CPIC in a nutshell
CPIC is a pension fund set up to provide active beneficiaries (referred to as “the beneficiaries” below) and their heirs with protection against the economic consequences of old age and death.
Membership of the Fund shall be open to all conference interpreters, who are beneficiaries of AIIC (International Association of Conference Interpreters) or who work for the organisations with which AIIC has concluded an agreement, i.e. the Agreement Sector (EU, European Coordinated Organisations, United Nations Organisations, OMD, Interpol, GUFs). The Foundation Board may, however, admit as beneficiary of the Fund any interpreter, who, even though not meeting the above conditions, presents the required proof that he or she exercises the profession of conference interpreter.
The retirement capital, made up of the contributions from international organisations and/or personal payments, is invested through individually subscribed shares in one or more of the three CPIC portfolios: the growth segment in euros (Segment A) geared to long-term performance; the conservative segment in euros (Segment B), to which beneficiaries can subscribe as of age 55, if they so wish, geared to the preservation of their retirement capital by protecting them as far as possible against the risk of short-term volatility of the stock markets and the growth segment in Swiss francs (Segment C) open to beneficiaries of all ages and geared to mid-term/long-term performance in Swiss francs.
The share is the CPIC investment unit. The net performance of the investments selected is attributed in full to the subscribed shares.
Beneficiaries are not obliged to make contributions at fixed times.
Advantage: if a beneficiary is no longer working for a certain period of time or changes profession, he/she is not obliged to pay in contributions. The capital in his/her name still continues to accrue.
Thus, beneficiaries can withdraw their capital at any time between the age of 60 and 70.
Before reaching the age of 60, beneficiaries can recover their capital, i.e.: the “interpreter’s” share of contributions, and their personal contributions, if any. This, however, entails losing the status of beneficiary of the Fund. The “employer’s” share of contributions must be transferred to an authorised pension scheme. Resignation only takes effect on the date at which the “employer’s” share of contributions is transferred to the authorised pension scheme.
CPIC offers its beneficiaries a group insurance scheme with death and disability benefits.
Upon retirement, beneficiaries may request payment of a capital sum and/or a life annuity, with reversion to the surviving spouse where appropriate. Pensions paid at retirement are fully reinsured with Rentes Genevoises. No subsidy is charged to the beneficiaries.
In investing the assets, CPIC complies with the Swiss legislation on occupational benefits provision. This is governed by the principles of security, return, diversification and liquidity.
CPIC applies the ESG criteria in managing its investments while still respecting the principles of return and security.
In addition, CPIC has long been active in shareholder engagement through the ESG campaigns run by Ethos Foundation.
Overhead costs are paid in full out of the gross investment results. No contributions to costs are deducted from the beneficiaries’ capital.
CPIC is an authorised pension fund foundation and enjoys exemption from direct Federal, Cantonal and Communal taxes on income and assets, with the exception of supplementary property tax. This means that monies paid into and invested by CPIC are not subject to any tax deductions in Switzerland while they remain invested.
The Foundation Board is composed of 5 elected officers: 4 beneficiaries and the President. The Board is responsible for, amongst other things, administering the Fund and supervising its financial management.
The General Assembly of the beneficiaries is the supreme body of the Fund; it meets at least once a year.
Lombard Odier & Cie SA, Geneva
PricewaterhouseCoopers SA, Geneva
CPIC is subject to the supervision of a state authority in Geneva: Autorité cantonale de surveillance des fondations et des institutions de prévoyance (ASFIP).