Category: Articles EN
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Surviving spouse pension reduction for significant age differences
This change will apply to marriages entered into from 1 January 2027, as well as to new members joining the Fund from 1 January 2027. It will have no impact on existing marriages of members currently affiliated to the Fund. The main changes introduced by this amendment are outlined below. For further information, please refer
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Conditional Value-at-Risk CVaR
CVaR is also referred to as “expected shortfall” (ES), “average value at risk” (AVaR) or “expected tail loss” (ETL). The “5% CVaR” measure is the expected return on the portfolio in the worst 5% of scenarios over the specified time horizon. The 1 year 5% CVaR corresponds to the expected shortfall of the 1 year investment horizon.
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Scale for the Purchase of Added Periods of Membership
Age on last birthday before date of application A. Members who joined the Fund on or before 31.12.2011Factor (%) B. Members who joined the Fund on or after 1.1.2012 Factor (%) 25 12.4 % 10.4% 26 12.8 % 10.7 % 27 13.1 % 11.0 % 28 13.5% 11.3 % 29 13.9 % 11.6 % 30 14.3 % 11.9 % 31 14.7
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Periods of Service and Membership (Article II 1.02)
Periods of service and membership shall be calculated in full years, months and days, including the month in which they start and the month in which they finish, months being expressed as a fraction of a year. a) (i) A member’s period of service is: (ii) A member’s period of membership is: b) Periods
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Annex C-Method for the Annual Adjustment of Pensions (Article II 1.14)
Definitions PPL: purchasing power loss. PPL account: individual accumulated loss of purchasing power account maintained for each beneficiary, the balance of which shall not exceed 8%. Geneva CVI: annual variation of the Geneva consumer price index for the last twelve-month period (August to August), expressed in percentage points. Funding ratio: actual funding ratio of the Fund in a closed
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Surviving Spouse Pension – Beneficiaries – Calculation – Articles
Article II 5.05 Amount of the Pension for the Surviving Spouse of a Beneficiary The pension for the surviving spouse of a beneficiary shall be equal to 55% of the pension of the deceased beneficiary excluding allowances, without application of the factor specified in Article II 2.05 if the beneficiary was in receipt of an
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Early Retirement Pension – Articles
Article II 1.08 Basis for Calculation of Benefits Benefits, with the exception of transfer values, are calculated on the basis of the highest of the following amounts at the time of termination of membership: a) for members who joined the Fund on or before 31 December 2011: i) the reference salary corresponding to the remuneration
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Retirement Pension – Beneficiaries – Articles
Article II 2.01 Entitlement to Retirement Pension A member who leaves the Fund with at least five years of service, for a reason other than death or total disability, shall be entitled to a retirement pension. The retirement pension may take the form of: a) a retirement pension at the applicable retirement age; or b)
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Surviving Spouse Pension – Articles
Article II 5.01 Entitlement to Pension for Surviving Spouse The following shall be entitled to a pension for surviving spouse: a) the spouse of a deceased member whose marriage dates from at least one year prior to the death. This condition of duration of the marriage shall not apply if the death resulted from an
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My Family Allowances – Articles
Article II 7.01 Entitlement to Allowances a) A married beneficiary of a retirement or disability pension shall be entitled to a family allowance. b) An unmarried beneficiary of a retirement or disability pension shall be entitled to a family allowance only if in receipt of a child allowance. c) A beneficiary of a retirement or