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The ‘Caisse Monégasque de Retraite Complémentaire’ explained, in 3 minutes

National Council

Christophe Robino, President of the National Council’s Social and Miscellaneous Affairs Commission, and Angèle Braquetti, from the USM, agreed to answer our questions.

The project is not recent. Since 2013, the Federation of Monegasque Companies (FEDEM), the Union of Trade Unions of Monaco (USM) and staff at the Monegasque Social Security Funds have been working towards a common goal: to bring the employees’ complementary pension scheme back to Monaco.


The National Council and the Prince’s Government met on January 13, with the aim of drafting a bill that would make this possible. Monaco Tribune takes a look at the ins and outs of this historic project, which could take effect as of January 1, 2023.

1. How does the current system work for French employees in Monaco?

At present, French employees working in Monaco are subject to the (compulsory) AGIRC-ARCCO complementary scheme, which centralises the various pension funds in France.

When this complementary pension system was created, in the 1970s, “the French and Monegasque structures were very similar, however the different reforms that have been introduced in France since 1993 have distanced us from the French system. In the meantime, we have had to sign many reciprocal agreements with France, ”explains Angèle Braquetti.

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Given the ensuing proliferation of agreements and administrative procedures, the FEDEM and USM decided to bring the system back under Monegasque control in 2013, with the support of the National Council and the Prince’s Government. A huge administrative task was subsequently undertaken to transfer all the periods worked to Monaco, and to locate all the employees or pensioners concerned.

2. How will the new Monegasque Complementary Pension Fund pay out?

As this long process draws to a close, Angèle Braquetti is sure of one thing: “This pension fund will not have a shortfall, on the contrary it will be in surplus and we will even have a contingency fund.”

“Our pensioners will ultimately receive better pensions,” summarises Christophe Robino, “which will be paid to them by AGIRC-ARRCO for those whose pensions are already being paid out, and supplemented by a bonus pension from Monaco’s complementary fund, the CMRC.”

Those who are still in employment when the CMRC is created, on the other hand, will depend solely on the Monegasque Fund and their benefits will be paid directly to them by the CMRC upon their retirement.

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3. How does this benefit employees and their employers?

“Employers will have greater visibility over finances and contributions.  They will be able to understand the pension system better. For employees, the CMRC’s performance will be better than the French fund. The point value will be reindexed, and the welfare aspect will be improved. The administrative side will also be much simpler,” says Angèle Braquetti.

Christophe Robino adds that “as the employment situation is very different between Monaco and France, there is a contribution differential that is currently unfavorable for Monaco, with a lower return, hence the need for a new Complementary Fund entirely managed by Monaco.”

Scheme membership conditions, according to age or duration of activity, will remain identical to those of AGIRC-ARCCO, as detailed on their website. “Cashing-in conditions will be the same as for the Caisse Autonome des Retraites. If those conditions (age, length of contribution period) are not met, the member’s contributions will be refunded at age 65”, Christophe Robino adds.

“In any event, no one will lose out,” concludes Angèle Braquetti, adding that there will be an appeal procedure should a problem arise.

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