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CERN Pension Fund

CERN Pension Fund. Emilie Clerc Benefits Service. Summary. 1) The Fund Purpose Members Resources 2) Benefits Retirement Disability Surviving Spouse Orphans Transfer value. The Fund. Reference salary *. Staff members Basic salary x Coefficient C

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CERN Pension Fund

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  1. CERN Pension Fund Emilie Clerc Benefits Service

  2. Summary 1) The Fund • Purpose • Members • Resources 2) Benefits • Retirement • Disability • Surviving Spouse • Orphans • Transfer value

  3. The Fund

  4. Reference salary* Staff members • Basic salary x Coefficient C • Ex.: Bb.0 (basic salary = 6’106 CHF) Coefficient C (Annexe A of the Rules and Regulations of the CERN PF) * Pensionable salary

  5. Reference salary* Fellows 5’927 CHF * Pensionable salary

  6. Reference salary

  7. Purpose To insure its members and beneficiaries against the economic consequences of: • old age • disability • death

  8. Members • CERN staff members • CERN fellows • ESO (European Southern Observatory) International • Staff Members

  9. Resources • contributions from CERN and ESO • contributions from the members • income from the investment of assets • transfers from other schemes

  10. Contributions • Organization : 20.59% • Member : 10.29% • of the member’s reference salary

  11. Investments • Strategic allocation • (example) • Equities : 34% (25% - 45%) • Bonds : 37% (30% - 45%) • Real-Estate : 15% (10% - 20%) • Cash/diversifying assets : 14% (0% - 20%)

  12. 2009 results • Global performance : 13.5% • Net assets : 3.9 billion CHF

  13. Transfers from other schemes • The purpose: • To put back the effective date of entry to an • earlier date.

  14. Benefits

  15. Retirement Pension • 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)

  16. Disability Pension • Paid to a member whose disability is recognised by the Organization • Equal to the retirement pension the member would have received at 65 • It can be total or partial

  17. 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 age of 65

  18. Orphans’ Pension • Equal to : • - 24%* for 1 orphan • - 34%* for 2 orphans • - 40%* for 3 orphans… • *of the member’s reference salary

  19. 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

  20. 1st scenario • Less than 5 years of service • the transfer value can be paid into another pension scheme • the transfer value can be paid to the member

  21. 2nd scenario • Between 5 and 10 years of service • the member is entitled to a deferred retirement pension • the transfer value can be paid into another pension scheme • if the latter is not possible, the transfer value can be paid to the member

  22. 3rd scenario • More than 10 years of service • the member is entitled to a deferred retirement pension • the transfer can be paid into another pension scheme

  23. Other information • Web site : http://pensionfund.cern.ch • - Rules and Regulations of the CERN Pension Fund • - Financial statements • Annual General Meeting • Emilie Clerc (5/5-017) • tel.: 78798 • pension-benefits@cern.ch

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