Article II 1.01 Retirement Age

The retirement age shall be as follows:

    a) for members who joined the Fund on or before 31 December 2011, 65 years;

    b) for members who joined the Fund on or after 1 January 2012, 67 years.

Where the CERN or ESO Staff Rules and Regulations permit extension of a staff member’s contract beyond the retirement age, the reference to retirement age in the present Rules and Regulations shall mean the member’s age on expiry of the contract extension.

 

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) a deferred retirement pension; or

    c) an anticipated retirement pension.

Payment of the retirement pension shall cease on the last day of the month of the death of the beneficiary.

 

Article II 1.08 Basis for Calculation of Benefits (Retirement and Disability Pensions) 

These benefits 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 for 40 hours' work per week;

        ii) 10/7 of the reference salary corresponding to 99.35% of the midpoint of grade 1 of the CERN salary scale.

   b) for members who joined the Fund on or after 1 January 2012:

        i) the average* of the last 36 months' reference salaries, each corresponding to the remuneration for 40 hours' work per week, derived from the salary scale effective at the time of termination of membership;

        ii) 10/7 of the reference salary corresponding to 99.35% of the midpoint of grade 1 of the CERN salary scale.

Benefits thus calculated shall be reduced in application of Article II 1.13, as appropriate.