1 CERN Pension Fund Emilie Clerc Benefits Service

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

3 2 THE FUND

4 3 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

5 4 Reference salary * Fellows 5’948 CHF * Pensionable salary

6 5 Reference salary

7 6 PURPOSE To insure its members and beneficiaries against the economic consequences of: old age disability death

8 7 MEMBERS CERN staff members CERN fellows ESO (European Southern Observatory) International Staff Members

9 8 RESOURCES Contributions from CERN and ESO Contributions from the members Income from the investment of assets Transfers from other schemes

10 Contributions Members 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 9

11 10 Transfers from other schemes The purpose: to put back the effective date of entry to an earlier date.

12 11 BENEFITS

13 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 12

14 13 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

15 14 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

16 15 ORPHAN’S PENSION Equal to: - 24%* for 1 orphan - 34%* for 2 orphans - 40%* for 3 orphans… *of the member’s last reference salary

17 16 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.

18 17 1 st 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.

19 18 2 nd 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.

20 19 3 rd 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.

21 20 Other information Web site : http://pensionfund.cern.chhttp://pensionfund.cern.ch - Rules and Regulations of the CERN Pension Fund - Financial statements Annual Pension Fund update Emilie Clerc (5/5-017) tel.: 78798 [email protected]