning capacity has also to be communicated to the Foundation.

6. At the request of the Foundation, beneficiaries of pensions must present a life certificate orattestation of civil status established at their cost.

7. Beneficiaries of disability, widow/widower or live-in companion pensions are required toprovide the Foundation with all information and evidence necessary to the Foundation on thewhole of any incomes to be taken into account (e.g. Swiss and foreign social benefits, benefitsprovided by other pension funds, or income arising from a remunerated activity).

8. Beneficiaries of child or orphan pensions who wish to assert their right to a pension beyond theage of 18 must supply periodically an attestation from the training establishment referring tothe nature and duration of the training.

9. The Foundation is entitled to suspend the payment of its benefits until it receives theinformation and documents required. No interest is paid for benefits where the delay inpayment is caused by the beneficiary.

Art. 10 Obligations of employers to inform

1. The employers immediately inform the Foundation of any fact likely to give rise to, modify orterminate the right to the benefits, especially the start and end of the incapacity to work andthe working relationship.

2. In particular, employers are required to provide reliable data on the salaries insured and onremuneration paid in a suitable form and within the required deadlines.

3. The employer remits to its Insured employees the whole of the information transmitted by theFoundation and which are for their attention.

4. Any employer who omits to transmit information or who transmits false information shall, ifneed be, repair the damage caused to the Foundation.

Art. 11 Information provided to the Insured Persons

1. At least once a year, a benefits statement shall be drawn up by the Foundation for each InsuredPerson, on which are shown the retirement assets according to the minima defined by the LOB,the accumulated retirement assets, insured benefits, vested benefit, salary and contributionspaid to the Foundation. If there is a discrepancy between the information mentioned on thebenefits statement and that arising from the present regulations, the latter prevail.

2. The Foundation shall provide regular information on the organisation, financing and membersof the joint body with equal representation on its Internet site (www.copre.ch).

3. Each Insured Person may require the Foundation to communicate to him his entire individualdata, and deliver to him a copy of the annual accounts, annual report, information on the capitalyield, evolution of the actuarial risk, administration expenses, principles of calculation of thecapital cover, additional provisions and degree of cover.


4. The basis of the information given to Insured Persons by the Foundation shall be constitutedfrom the most recent report of the qualified expert in occupational retirement pensions drawnup in conformity with Art. 52e, para. 1, LOB.

5. In the event of divorce, The Foundation communicates to the Insured Person or the judge, upontheir request, the information according to art 24 LOB, in correlation with art. 19k OVB.

Art. 12 Entry benefit

1. The Insured Person is required to bring to the Foundation vested benefits originating fromformer pension or vested benefit institutions.

2. Vested benefits contributed shall be credited to the individual account of the Insured Person.The particular provisions of the pension plan remain reserved.

3. If the vested benefits are not completely absorbed, the Insured Person may use the residualamount for maintaining his pension under a different admissible form.

4. The Insured Person may also proceed to a buy-in according to Art. 48 of the presentregulations.

II PROVISIONS RELATIVE TO THE SALARY

Art. 13 Pensionable salary

1. The employer shall determine the annual pensionable salary and communicate it to theFoundation on January 1st of every year or when an Insured Person joins the company. At therequest of the employer, changes in salary that occur during the course of a year shall be takeninto account.

2. The pensionable annual salary corresponds to the annual salary according to the Federal law onOld-age and Survivors’ Insurance (OASI) agreed on 1st January of the year or at the start of thework contract. Salary items of an occasional nature shall not be taken into consideration, unlessthere are provisions to the contrary in the insurance plan. An item of an occasional nature isunderstood to include special premiums, extra hours, gratifications, severance pay,commissions and purchases financed by the employer.

3. When an Insured Person is employed for less than a year (e.g. seasonal worker, temporarystaff), his pensionable salary shall be considered to be that which he would obtain by workingthe whole year.

4. For Insured Persons whose conditions of work and remuneration are irregular, the insuredsalary shall be determined on a lump sum basis, by agreement between the employer and theInsured Person, on the basis of the last annual OASI salary of the Insured Person. Changesalready agreed at the moment of determining the salary shall be taken into consideration.When the Insured Person has carried out his activity with the employer for less than a year, thesalary may also be determined on the basis of the agreed periodic salary and the average rateof activity, converted into an annual salary.

5. The insured salary or the insured income of self-employed persons must not exceed the incomesubject to the OASI contribution.

6. The insurable salary shall be limited in all cases to ten times the upper limit according to Art. 8para. 1 LOB.

7. If the Insured Person has several pension relationships and the sum of his salaries subject to theOASI exceeds the limit, he must inform the Foundation of all the existing pension relationshipsand of the insured salaries within this context.


8. The employer is required to inform the pension institution, within 30 days of the modification,of all salaries subject to obligatory insurance, and to provide it with the necessary instructionsfor keeping the retirement pension accounts as well as for calculating the contributions. Hemust also provide the auditing body with the information it requires for carrying out its task.

Art. 14 Insured salary

The insured salary shall be defined in the pension plan. If necessary, coordination deductions as well as minimum and maximum amounts shall be adapted to the LOB provisions.

When the insured salary decreases following the legal increase of the coordination deduction, the current salary remains unchanged so that the Insured Person remains subject, provided the insurance plan provides for this.

Art. 15 Maintenance of the pension at the level of the last insured salary

1. The Insured Person who has reached the age of 58 and whose pensionable salary according toarticle 14 decreases by half at the most may request the maintenance of the pension at the levelof the last insured salary, at the latest until the normal retirement age. In the event ofsuccessive reductions, the decrease by half is calculated on the pensionable salary on the dateof the first reduction.

2. As an exception to articles 46 and 47, the contributions of the employer and the Insured Personin the context of maintaining the pension are fully financed by the Insured Person. Theemployer may participate in this financing on an optional basis.

3. The increase of 4 per cent per year of age following the 20th year according to article 17 FLV,respectively article 42 of the present regulations, is not calculated on these contributions.

4. As long as the insured salary is maintained in the sense of paragraph 1, the Insured Person maynot benefit from a partial early retirement pension.

Art. 16 Special features

1. For the Insured Person who displays a partial lack of earning ability in accordance with theFederal Disability Insurance (DI), the limit amounts mentioned, if such is the case, in the pensionplan shall be determined proportionally to the earning ability.

2. In case of the partial disability of an Insured Person, his insurance is split into an ‘active’ partcorresponding to his degree of earning capacity, and a ‘passive’ part corresponding to hisdegree of disability (the degree of the pension paid) in compliance with article 23, paragraph 4.The split is determined on the basis of the insured salary valid immediately before the start ofthe earning incapacity that caused the disability.

3. The portion of the salary allocated to the ‘passive’ part of the insurance remains constant. Forthe ‘active’ part of the insurance, the revenue obtained in the context of earning capacityconstitutes the reference annual salary. The same procedure applies for persons partiallydisabled at the time of their admission.

4. The Insured Person employed simultaneously by several employers shall be insured, within thescope of the present regulations, for the salary received from the affiliated company.

5. The pension plan may provide for any coordination deductions and limit amounts for personsemployed part time to be determined in proportion to the effective level of their activity.


III BENEFITS

Art. 17 Summary of the benefits

1. In applying the present regulations, the Foundation shall provide the following benefits:

a. in the event of retirement:

• retirement pensions Art. 19

• pensions for children of the retired person Art. 22

b. in the event of disability:

• disability pensions Art. 23

• pensions for child of the disabled person Art. 24

• exemption from payment of contributions Art. 25

c. in the event of death

• pensions for the spouse and live-in companion Art. 26 - 30

• pensions for orphans Art. 31

• death benefit Art. 32

d. life annuity for divorced spouses and separated partners(divorce pension) Art. 33

e. in the event of the termination of the working relationships:

• vested benefits Art. 41 – 44

2. Benefits shall be insured in the event of sickness or accident. In the event of accident, Art. 36and 37 of the present regulations remain reserved.

3. The right to benefits shall not lapse if the Insured Person has not left the Foundation when thecase of benefit occurs.

4. The right to request restitution shall be limited to one year calculated from the moment theinstitution became aware of the fact, but at the latest five years after the payment of thebenefit. If the right to request restitution arises from a punishable act for which criminal lawprovides for a longer prescription limit, the latter shall prevail.

5. If the Foundation is the latest pension institution of the Insured Person and he was not affiliatedto the pension institution obliged to provide him with benefits at the moment that the right tothe benefit came about, the Foundation shall pay the previous benefit. This benefit shall belimited to the benefit according to the minima defined by the LOB. If it is established thatanother pension institution has the obligation to pay the benefit, the Foundation shall pass onits claim to the latter institution.

6. Other benefits may be allocated in conformity with the pension plan.

7. The pension plan shall define the insured benefits for each affiliated company.

Art. 18 Retirement assets

1. An individual retirement account shall be kept for each Insured Person in order to finance theretirement benefits. This account shall be opened at the moment when the retirement pensioncommences according to the pension plan.


2. The retirement account is credited with:

• the retirement bonuses

• the vested benefits arising from former pension institutions.

• the purchase benefits

• purchase following a divorce

• amounts transferred and credited in the context of a sharing of the retirement savingsfollowing a divorce

• reimbursements of advance payments for encouragement of home ownership

• the interest and other assignments.

3. The retirement account is debited with:

• Payments made following a divorce

• Advance payments for encouragement of home ownership.

4. Amounts transferred or purchase following divorce, as well as reimbursements of advancepayments in the context of encouragement of home ownership, will be credited betweensupplementary and mandatory insurance in the same proportion as their withdrawals onretirement savings

5. The annual amount of retirement bonuses to be paid is established in the pension plan; nointerest is calculated for the current year.

6. Interest shall be calculated on the basis of the retirement assets accrued at the end of theprevious year and credited to the retirement account and the end of the calendar year.

7. When a vested benefit or a buy-in is credited/paid within the course of a year, the interest shallbe calculated pro rata temporis.

8. In the event of occurrence of an insured event during the course of a year, the interest shall becalculated on the basis of the retirement assets accrued at the end of the previous year up tothe day of the right to the vested benefit.

9. The Board of Trustees shall determine the annual rate of interest credited to the retirementassets in compliance with the legal provisions. In principle, this rate shall be at least equal to theminimum interest rate determined by the Federal Council within the scope of the LOB. If,however, the financial equilibrium of the Foundation or the levelling of the reserves required forthe operation of the Foundation require it, the Board of Trustees shall be entitled to apply alower interest rate, but not below 0 %. The legal provisions are reserved

A. Retirement benefits

Art. 19 Retirement pension

1. Unless there are provisions to the contrary appearing in the pension plan, when the InsuredPerson reaches normal retirement age, a life annuity shall become payable.

2. The retirement pension shall be calculated by applying the conversion rate determined by theBoard of Trustees (Attachment 2).

3. When, at the moment of reaching the age of retirement, an Insured Person is disabled in thesense of the Federal DI, his retirement pension may not be less than the disability pensionaccording to the LOB including the adjustment to the price index.


4. When an Insured Person ceases all remunerated activity after the age of 58 years, he mayrequest to take advantage of his early retirement benefit or defer the payment of his retirementpension, but at the latest until the normal retirement age. The conversion rate shall be adjustedaccording to the age reached. He may also request the assignment of his leaving benefitaccording to heading IV of the present regulations. When the pension plan mentioned an age ofless than 58 years before 1 January 2006 for Insured Persons who were members of staff on 31December 2005, the age determined in the plan may be maintained for a maximum period offive years from 1 January 2006. Exceptionally, a retirement age may be less than 58 years at thetime of restructuring the company or for working relationships where a lower retirement age isenvisaged for reasons of public security.

The reduction of the retirement pension in the event of early retirement can be made up in fullor in part by an additional contribution (lump sum or additional buy-in contributions).

If an Insured Person does not retire on the date provided for in line with the buy-in effected, theprovisions of article 48 paragraph 11 apply.

5. The Insured Person benefiting from early retirement may request the payment of an OASIbridging pension. This pension shall be equal to the percentage of the individual maximumOASI bridging pension appearing in the attached table for the normal retirement ages of 65 formen and 64 for women. The bridging pension shall be paid up to the normal retirement ageaccording to Art. 5 of the present regulations. From this age onwards, the retirement pensionfor life shall be reduced in order to compensate the OASI bridging pension. The pensionexpectation for the surviving spouse is not reduced.

In the event of death before ordinary retirement age, the OASI bridging pension ceases at theend of the month in which the death occurs.

When the age of normal retirement mentioned in the pension plan is different from theretirement age of 65 years for men and 64 years for women, the table appearing in attachment1 may not be used. A table adapted to the retirement age of the pension plan must berequested from the Foundation.

Art. 20 Deferred retirement

1. When an Insured person pursues his activity beyond the normal retirement age, the insuranceof the retirement benefits may be extended until the definite cessation of his remuneratedactivity, but up to the age of 70 as a maximum.

2. No risk-related contribution (disability and death) is due in the event of deferred retirement.The other contributions and costs are due until payment of the retirement benefits.

3. An Insured Person who becomes disabled – in the sense of the present regulations – wherebyhe has pursued a remunerated activity beyond the normal retirement age, loses any right todisability benefits from the Foundation for the lucrative activity that remains insured, he is onlydue the retirement benefits still insured.

4. In the event of death, survivors’ benefits are financed by the retirement assets available andcalculated on the basis of the statutory benefits.

5. The amount of the retirement pension shall be equivalent to the retirement assets accrued,multiplied by the conversion rate set by the Board of Trustees and corresponding to theeffective retirement age.

6. The continuation of the insurance is proportionate to the residual remunerated activity.


Art. 21 Partial retirement

1. Between the ages of 58 and 70, the Insured Person may take partial retirement, with theagreement of his employer. The retirement pension must amount to at least 30% of his currentlevel of activity, and his remaining level of activity must amount to at least 30%. The retirementpension rate corresponds to the ratio between the reduction of the insured salary and theinsured salary before reduction, taking into account the above-mentioned minimum level ofactivity.

2. In the event of partial retirement, the retirement capital is divided into two parts in function ofthe retirement rate:

a. For the part corresponding to the retirement rate, the person is considered as a beneficiaryof pension;

b. For the other part, the person is considered as an Insured Person; in this case the entrythreshold and the coordination amount are adjusted in function of the retirement rate.

3. The taking of partial retirement is irrevocable and the Insured Person may in no case ask tobenefit from an additional partial retirement pension.

4. If an Insured Person becomes disabled in the sense of the present regulations after havingtaken early partial retirement, he is entitled to disability benefits from the Foundation, withinthe limits of the lucrative activity that remains insured.

Art. 22 Pension for the child of a retired person

1. Beneficiaries of a retirement pension shall have the right to a pension for each child who, ontheir death, would have the right to an orphan’s pension. With respect to the extension of thisright, the provisions of Art. 31 figure 2, para. 2 of the present regulation shall apply by analogy.

2. The annual amount of the pension for the child of the retired person shall be determinedaccording to the pension plan.

3. The right to a pension for the child of a retired person who already existed at the time thedivorce procedure was initiated is not affected by the sharing of the retirement savings.

B. Disability benefits

Art. 23 Disability pension

1. Those entitled to disability pensions shall be persons who:

a. are disabled at a level of at least 40 % in accordance with the DI, and who were insuredwhen the inability to work, the cause of which is at the origin of the disability, occurred;

b. as a result of a congenital illness, were impaired by an incapacity to work of between 20and 40% at the commencement of the remunerative work, and were insured when theinability to work, whose cause was at the origin of the disablement, occurred, and becameworse reaching at least 40%;

c. having become disabled before reaching majority (Art. 8, para. 2 of the Federal Law on theGeneral Part of Social Security – FLGS), were affected by an inability to work between 20and 40% at the beginning of the remunerative work and were insured when the incapacityto work whose cause is at the origin of the disablement became worse and reached at least40%.

In all cases, if the right to disability benefits is based on letters b and c above, these are limited to those defined by the LOB.


2. There is disability when the Insured Person is disabled in the sense of the Federal DisabilityInsurance and was affiliated to the Foundation when the inability to work, whose cause is at theorigin of the disablement, occurred.

3. When the decision of the DI is manifestly untenable, the Foundation shall not be bound by theaforesaid decision and may decide to evaluate the disability itself. In addition, in conformitywith Art. 52 of the FLGS, the Foundation reserves the possibility of opposing the DI decision.

4. The proportion of the pensions, depending on the degree of disability recognized by the DI,shall be determined according to Art. 24 of the LOB, i.e. the Insured Person shall be entitled:

a. to the entire benefits if his disability is at least 70 %;

b. to three quarters of the benefits if his disability is at least 60%;

c. to half the benefits if his disability is at least 50%;

d. to a quarter of the benefits if his disability is at least 40%.

5. Letter f of the transitory LOB provisions envisaged in the first revision shall be applicable:

a. Disability pensions in hand before 1 January 2005 shall be governed by the formerlegislation.

b. Until 31 December 2006, disability pensions shall be based on the former legislation.

c. If the degree of disability has lessened at the time of the revision of a current pension, thisshall be taken into consideration according to the former legislation.

6. The right to disability benefits according to the minimum LOB shall arise at the same time asthat of the DI benefits, and may be deferred until the cessation of the right to a salary or toindemnities in its place, financed for at least half by the employer and equivalent to at least80% of the loss of salary. Periods of inability to earn arising from the same case may beaccumulated.

7. If the Insured Person has possessed his full earning capacity for more than a year withoutinterruption before a recurrence (reappearance of a disability coming under the samecondition), a new waiting period shall start to run. If the Insured Person has a recurrence beforethe waiting period of a year and the benefits have already come to an end, these shall beallocated without a new waiting period and the adaptations that have been made in themeantime shall be annulled.

8. If the agreed waiting period equals 12 months or more and if an indemnity insurance exists, theinsured pension shall be paid from the day that the daily allowance expires, at the latest afterthe expiry of the agreed waiting period.

9. The right to the pension shall expire upon the disappearance of the disability, when the degreeof disability or inability to work becomes less than the minimum degree of 40 %, on the deathof the insured person or when the latter reaches the normal retirement age or that determinedin the pension plan.

10. The total amount of the disability pension shall be determined in the pension plan.

11. In the event of a change in the insurance plan, the new provisions of the insurance plan relativeto the disability pension shall only be applicable for cases of disability for which the date ofinability to work, at the origin of the disability, is subsequent to the date of the new provisionscoming into force.

12. In the event of expiry of the entitlement to a disability pension due to the disappearance of thedisability, the Insured Person is entitled to a vested benefit in the amount of his retirementaccount constituted, subject to paragraph 13.


13. The provisions of article 26a LOB concerning the provisional maintenance of the insurance andentitlement to benefits in the event of reduction or discontinuation of the disability insurancepension are taken into consideration.

14. After a sharing of the retirement savings following a divorce, the Foundation may only reducethe disability pension if the retirement savings until the beginning of the pension entitlementhas, in line with the regulations, an influence on the calculation of this pension. The Foundationmay reduce the disability pension at most by the amount it would be reduced if it wascalculated on the basis of the retirement savings less the part transferred from the leavingbenefit. The reduction is calculated according to the regulatory provisions applicable to thecalculation of the disability pension to be reduced. The decisive moment for calculating thereduction is when the divorce procedure is initiated.

Art. 24 Pension for the child of a disabled person

1. The recipient of a disability pension shall have the right to a child’s pension for the child of adisabled person for each child who, on the death of the recipient, would be entitled to anorphan’s pension. For an extension of this right, the provisions of Art. 31, figure 2, para. 2 of thepresent regulations shall apply by analogy.

2. The right to a pension for the child of a retired person who already existed at the time thedivorce procedure was initiated is not affected by the sharing of the retirement savings

3. The annual amount of the pension for the child of a disabled person shall be determined in thepension plan. In the event of a partial disability, the pension for the child of a disabled personshall be calculated according to the same proportion as the disability pensions (see Art. 23figures 4 and 5 of the present regulations).

4. In the event of a change in the insurance plan, the new provisions of the insurance plan relativeto the pension for the child of a disabled person shall only be applicable for cases of disabilityfor which the date of inability to work, at the origin of the disability, is subsequent to the dateof the new provisions coming into force.

Art. 25 Exemption from payment of contributions

1. In the event of incapacity to work following illness or an accident, the exemption from paymentof the contributions shall take place after a waiting period defined in the pension plan. Periodsof inability to work proceeding from the same case may be combined. In the event ofrecurrences, Art. 23, fig. 7 of the present regulations shall apply by analogy.

2. Exemption from payment of the contributions shall be granted as long as the disability persists,but at the latest up to the age of normal retirement or upon the death of the Insured Person.The insured salary valid at the start of the incapacity to work serves as the basis for calculatingthe savings contributions during the period of disability. In the event of partial invalidity,exemption from the payment of the contributions shall be assigned in the same proportion asthe disability pensions (cf. Art. 23 fig. 4 and 5 of the present regulations).

3. When the pension plan specifies the offer of a choice between several contribution plans, theexemption shall refer the contributions of the plan to which the Insured Person was subject atthe moment when the disability occurred, unless there are provisions to the contrary in thepension plan.


C. Benefits in the event of death

Art. 26 Pension of surviving spouse

If the pension plan envisages the pension for spouse with “LOB cover”, the right shall arise under the following conditions:

1. When an active, disabled or retired Insured Person dies, the surviving spouse shall have theright to a pension whose amount shall be determined in the pension plan.

2. The right to the pension shall originate at the beginning of the month following the death but atthe earliest at the moment when the right to a full salary ceases or when the right to aretirement or disability pension expires.

3. The right expires upon the death of the surviving spouse or in the event of remarriage orconclusion of a registered partnership. In this case the surviving spouse receives an allowancecorresponding to three times the annual amount of the surviving spouse’s pension, but at aminimum at the level of the accumulated retirement assets, with deduction of the benefitsalready paid in the case of the death of an active Insured Person.

Art. 27 Pension of live-in companion

1. If it is established that the live-in companions have formed a common life similar to the state ofmarriage, the surviving person is entitled to a live-in companion’s pension, subject to theconditions of paragraph 2.

2. The surviving live-in companion must cumulatively:

• fulfil in fact the conditions of marriage in the sense of the Civil Code, or respectively theconditions for registration of a partnership in the sense of the law on registeredpartnerships;

• receive no survivor’s pension or registered partner or surviving partner pension, or lumpsum in place of a survivor’s pension, registered partner or surviving partner pension fromany other pension institution;

• have formed an uninterrupted common life with the Insured Person for the 5 last yearsimmediately preceding the death, or provide for the maintenance of at least one child whowas under joint charge.

Furthermore, the Foundation must have received from the Insured Person, during his lifetime, the designation of the partner through a unilateral written declaration or, after his death, his last wishes, designating his partner as beneficiary. The last wishes must make explicit reference to the occupational pension.

3. The surviving person must provide the documents needed for the investigations at the latest within three months of the death. He must provide evidence of cohabitation.

4. In the case of several live-in companions providing for the maintenance of a common child as per paragraph 2 above, it is the companion who last cohabited with the person insured that is entitled to live-in companion benefits.

5. All costs and fees shall be at the exclusive charge of the petitioner.

Furthermore, the provisions relating to the surviving spouse’s pension are applicable to the

pension of a live-in companion, subject to the following points:

• The live-in companion’s pension is not adapted to the evolution of prices;

• The right of the live-in companion’s pension expires definitively upon the death of the live-in companion, in the event that he/she remarries, founds a relationship as a registered partnership or embarks on a new life as a couple similar to marriage;


• The payment of a one-time indemnity as well as the option to resume the live-incompanion’s pension are excluded.

6. The live-in companion’s pension is only paid if the pension plan provides for the insurance of asurviving spouse’s pension.

Art. 28 Amount of the pensions of the surviving spouse

1. The amount of the pensions of the surviving spouse shall be determined in the pension plan.

2. The surviving spouse who fulfils the conditions for a spouse’s pension may claim payment of alump sum benefit. This lump sum benefit corresponds to the capital cover of the spouse’spension, subject to paragraph 3 and article 39 paragraph 2. The surviving spouse mustcommunicate in writing his/her wish to have the lump sum benefit at the latest three monthsfollowing the date of death. The form chosen is binding.

3. When the accumulated retirement assets exceed the cover capital necessary for financing thepension of the surviving spouse, the balance shall be paid in the form of a capital sum to thesurviving spouse or the registered partner.

Art. 29 Reduction and termination of the pensions of the surviving spouse

1. The amount of the pension of the surviving spouse shall be reduced if the age of the spouse isless than that of the Insured, disabled or retired Person by more than 10 years. For complete orpart years exceeding the age difference of 10 years, the reduction shall correspond to 1% of thepension amount.

2. The pension of the surviving spouse shall be reduced if the marriage was concluded after thelegal age of retirement. The reduction shall be 20% for every complete or part of a yearexceeding this age limit.

3. No pension for the surviving spouse shall be due if the Insured Person had reached the legalage of retirement at the moment when the marriage was concluded and he was suffering froma serious illness of which he had knowledge and which had led to death within a period of twoyears of the date of the marriage.

4. These restrictions shall not be valid in the event that they lead to benefits that are less thanthose by virtue of the LOB.

5. The provisions of paragraphs 1 to 3 apply by analogy to live-in companions.

Art. 30 Right of the divorced surviving spouse

1. Within the scope of the minimum legal benefits, the divorced surviving spouse shall, in theevent of the death of the former spouse, be assimilated to the surviving spouse, on conditionthat their marriage had lasted at least ten years and that the spouse had received acorresponding pension as per art. 124e, para. 1 or 126, para. 1 CC.

2. The surviving spouse shall only have a right to benefits provided that the claims arising fromthe divorce judgement exceed those of the other insurances, in particular those of the FederalOASI and DI, however up to the limit of the LOB benefits. The divorced surviving spouse’s rightto survivor benefits exists as long as the pension would have been due by virtue of the divorcejudgement

Art. 31 Orphan pensions

1. Children of an active, disabled or retired deceased Insured Person shall have the right to orphanpensions. Sheltered or recognized children in the sense of the Civil Code shall have the sameright.


2. The right shall originate at the beginning of the month following the death of the InsuredPerson or at the earliest at the moment when the right to a full salary ceases or when the rightto a retirement or disability pension expires. The right shall expire upon the death of theorphan, but at the latest at the agreed age in the pension plan.

It shall, however, remain up to the age of 25 years in the following cases:

• for orphans as long as they are serving an apprenticeship or continuing their studies;

• for orphans who are disabled at the level of at least 70 %, until they recover their earningability, and on condition that the child does not receive any disability pension, from theoccupational, accident or military insurance.

3. The amount of orphan pensions shall be determined in the pension plan. If the pension for achild of a Disabled Person or of a deceased Insured Person has not been affected by a sharingof the retirement savings, the orphan’s pension is calculated on the same bases.

Art. 32 Death benefits

1. If an Insured or Disabled Person dies, the Foundation pays out a capital equal to theaccumulated old-age benefits less any benefits or pensions already paid and less the currentvalue of the survivors’ pensions (with the exception of orphans’ pensions). Provided thepurchases have not increased the pensions paid following death, the death capital is at leastequal to 100% of the purchases without interest paid to the Foundation, supplemented by thepurchases without interest confirmed by the former pension institution at the time of admissionto the Foundation and those that the Insured Person has asserted or attested at the time ofhis/her admission, subject to deduction of withdrawals made for home ownership, following adivorce, or for any other reason.

2. If specified in the pension plan, an additional capital sum shall be paid in the event of the deathof an active Insured Person.

3. The beneficiaries of the capital sum shall be in the following order, irrespective of theinheritance rights and any testamentary disposition:

a. The surviving spouse, registered partner and children of the deceased entitled to anorphan’s pension in accordance with Art. 31, para. 1 and 2 of the present regulation;

b. failing that, dependents of the deceased or persons who shared his life for an uninterruptedperiod of not less than five years before his death or must take care of one or more of theircommon children;

c. failing that, the children of the deceased who do not fulfil the conditions of Art. 31, para. 1and 2 of the present regulations;

d. failing that, the father and mother of the deceased;

e. failing that, the brothers and sisters of the deceased;

f. failing that, other legal heirs, excluding public communities, to the limit of the contributionspaid by the Insured Person or of 50% of the retirement assets.

No survivors’ benefit shall be due according to letter b, when the beneficiary receives a surviving spouse’s pension.

4. The capital sum shall be allocated in equal shares between beneficiaries within the samecategory.

5. In the absence of the above beneficiaries, the retirement pension shall remain acquired by theFoundation in order to be used for pension purposes.


D. Life annuities for divorced spouses and separated partners(divorce pension)

Art. 33 Payment of the divorce pension

1. If an Insured Person receives a retirement pension at the time the divorce procedure is initiatedand if he is obliged by the divorce judgement to share the retirement savings, the Foundationpays to the entitled spouse, or transfers to his/her provident fund, the part of pension grantedin the divorce judgement and converted into a life annuity (divorce pension).

2. The payment of the divorce pension occurs once a year up to 15 December to the pension orvested benefit institution of the entitled spouse. Each year the amount paid bears interest athalf the regulatory rate applicable for the year in question. A right to a lower payment forreasons of the age, disability or death of the entitled spouse conjoint is calculatedproportionally, from the beginning of the year to the beginning of the entitlement.

3. If the entitled spouse reaches the ordinary legal retirement age in the sense of the LOB, thedivorce pension is paid to him/her directly. He/she can require that the payments then be madeto his/her pension institution in the event of a continuation of lucrative activity and his/herprovident fund after this age and if he/she can still make purchases according to theregulations of this fund. If the entitled spouse has a right to a full disability pension or if he/shereaches the minimum legal age for early retirement, he/she can require direct payment of thedivorce pension.

4. If the entitled spouse does not communicate to the Foundation the name of his/her pension orvested benefit institution, the Foundation transfers the amount to the Collecting lnstitution, noearlier than six months and no later than 2 years after the expiry of this transfer.

5. The spouse entitled to a share of the retirement savings and the Foundation may agree on apayment in the form of capital instead of a transfer of pension.

E. General provisions applying to benefits

Art. 34 Guarantee Fund

1. The Guarantee Fund is a Swiss Foundation whose purpose is:

• to pay subsidies to pension institutions whose age structure is unfavourable;

• to guarantee legal benefits due from pension institutions that have become insolvent.

2. According to Art. 57 LOB, the Foundation shall automatically be affiliated to the GuaranteeFund.

Art. 35 Adaptation to price evolution

1. Legal minimum survivors’ and disablement pensions, current for more than three years, must beadapted to price evolutions up to the legal age of retirement, in conformity with theprescriptions enacted by the Federal Council. The adaptation is limited to the compulsory partof the pension. It can be compensated in whole or in part by the benefits of the extended part.

2. Within the financial possibilities of the Foundation, the Board of Trustees shall decide everyyear whether and to what extent the pensions must be adapted. The annual accounts shallinclude some comments on this decision.


Art. 36 Relations with other insurances

1. In the event of an accident according to the Federal law on Accident Insurance (AI) or theFederal law on Military Insurance (MI) before normal retirement age, priority shall be given tothe benefits resulting from the aforesaid laws. If these benefits, added to other incomes to betaken into account according to Art. 37, fig. 1 of the present regulations, do not exceed 90% ofthe earnings of which it can assumed the Insured Person is deprived, the Foundation shall paythe difference, however up to the level of the regulatory benefits. Exemption from payment ofthe contributions according to Art. 25 of the present regulations, and payment of the deathbenefits according to Art. 32 of the present regulations remain, however, guaranteed in full.

2. Paragraph 1 is not applicable when the pension plan explicitly provides for another coordinationwith the LAA (Federal Law on Accident Insurance) and the LAM (Federal Law on SicknessInsurance).

3. When, because the insurance case is not entirely covered, the accident or military insurancesdo not grant the Insured Person the full benefits in case of death or disability, the benefits fromthe Foundation shall be paid proportionately.

4. Persons carrying out an independent remunerated activity who do not have accident insuranceare considered as having subscribed to an accident insurance in the sense of the AI.

5. The Foundation shall not compensate the refusal or reduction of the accident insurance ormilitary insurance when these insurances have reduced or refused the benefits, on the basisespecially of Arts. 21 FLGS, 37 and 39 AI or 65 and 66 MI.

6. When the Federal OASI/DI reduces, withdraws or refuses its benefits because the eligible partycaused death or disability through a serious misdemeanour or is opposed to a re-adaptationmeasure of the Federal DI, the Foundation shall reduce its benefits in the same proportion.

7. The reduction of other benefits made at the ordinary retirement age must not be compensated

Art. 37 Provisions for reduction and coordination

1. The Foundation shall reduce its benefits in application of Art. 24 OBB2 (Ordinance on the Occupational Old-age, Survivors’ and Disability Benefit Plan), provided that, when added to other incomes to be taken into account, they exceed 90 % of the earnings of which the applicant can presume to be deprived.The following shall be considered as income to be taken into account:

• pensions or benefits in capital sums taken at their value as pensions arising from social insurances or from Swiss and foreign pension institutions, with the exception of allocations for disabled persons, indemnities for bodily harm and all other similar benefits.

• income from a remunerated activity carried out by a disabled Insured Person or replacement income, as well as income or replacement income that he could still reasonably achieve. The additional income received during the execution of a new readjustment measure (Art.8a LAI) is not taken into account.

• Retirement benefits from Swiss or foreign social and pension institutions if, added to the other income to be taken into account, the total of the benefits exceeds 90% of the annual income of which one might suppose the interested party was deprived immediately before the normal retirement age. The amount must be adapted to the degree of inflation that has occurred between the retirement age and the time of the calculation.


2. The income of the widow or widower or surviving registered partner and that of the orphan arecounted together. If the benefits of the Foundation are reduced, they shall all be in the sameproportion.

3. When a retirement pension follows a disability pension, it shall be considered as a disabilitypension for the application of the above provisions.

4. If by virtue of the combination with benefits of accident insurance or military insurance adisability pension has been reduced, the amount as per art. 124, para. 1 CC cannot be used for asharing of the retirement savings in case of divorce before the mandatory age of retirement.However the amount can be used for this purpose if the disability pension without entitlementto a pension for the child of a Disabled Person has not been reduced.

5. The Foundation can reduce the leaving benefit and the retirement pension as per art. 19g OVBin situations where the pension entitlement arises after the initiation of a divorce procedure andbefore the divorce judgement.

6. Upon the occurrence of the pension case, the Foundation shall be subrogated, up to the limitsof the due legal benefits, to the rights of the Insured Person, his survivors and otherbeneficiaries mentioned in Art. 32 against all responsible third parties, and may demand acession of the rights for the share of the benefits ensuing from the pension and exceeding theobligatory amount

7. Benefits that cannot be paid to eligible parties pursuant to these regulations shall revert to theFoundation and be used for pension purposes.

8. The beneficiary of benefits is obliged to inform the Foundation of all the income and benefits tobe taken into account. The Foundation is entitled to suspend its benefits as long as theinformation required has not been produced.

9. The Foundation can at any time re-examine the conditions and scope of the reduction. Thestatutory benefits shall be subject to a new calculation if the situation changes to a significantextent.

Art. 38 Duty to notify and return what is not due

1. Any fact having an influence on the insurance cover must be immediately notified to the Foundation by the Insured Person or the beneficiary of the pension and his beneficiaries, in particular:

• the case of disability and the modifications of the degree of disability;

• the death of an Insured Person or of a beneficiary of pension;

• in case of entitlement to the payment of children’s pensions, the birth, recognition, adoption or death of children, as well as the continuation or completion of the professional training of each child aged between 18 and 25;

• a change of civil status (marriage or remarriage, divorce, death of spouse);

• the amounts and modifications of the benefits of third parties required for the calculation of overcompensation and of the subsidiary benefits of the Foundation;

• an incapacity to work in the event of voluntary buy-in, including through reimbursement, leading to an increase in the benefits.

2. Divorced persons who receive a divorce pension are obliged to inform the Foundation of their entitlement and of the name of the pension institution of the debtor spouse. If they transfer to another pension or vested benefit institution, they must inform the pension institution of the debtor spouse at the latest by 15 November of the year in question.


3. The Foundation may refuse to pay benefits if the Insured Person, the beneficiary of the pensionor the beneficiary have not respected their obligations to notify and to transfer the leavingbenefit when joining the Foundation. The minimum legal benefits remain reserved.

4. The Foundation may require the production of any original document original attestingentitlement to benefits. If the Insured Person, the beneficiary of pension or the beneficiary doesnot respect this obligation, the Foundation is entitled to suspend or even discontinue thepayment of the benefits.

5. Benefits received unduly must be returned. Their return cannot be requested when thebeneficiary was in good faith and would be placed in a difficult situation. Benefits receivedunduly can be offset against benefits still due.

Art. 39 Payment of the pensions

As a general rule, pensions payable in accordance with the present regulations shall be paid at the end of each month. They shall be paid in their entirety for the month during which the right expires. Art. 33, para. 2 of these regulations remains reserved.

Art. 40 Lump sum benefits

1. Subject to Art. 48 para. 5 of the present regulations, when an Insured Person reaches thenormal retirement age or early retirement, he may receive his retirement savings in the form ofa lump sum. The Insured Person may also opt for the payment of a part of his retirementsavings in a lump sum, and the balance converted into a pension. In all cases, the retirementsavings paid to the Insured Person may not be less than one quarter of the retirement savingsaccording to the minima defined by the LOB.

For retirement benefits, the active or disabled Insured Person must make his wishes known inwriting to the Foundation at least 3 months before the entitlement arises. This declaration shallbe irrevocable from the moment when the time limit of 3 months is exceeded. If the InsuredPerson is married, the payment of all or part of the savings account may not occur except bythe written agreement of the spouse. This provision applies to registered partners.

2. At the request of the beneficiary, the pension of the surviving spouse may be replaced by adeath benefit. For surviving spouses who, at the death of the Insured Person, have reached theage of 45, the death benefit shall correspond to the actuarial reserve of the pension it replaces.The same shall apply to surviving spouses of less than 45 years of age. In this event, the capitalsum shall be reduced by 3% per whole or fraction of a year less than 45 years. The minimumcapital sum granted shall be equal to four annual pensions. If the retirement assets are greaterthan this amount, they shall be the amount paid. This provision applies to registered partners.

3. When the entire annual retirement or disability pension is less than 10%, the pension of thesurviving spouse less than 6% and the pension for the child less than 2% of the OASI retirementminimum, a capital sum equivalent to the vested benefit shall be granted in place of thepension.

4. A total or part payment in the form of a capital sum shall exclude and terminate, to the dueextent, any other benefit.


IV TERMINATION OF WORKING RELATIONSHIPS

Art. 41 Right to leaving benefits

1. When an Insured Person leaves the Foundation without receiving retirement, survivors’ ordisability benefits from the Foundation, he shall have the right to a leaving benefit. This shall becalculated according to the priority system of the contributions.

Art. 42 Amount of the leaving benefits

1. The leaving benefit shall correspond to the highest of the three following amounts:

• total pension assets in accordance with Art. 18 of the present regulations, accumulated atthe date of exit;

• entry benefits with interest, plus the sum of the personal savings contributions with interest,increased by 4% per year of age following the 20th year, but at the most 100%. The interestrates shall correspond to the minimum rate of interest defined in the LOB. However, as longas a deficit exists, the Board of Trustees may reduce it to the maximum at the rate ofinterest at which the savings assets are remunerated;

• total amount of the retirement savings according to Art. 15 LOB (pilot account).

2. The leaving benefit shall be due when the Insured Person leaves the Pension Foundation.

3. From that moment on, an interest shall be credited such as specified in Art. 15 of the LOB,subject to the provisions of Art. 53 para.3.

4. If the Foundation does not transfer the benefit within thirty days after having received all thenecessary information for the payment, it shall be required to pay interest in arrears. The lattershall be 1% higher than the minimum interest according to the LOB.

Art. 43 Maintenance of the pension

1. If the Insured Person who has resigned enters a new pension institution, his vested benefit shallbe paid to this new institution.

2. If the Insured Person who has resigned does not enter a new pension institution, he must notifythe Foundation under what acceptable form (vested account or policy) he intends to maintainhis pension.

3. Failing notification from the Insured Person, the Foundation shall pay the leaving benefit, at theearliest six months, but at the latest two years after the occurrence of the case of vestedbenefit, including interest, to the auxiliary institution according to Art. 60 LOB.

4. The provisions of Art. 41 of the present regulations shall be reserved.

Art. 44 Payment in cash

1. Within the limits of Art. 48 para. 5 of the present regulations, the Insured Person who hasresigned may request payment of his vested benefit in cash:

• when he leaves Switzerland definitively, within the limits of the agreements on freedom ofmovement concluded with the European Union, the European Free Exchange Associationand Liechtenstein;

• when he sets up on his own account and is no longer subject to the obligatory occupationalpension

• when the amount of the leaving benefit is less than the annual amount of his contributions.


2. If the Insured Person is married, the payment of the leaving benefit can only take place with thewritten consent of his spouse. If it is not possible to obtain the consent or if the spouse refuseswithout a valid reason, the Insured Person who has resigned may appeal to the court. Thisprovision is also applicable to registered partners.

3. The Foundation is entitled to require all proofs that it deems necessary and defer payment ofthe leaving benefit until these are presented.

Art. 45 Extension of the insurance cover

In the event of the premature termination of the working relationships, Insured Persons shall remain covered for risks of death and disability, without a corresponding premium being collected, up to the moment when they enter the service of a new employer, however at a maximum within a month following the termination of the working relationships. Leaving benefit already granted shall be taken into account for any benefits arising from this extension of the insurance cover.

V CONTRIBUTIONS

Art. 46 Obligation to pay the contributions

1. The obligation to pay the contributions shall commence at the moment of admission to thepension fund.

2. The obligation to pay the contributions shall expire upon the death of the Insured Person, uponreaching normal retirement age, upon premature exit from the pension fund in the event of thetermination of the working relationships or when the minimum salary or the amount determinedin the pension plan is no longer attained. Cases of exemption from payment of thecontributions following the inability to earn, as well as the continuation of activity after normalretirement age, remain reserved.

3. The contributions of Insured Persons shall be deducted by the employer from the salary orfrom the allowance for loss of salary. The employer shall then pay them monthly to the pensionfund together with his own contributions.

4. The employer shall finance his contributions through his own means or with the assistance ofcontribution reserves accumulated beforehand for this purpose and recorded separately. TheBoard of Trustees shall determine the rate of interest for remunerating the contributionreserves. This rate may not be higher than that which globally remunerates the retirementassets of the Insured Persons.

Art. 47 Amount of the contributions

1. The annual contributions to the Foundation shall be determined as follows:

• for savings: according to the pension plan;

• for risk insurance: recalculated annually. The Foundation is entitled to determine thecontribution for risk insurance as a % of the insured salary;

• for the Guarantee Fund: recalculated annually on the basis of the legal provisions;

• for adjustment of survivors’ and disability pensions to inflation: in function of theFoundation’s rates in force at the effective date;

• for administrative expenses: in function of the Foundation’s rates in force at the effectivedate.


2. The apportionment of the contributions between the employer and the Insured Persons shall bestated in the pension plan. The sum of the employer’s contributions must be at least equal tothe sum of the contributions of all the Insured Persons.

3. The pension plan may specify the offer of a choice between a maximum of three differentcontribution plans.

Insured Persons may choose, for the 1st of a month, the plan to which they wish to be subjectduring the following month. The choice must reach the Foundation, through the employer, atleast two weeks before the change of plan. The Insured Person may change the plan twice ayear at the most. A change of plan during the course of a year shall require the consent of theemployer.

Newly Insured Persons shall indicate to the Foundation, at the moment of affiliation andthrough the intermediary of their employer, the plan to which they wish to be subject. Failingthis they shall be subject to the pension plan with the lowest contributions.

The Insured Person shall remain subject to the same contribution plan as long as he does notexpress his desire for a change.

The sum of the shares that represent the salary in percentage, the total contributions of theemployer and those of the Insured Persons in the plan with the lowest contributions must reachat least two thirds of the sum that they represent in the plan with the highest contributions.

The amount of the contributions by the employer shall be the same in each contribution plan.

4. As long as the Foundation’s degree of cover is less than 100% and for lack of other adequatemeasures, the Board of Trustees, having sought the advice of the qualified expert and theagreement of the surveillance authority, may decide upon a special contribution to be borne bythe Insured Persons and the employer in the same proportion as the basic contribution, whichshall not be assigned to the individual retirement accounts but used solely for the stabilisationof the Foundation’s accounts, after requesting the opinion of the approved expert inoccupational pension insurance and the agreement of the surveillance authority.

Art. 48 Purchases

1. Persons newly insured must bring to the Foundation all the vested benefits of their previouspension institutions. It is possible to make payments, called purchases, either by the InsuredPerson or by the employer, up to the level of the maximum benefits. A purchase is possible upto the age of 70.

2. The whole of the purchase shall be allocated to improving the retirement benefits in the form ofadditional retirement bonuses. When a purchase is effected in the course of a year, the interestis calculated pro rata temporis.

3. Purchases may be made up to the level of the statutory benefits according to the buy-in scaleof the plan. The maximum buy-in shall be calculated in such a way that the retirement benefitsdo not exceed those that the Insured Person would have obtained if he had contributed fromthe earliest age specified by the pension plan for retirement bonuses. Bonuses taken intoconsideration in this calculation shall be determined by the pension plan. If the latter offers thechoice between several contribution plans, the bonuses shall be determined by the plan towhich the Insured Person is subject at the moment of the buy-in.

The amount of the purchase shall be reduced by:

• amounts of the Insured Person’s pillar 3a that exceed the maximum sum of the annualcontributions deductible from income after 24 whole years according to the Ordinance onthe Allowable Fiscal Deductions of Contributions to Recognised Pension Plans (OBB3), thissum being credited with interest on the basis of the minimum LOB interest rate then in


force, in conformity with the table established by the Federal Office for Social Security (FOSS);

• vested benefits that should not to be transferred to the Foundation by virtue of the FederalLaw on Vested Benefit in Occupational Old-age, Survivors’ and Disability Benefit Plan (FLV).

4. The sum of the annual purchase, for Insured Persons who come from abroad and have neverbeen affiliated to a pension institution in Switzerland, must not exceed, for the five yearsfollowing their entry into the Swiss pension institution, 20% of the insured salary according toArt. 13 of the present regulations. After the expiry of this deadline, the Insured Person maycarry out purchases in conformity with paras. 2 and 3 above.

5. Benefits resulting from a purchase carried out after 1st January 2006 may not be paid in theform of a capital sum before the expiry of a period of three years.

6. When the Insured Person has carried out a purchase after 31.12.2006 and less than three yearsbefore normal retirement age (Art. 5 of the present regulations), the benefits resulting from apurchase shall be paid in the form of annuities.

7. When some advance payments have been granted in order to encourage home ownership,purchase may only be carried out when the early withdrawal have been reimbursed.Nevertheless, three years before the age permitting the right to a retirement pension, theInsured Person shall again have the possibility of carrying out purchases. In this situation, theamount of the purchase shall be reduced by the amounts utilised within the context of theencouragement of home ownership.

8. After the divorce, the spouse obliged to share the pension can again proceed to purchasewithin the limits of the leaving benefit transferred by virtue of the sharing of the retirementsavings. The amounts bought in will be attributed in the same proportion between mandatoryand supplementary benefits as at the time of the withdrawal. There is no entitlement to buy-inafter the transfer of a leaving benefit as per art. 124, para. 1 CC. The provisions relating to entryin a new pension institution are applicable by analogy.

9. Purchases carried out after divorce by virtue of Art. 22d FLV, shall not be subject to thelimitation under point 7.

10. When the Insured Person has fully bought in the statutory benefits, he may carry out purchasesdesigned to compensate, totally or partially, the reductions due in anticipation of the retirementsavings, and thus before normal retirement age.

11. If, after opting for early retirement, the Insured Person renounces it, the funding of theretirement capital is determined on actuarial bases in such a way that the benefits paid out donot exceed by more than 5 % the objective of the pension plan.

The reduction is applied in the following order:

a. reduction, respectively suspension of the savings contributions of the Insured Person;

b. reduction, respectively suspension of the savings contributions of the employer;

c. reduction, respectively suspension of the interest.

12. It is the responsibility of the Insured Person to verify beforehand the deductibility of hispersonal purchase. In no case does the Foundation guarantee the tax deductibility ofpurchases.


VI ORGANISATION OF THE FOUNDATION, AND CONTROL

Art. 49 Organs of the Foundation

1. The organs of the Foundation shall be the Delegates Assembly, the Board of Trustees and theManagement Committee.

2. The organisation regulations shall define the provisions applicable to the Board of Trustees, theDelegate Assembly and the Management Committee.

Art. 50 Auditing body

1. The Board designates an auditing body that fulfils the requirements specified by the law onoccupational pensions. The mandate is renewable.

2. The auditing body verifies each year whether the annual accounts, retirement accounts, theorganisation, management and investments are in compliance with the legal and statutoryregulations in force. In addition it carries out the other tasks assigned to it by law, and preparesa report on its operations and findings.

Art. 51 Expert on occupational pensions

The Board of Trustees of the Foundation shall appoint an approved expert on occupational pensions who shall determine on a periodic basis whether the Foundation provides the guarantee at all times that it can meet its commitments and whether the regulatory provisions of an actuarial nature and relating to the benefits and financing are in compliance with the legal requirements. In addition, he carries out other tasks assigned to him by law.

VII FINAL PROVISIONS

Art. 52 Liquidation

1. In order to meet the requirements specified by the legislation on occupational pensions, thepension institution shall draw up an additional regulation in order to define and determine theprocedure to be applied in the event of partial liquidation. This regulation must define inparticular the right to uncommitted funds and the collective right to the provisions andfluctuation reserves.

Art. 53 Stabilisation measures

1. In the event of a technical deficit, the Board of Trustees may decide, in following therecommendations of the expert in occupational pension insurance, to apply stabilisationmeasures for as long as the deficit lasts.

2. The Board of Trustees shall have the possibility of limiting in time, reducing or refusingpledging, payment in advance and reimbursement. The limitation or refusal of payment shallonly be possible during the period of deficit. The Foundation shall inform the insured personundergoing a limitation or refusal of the payment, as to the extent and duration of the measure.

3. If the measures decided according to paras. 1 and 2 are insufficient, the Board of Trustees maydecide to apply the following exceptional additional measures;

• imposition upon the employer and the insured person of stabilization contributions intendedto absorb the deficit. These contributions shall be borne by the employer and the InsuredPerson in the same proportions as the basic contributions;


• imposition upon the beneficiaries of pensions of a contribution, intended to absorb thedeficit, on benefits in excess of the LOB. This contribution shall be deducted from thecurrent pensions. It may only be imposed on the part of the current pension which, duringthe ten years preceding the introduction of this measure, resulted from increases that werenot stipulated in the legal or statutory provisions. It may not be deducted from theinsurance benefits in the event of obligatory retirement, disability and death. The amount ofthe pensions prescribed at the time of the origin of the right shall always be guaranteed;

• a remuneration of less than the minimum legal rate on the LOB retirement assets, thereduction being 0.5% at the most.

Art. 54 Encouragement of home ownership

1. The Insured Person may, at the latest 3 years before the age permitting the right to retirementbenefits, pledge the right to insurance benefits or an amount up to the limit of his vestedbenefit or assert the right to the payment of an amount for the ownership of housing for hisown needs or the acquisition of shares in a building and housing cooperative if the housing willbe for his personal use.

2. For Insured Persons who are less than 50 years of age, the amount employed for the pledgingor the payment in advance shall, except for the acquisition of shares in the cooperative, be atthe minimum of CHF 20,000.-- and at the maximum equal to the vested benefit, subject to thereserve of Art. 48 para.5 of the present regulations.

3. For Insured Persons of more than 50 years of age, it shall be at a minimum of CHF 20,000.—and at a maximum equal to the vested benefit acquired at the age of 50 or at 50% of thatacquired at the moment of the payment, under the reserve of Art. 48 para. 5 of the presentregulations.

4. The Insured Person who intends to avail himself of these possibilities must send a writtenrequest to the administration of the Foundation, which shall then supply him with all usefulinformation. If the Insured Person is married, the request must also be signed by the spouse.This provision is also applicable to registered partners.

5. In the event of an early withdrawal, benefits shall be reduced according to the terms andconditions determined by the administration of the Foundation and communicated to theInsured Person.

6. The Foundation may charge costs for handling the dossiers and the lodging of the shares in thebuilding and housing cooperative. The costs shall be determined by the Board of Trustees.

7. Early withdrawal can only be requested every five years.

8. If early withdrawals for home ownership are reimbursed, the amounts paid are attributedbetween mandatory and supplementary retirement savings in the same relation as that whichexisted at the time of the withdrawal for the advance payment

Art. 55 Assignment and pledging

Subject to the provisions relative to home ownership, the right to the benefits may be neither assigned nor pledged as long as these are not due for payment.

Art. 56 Compensation

Benefits from the Foundation may only be compensated by claims assigned by the employer to the Foundation if these claims are intended as contributions not deducted from the salary of the Insured Person.


Art. 57 Divorce

1. In the event of divorce, the benefits from the occupational pension scheme acquired during themarriage shall be shared in conformity with Art. 122 to 124 of the Civil Code. Articles 3 to 5 FLVare applicable by analogy to the amount to be transferred. The judge shall officially notify theFoundation of the amount to transfer and provide it with the necessary instructions formaintaining the insurance.

2. If a part of the leaving benefit or of the hypothetical leaving benefit of the Insured Person istransferred in application of para. 1, the vested benefit assets of the Insured Person at the timeof the divorce shall be reduced by the amount assigned to the ex-spouse. The provisions ofparagraphs 1 to 3 apply to registered partners.

3. The Foundation of the spouse entitled to the share of the occupational providence schememust credit the leaving benefit transferred between the mandatory and supplementary in thesame relation as that which existed at the time of the withdrawal in the pension savings of thedebtor spouse.

4. If the case of a provident fund constituted by the pension savings arises with the debtor spouseduring the divorce procedure, the Foundation can reduce the leaving benefit and retirementpension in the context of art. 19g OVB.

5. The provisions of this article are applicable by analogy to registered partners

Art. 58 Utilisation of surpluses and profits

Surpluses achieved by the Foundation shall be assigned to the various pension funds according to the decision of the Board of Trustees.

Art. 59 Transfer of pensioners

In the event of cancellation, the Foundation shall transfer the pensioners to the new pension institution.

The Foundation shall not accept the transfer of pensioners from the previous pension institution. Upon request and after consideration, however, the Foundation may decide to accept the transfer of the pensioners. If such is the case, the Foundation shall confirm its decision to the Member in writing.

Art. 60 Place of execution

The domicile for payment of benefits by the Foundation shall be a postal or bank account. If the domicile is abroad, in a country that is not a member of the European Union or EFTA, the Foundation can deduct the costs of payment from the benefit paid.

Art. 61 Obligation of discretion – Management and protection of data

1. The members of the Board of Trustees and all persons forming part of the administration,control or surveillance of the Foundation are subject to the duty of discretion concerning thepersonal and financial situations of the Insured Persons and the employers. Exceptions shall begoverned by the orders and directives of the Federal Council.

2. The Foundation shall be entitled to transfer the data of the Insured Persons to the life insurancecompany(ies) concerned as reinsurer(s) of the risk benefits.

3. The Foundation shall take the necessary measures to ensure the strict confidentiality of thedata.


Art. 62 Place of jurisdiction

The place of jurisdiction shall be the Swiss head office of the defendant or the place where the Insured Person’s employer is established.

Art. 63 Adaptations of the regulations

The Board of Trustees may adapt these regulations at any time, while respecting the rights acquired. The regulations must be in conformity with the legal requirements. The surveillance authority shall verify the conformity of the regulatory provisions with the legal requirements.

Art. 64 Deficiencies in the regulations

1. All cases not specified by the regulations shall be decided by the Board of Trustees, which shalltake its decisions in respect of the spirit of the founding act and the regulations of theFoundation, as well as of the legal requirements relating to occupational, survivors’ anddisability pensions.

Art. 65 Versions

1. The present regulations are drawn up in French; they may be translated into other languages.

2. In the event of a discrepancy between the French version and the translation in otherlanguages, the French version is binding.

Art. 66 Temporary provisions

Divorced spouses to whom a pension or an indemnity in the form of capital, instead of a life pension, have been attributed before 1.1.2017 are entitled to survivors’ benefits in line with the regulations in force until now.

Art. 67 Entry into force

The present regulations were adopted in the meeting of the Board of Trustees of 6 March 2018, and come into force on 1 January 2018. They replace the regulations applicable since 1 January 2017.

On behalf of the Board of Trustees

Chairwoman Deputy Chairman

Carouge, 6 March 2018


ATTACHMENT 1 AVS-BRIDGE (updated as at 1.1 .2016, technical interest rate at 2.5%)

Retirement age according to Art. 5 of the present regulations: 65 years for men and 64 years for women

The values of the table below are interpolated in function of the exact age in years and months at the start of the benefit payment.

Men Women

Age of early retirement

% of additional AVS

Pension reduction from 65 years

Age of early retirement

% of additional AVS

Pension reduction from 65 years

Pensionreduction from65 years

58 66.31% 33.69% 58 72.40% 27.60%

59 69.97% 30.03% 59 76.13% 23.87%

60 73.94% 26.06% 60 80.17% 19.83%

61 78.26% 21.74% 61 84.53% 15.47%

62 82.97% 17.03% 62 89.26% 10.74%

63 88.12% 11.88% 63 94.40% 5.60%

64 93.78% 6.22%

For example, for a man who takes an AVS bridge at age 63 in 2017, the amount of the bridge would be 88.12% x 28,200 = 24,850 and the reduction of the pension from age 65 would be 11.88% x 28,200 = 3,350.

This reduction does not apply to pensions for surviving spouse or registered partner. In the event of death before the age of ordinary retirement, the AVS bridging pension ceases at the date of death.


ATTACHMENT 2 CONVERSION RATES

For pension plans where the pension of the surviving spouse is equal to 60% of the retirement pension, the conversion rates used for converting retirement assets into pensions at ordinary retirement age are detailed below. The rates are interpolated in relation to the exact retirement age.

From 2018

Age Men Women

58 5.15% 5.40%

59 5.25% 5.50%

60 5.40% 5.60%

61 5.50% 5.90%

62 5.80% 6.15%

63 6.10% 6.40%

64 6.40% 6.70%

65 6.70% 6.80%

66 6.75% 6.95%

67 6.85% 7.10%

68 6.90% 7.25%

69 6.95% 7.35%

70 7.00% 7.50%

From 2019

Age Men Women

58 4.90% 5.15%

59 5.00% 5.25%

60 5.15% 5.35%

61 5.25% 5.70%

62 5.60% 5.95%

63 5.90% 6.25%

64 6.25% 6.60%

65 6.60% 6.65%

66 6.60% 6.80%

67 6.70% 6.90%

68 6.70% 7.05%

69 6.75% 7.10%

70 6.75% 7.25%


From 2020

Age Men Women

58 4.65% 4.90%

59 4.80% 5.00%

60 4.90% 5.15%

61 5.00% 5.45%

62 5.40% 5.80%

63 5.75% 6.15%

64 6.15% 6.50%

65 6.50% 6.55%

66 6.50% 6.65%

67 6.50% 6.70%

68 6.55% 6.80%

69 6.55% 6.85%

70 6.55% 6.95%

The present document is a translation from the French original text. In case of discrepancies between the English and French versions, the French version shall apply and prevail.

2018.03.26 Copré Règlement de prévoyance 2018 … · PENSION REGULATIONS 2018 4 / 34 I GENERAL PROVISIONS Art. 1 Purpose 1. Upon joining the “La Collective de prévoyance –

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