4.4 Legal risk - Scor

Description of the main schemes of retirement and compulsory health for the major countries in which SCOR
operates
France
Compulsory Retirement
Scheme
Complementary Retirement
Scheme
Compulsory Health
Scheme
Complementary Health
Scheme
All employees benefit from the “Indemnités de Départ à la National Health Care for Compulsory
basic scheme. In addition, Retraite”, “Congés Fin de all employees under a complementary health
there are supplementary Carrière” and supplemental French contract: insurance for all companies
schemes managed by AGIRC Defined Benefit Plan for a limited reimbursement of in the insurance sector
(“cadres”) and ARRCO number of beneficiaries (with an healthcare costs (illness,(RPP) + additional health
(“cadres” and “non- cadres”) executive status).
accident, pharmacy) insurance for insurance
that work on a points accrued
based on a scale companies.
basis, with different brackets
reviewed annually.
depending on the employee’s
status and date of birth.
Germany
United-
Kingdom
United-
States
The pension amount is based Six defined benefits pension All the employees are -
on three elements: the sum of schemes: for three of them, the obliged to have health
points earned based on payment of the pension benefits insurance (basically:
income, the multiplier, the is calculated on the duration of statutory health
present value of pensions. The affiliation to the pension scheme, insurance). Employees
pension is payable from age for the three others, the pension earning more than
65.
schemes serve the purpose of 50,850 €, may choose
supplying benefits to the after one year if they
employees on their retirement, or want to keep the
in the event of disability of death. statutory health
insurance.
The mandatory retirement plan One defined-benefits pension National Health Service Private Medical benefits for
is managed by the state scheme (the pension is equal to (provides
a employees and their
("Basic State Pension"). The 1/60 th of the final pensionable comprehensive range dependants : around 100
amount of full basic state salary for each year of and free of charge health employees concerned.
pension for a single person is membership of the scheme up to services).
GBP 107.45 per week for normal retirement date) and 5
2012-2013
defined contribution pension
schemes (individual funds
accumulate from contributions
and investment returns.
Progressive formula based on Six defined benefits pension
the average monthly income schemes (amount of annual
(AIME: Average Indexed benefit is paid at normal
Monthly Earnings).
retirement date in monthly
instalments for life, percentage of
average monthly remuneration
multiplied by a fraction, not
exceed 1 and based on seniority
upon retirement. One defined
contribution pension scheme.
(401k).
- United Health Care:
medical fees, eye care and
pharmacy fees including
Switzerland The system of mandatory - National health insurance -
occupational pensions is based
for all employees (salary
on “defined credits” accrued to
payment during sick
an individual’s pension account
leave or absence due to
and the payment of a pension.
an accident. For the
latter, treatment costs are
covered).
preventative, well-care
visits and emergency care.
Cost is divided between
SCOR and employee (100
employees in New York,
28 employees in Itasca, 32
employees in Toronto, 364
employees in Charlotte).
Singapore Central Provident Fund (CPF)- Working professionals MSIG
Group
is a mandatory retirement
who are Singapore Hospitalisation & Surgical
savings scheme for Singapore
citizens or permanent Policy (89 employees).
citizens and permanent
residents
are
residents. The maximum CPF
automatically provided
contribution rate for employer
and employee is 16% and 20%
respectively.
with a low-cost medical
insurance – a basic tier
of insurance protection
for all Singaporeans.
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