EUROPE - The voluntary supplementary pension fund for MEPs at the European Parliament has appointed Aon Consulting to conduct an actuarial study on the portfolio.
The request for proposals (RFP) said the fund needed a study in light of the MEPs' Statute after the European elections in 2009.
It was necessary to analyse the present financial situation of the fund and make assumptions and simulations regarding the future financial situation and decisions to be made on contributions and investment, said the RFP.
The RFP said: “2009 will be a key year for the pension fund. It will see major changes after the 2009 elections as Article 27(4) of the Statute lays down that MEPs elected for the first time after the 2009 elections will not be able to join the Fund and re-elected MEPs who opt for the new expenses system provided for in the statute will no longer be able to acquire new rights in the pension fund."
The consequences of the changes mean that the number of contributors will not increase and in the long term the fund will only have to meet pension payments until the death of the last beneficiary.
As a result, Aon’s study will have two sections: the first will be an overview of the present financial situation of the fund and the outlook until 2009; and the second will include probable repercussions on the pension fund with the impact of the MEPs' Statute. The study is expected to cost €36,000.
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