CERN Pension Fund Emilie Clerc Benefits Service. 1 Summary 1) The Fund Purpose Members Resources 2) Benefits Retirement Disability Surviving Spouse Orphans.

CERN Pension Fund

Emilie ClercBenefits Service

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Summary1) The Fund

• Purpose• Members• Resources

2) Benefits• Retirement• Disability• Surviving Spouse• Orphans• Transfer value

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THE FUND

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Reference salary*

Staff members• Basic salary x Coefficient C• Ex.: Bb.3 (basic salary = 6’347 CHF)

Coefficient C(Annex A of the Rules and Regulations of the CERN PF)

* Pensionable salary

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Reference salary*

Fellows

5’948 CHF

* Pensionable salary

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Reference salary

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PURPOSE

To insure its members and beneficiaries against the economic consequences of:

• old age

• disability

• death

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MEMBERS

• CERN staff members

• CERN fellows

• ESO (European Southern Observatory) International Staff Members

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RESOURCES

• Contributions from CERN and ESO

• Contributions from the members

• Income from the investment of assets

• Transfers from other schemes

ContributionsMembers who joined the Fund on or before 31.12.11:

• Organization : 22.67%

• Members : 11.33%

of the member’s reference salary

Members who joined the Fund on or after 01.01.12:

from 01.01.12 to 31.03.12• Organization : 17%• Members : 11.33%

as from 01.04.12• Organization : 18.96%• Members : 12.64%

of the member’s reference salary

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Transfers from other schemes

The purpose:

• to put back the effective date of entry to an earlier date.

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BENEFITS

RETIREMENT PENSION

Members who joined the Fund on or before 31.12.11:

• the official retirement age is 65

• pensions are calculated on the basis of 2% of the last reference salary per year of membership (minimum 5 years; maximum 35 years)

Members who joined the Fund on or after 01.01.12:

• the official retirement age is 67

• pensions are calculated on the basis of 1.85% of the average of the last 3 years’ reference salary* per year of membership (minimum 5 years; maximum 37 years and 10 months)

* Based on the salary scale at the end of the contract

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DISABILITY PENSION

• Paid to a member whose disability is recognised by the Organization

• Equal to the retirement pension the member would have received at the applicable retirement age

• It can be total or partial

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SURVIVING SPOUSE PENSION

• Paid to the spouse of a member whose marriage dates from at least 1 year

• Equal to 1.1% of the last reference salary per year of membership until the applicable retirement age

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ORPHAN’S PENSION

• Equal to:- 24%* for 1 orphan- 34%* for 2 orphans- 40%* for 3 orphans…

*of the member’s last reference salary

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TRANSFER VALUE

• Equal to:

- 14.7% of the last reference salary for the first 10 years of service,

- 22% of the last reference salary for each further year of service.

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1st scenario

Less than 5 years of service

1. The transfer value can be paid into another pension scheme.

2. The transfer value can be paid to the member.

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2nd scenario

5 years but less than10 years of service

1. The member is entitled to a deferred retirement pension.

2. The transfer value can be paid into another pension scheme.

3. If the latter is not possible, the transfer value can be paid to the member.

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3rd scenario

More than 10 years of service

1. The member is entitled to a deferred retirement pension.

2. The transfer can be paid into another pension scheme.

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Other information

• Web site : http://pensionfund.cern.ch

- Rules and Regulations of the CERN Pension Fund- Financial statements

• Annual Pension Fund update

• Emilie Clerc (5/5-017)tel.: [email protected]