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Emilie Clerc - Induction September 2010 2
Purpose of the Fund
To insure its members and beneficiaries against the economic consequences of:
• disability
• old age
• death
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Members of the Fund
• CERN staff members
• CERN fellows
• ESO (European Southern Observatory) International Staff Members
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Resources of the Fund
• contributions from CERN and ESO
• contributions from the members
• income from the investment of assets
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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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Contributions
• Organization : 20.59%
• Member : 10.29%
of the member’s reference salary
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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)
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Leaving CERN
3 scenarios
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Leaving CERN
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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Leaving CERN
Between 5 and 10 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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Leaving CERN
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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Leaving CERN
Calculation of the transfer value
• 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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Investments
Strategic allocation
• Equities : 34% (25% - 45%)
• Bonds : 37% (30% - 45%)
• Real-Estate : 15% (10% - 20%)
• Cash/diversifying assets : 14% (0% - 20%)
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2009 results
• Global performance : 13.5%
• Total assets : 3.9 billion CHF
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Other information
• Web site : http://pensions.web.cern.ch/pensions
- Rules and Regulations of the CERN Pension Fund- Financial statements
• Annual General Meeting
• Emilie Clerc (5/5-017)tel.: [email protected]
