The Government welcomes the adoption of the bill creating a new Monegasque Supplementary Pension Fund
The Prince’s Government is delighted by the National Council’s vote to adopt parliamentary bill 1,070 creating the Caisse Monégasque de Retraite Complémentaire, which was passed into law Thursday 13 April.
The plan was launched in December 2013, when Monaco’s social partners (FEDEM and USM) signed amendment No. 21 to the National Collective Employment Agreement, confirming that in principle, the supplementary pension schemes will be repatriated to Monaco.
The efficient and virtuous management of the AGIRC ARRCO scheme by the social partners through joint committees has ensured its stability over the years. That stability has benefited employees and businesses in the Principality since 1965.
However, French and Monegasque pensions regulations have gradually diverged, particularly as regards the statutory retirement age.
To address this and ensure regulatory consistency, the Ministry of Health and Social Affairs embarked on a collaborative effort over a period of years, working with Monegasque social partners, Caisses Sociales de Monaco and AGIRC ARRCO, to pave the way for a new Monegasque supplementary pension fund, which will enable future contributors, through their representatives on the fund’s governing organs, to manage the scheme themselves, taking into account the specific features of the Principality of Monaco.
The creation of this independent Monegasque fund is the first concrete step towards repatriating the employees’ supplementary pension scheme to the Principality, which is now due to take place on 1 January 2024.
It is also a major and essential step towards further discussions with AGIRC ARRCO, which are taking place in a climate of mutual trust, regarding the practical and financial arrangements of this repatriation process, and the financial guarantees that will be given by the State of Monaco in the event that the scheme should become insolvent.