The Foundation Council held its first meeting of the year on Tuesday, 1 February 2022. The meeting was virtual, as required by the current health situation. Following the recent General Assembly, the Council’s composition is unchanged but Susan Mutti has taken on the role of president. After a year in which, despite the crisis, the markets performed well, the Council decided to remunerate the accounts of active members at a rate corresponding to the upper limit recommended by the actuary. Members will receive more detailed information on the subject with their individual certificate, in March. In addition, in view of recent developments in the economic and financial situation (renewed inflation, rising interest rates, etc.), the Council plans to consider possible means of enhancing, if at all possible and should the inflationary trends persist, the pensions of retired members.
Following the steps taken to elect the Foundation Council for the coming three years, and in the absence of any new candidates, the present seven members of the Foundation Council have been reappointed. In order for the Council to work as efficiently as possible, and in the interests of long-term continuity, their tasks and esponsibilities have been attributed as follows:
Two members of the Council will be obliged to step down at the end of 2024, as they will have served the maximum fours terms permitted under the Fund’s statutes. This makes it even more important to find new members. Any Fund members interested in joining the Council should not hesitate to ask for more information from the present members.
Despite the difficulties related to the COVID-19 crisis, the Foundation Council wishes all members a happy festive season and all the best for 2022.
The Foundation Council held its first meeting of 2021 – in view of the current circumstances, by videoconference – on Thursday, 28 January. The past 12 months have been characterized by all manner of difficulties for the CPIT’s members, and the Council, in a mark of solidarity and support, decided to remunerate the accounts of active members at a rate as close as possible to that decided on last year, despite the far more modest yields of markets whiplashed by the health crisis. Members will receive detailed information on the subject in March, along with their personal certificate.
As promised at the start of the crisis, on 29 May the Foundation Council sent an email message to all members, updating them on the impact of the current situation on financial markets and the CPIT. Members who did not receive the message are asked to communicate their email address to firstname.lastname@example.org.
In response to members’ concerns, the Foundation Council wishes to confirm that it is closely monitoring the financial situation during the present pandemic, with the help of its financial advisers. All members may rest assured: the current market volatility has no immediate direct impact on their accrued savings or future pensions. It is worth remembering that a pension fund is a long-term, even a very long-term, investment , that the effects of crises are flattened over time and that the CPIT has statutory reserves to mitigate their impact. The Foundation Council will provide members with more concrete information in due course.
The 2020 Regulations -which remain subject to final approval by the supervisory authorities- are are now on line in French and English. They contain new or revised provisions on the Fund’s membership, the individual conversion rates introduced on 1 January 2020 and the Fund’s improved disability coverage. Do you have questions? Check out the latest version of the FAQ, available in English only for the time being.
On Wednesday, 5 February 2020, the Foundation Council held its first meeting of the year, during which it customarily sets the remuneration rate for the retirement savings of the preceding year. Members will be individually informed in the letter they will receive this month along with their personal certificate. The markets performed very well in 2019, and it has therefore once again been possible to remunerate the accounts of active members and, on the advice of the actuarial expert, to make provision for future market downturns by bolstering the Fund’s various reserves. That advice appears especially prescient given events early this year.
The new system of individual conversion rates enters into force on 1 January 2020 (see the letter sent to all members in the spring of 2019 for details). The modified Regulations will be available online soon.
The Foundation Council knows that our incomes vary from year to year, and is always looking to adapt the many advantages afforded by the CPIT to that reality. In response to member demand, it has improved the terms of CPIT disability coverage to make them more flexible. As of 1 January 2019, the amount of the disability benefit is calculated taking the highest total contributions paid by the member in the preceding three years, instead of the total contributions paid the year before the disability was declared. CPIT members who had a slow year, or took time off for family reasons or to pursue their studies, are thus no longer penalized should they suddenly be unable to work. They should bear in mind, however, that the method for calculating the premium waiver (i.e. the contributions that the CPIT will continue to pay into their account should they be entitled to disability benefits) remains the same: it is based on the amount they contributed the year immediately preceding the onset of the disability.
The newly elected Foundation Council held its first meeting on Thursday, 31 January 2019. On the recommendation of its actuarial expert, it decided to pay annual interest on active members' accounts retroactively to 1 January 2018, despite the disappointing performance of the Fund's investment portfolio after what was overall a difficult year that ended with a dip in investment markets. Members will shortly be receiving a letter confirming the rate of interest to be paid.
11 December 2018
The CPIT General Assembly, which takes place once every three years, was held on 28 November 2018 on the premises of the World Trade Organization in Geneva. The General Assembly provides an opportunity for the Foundation Council to exchange views with the Fund’s active and retired members.It also comprises presentations on the Fund’s situation by those working with the Foundation Council throughout the year, namely the actuarial expert, the investment institutions managing the Fund’s assets, and the Fund’s administrator. In addition, the 2018 General Assembly included a presentation by the Ethos Investment Foundation of the Ethos Engagement Pool, which the CPIT joined in 2016.
During the General Assembly, the Foundation Council and the actuarial expert presented the new approach to the conversion rate adopted by the Council in 2018 and applicable as of 1 January 2020. More detailed information will be made available soon.
The various presentations made during the General Assembly may be requested from SLPS by writing to email@example.com.
The General Assembly elected the following colleagues to the Foundation Council for the coming three years: Mr Bernard Barondeau, Ms Yana Kanaan, Ms Blandine Legardeur, Ms Clara Luthi, Ms Susan Mutti, Ms Catherine Pouget and Mr Tomeu Prohens.
Members will receive the minutes of the meeting in the coming weeks.