Emilie Clerc Benefits Service 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 Ex.: Bb.0 (basic salary = 6’106 CHF) Coefficient C (Annexe A of the Rules and Regulations of the CERN PF) * Pensionable salary

Reference salary* Fellows 5’927 CHF * Pensionable salary

Reference salary

Purpose To insure its members and beneficiaries against the economic consequences of: old age disability death SLIDE 1: CERN PENSION PLAN: KEY FEATURES   Let me start with a reminder of the key features of CERN's pension plan. In effect: - participants accrue 2% of reference salary per year of service, up to a maximum of 35 years and, - for the past quarter century, the plan has granted retirees either partial or full inflation adjustments [CLICK TO NEXT SLIDE]

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

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

of the member’s reference salary Contributions Organization : 20.59% Member : 10.29% of the member’s reference salary SLIDE 1: CERN PENSION PLAN: KEY FEATURES   Let me start with a reminder of the key features of CERN's pension plan. In effect: - participants accrue 2% of reference salary per year of service, up to a maximum of 35 years and, - for the past quarter century, the plan has granted retirees either partial or full inflation adjustments [CLICK TO NEXT SLIDE] 9

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

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

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

Benefits

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)

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

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

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

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

Less than 5 years of service 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

Between 5 and 10 years of service 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

More than 10 years of service 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

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