The creation of an exclusively Monegasque supplementary pension scheme: a project that is taking shape

The creation of an exclusively Monegasque supplementary pension scheme: a project that is taking shape

Monaco has its own supplementary pension fund, allowing employees and retirees to benefit from a 100% Monegasque, stable and advantageous pension system. Discover the history of the project.

A bit of history…

Supplementary pensions were introduced in Monaco in the 1960s, with an amendment signed by the FEDEM and the USM, applying the provisions and regulations of the French system.

This established the AMRR: “l’Association Monégasque de Retraite par Répartition” [Monegasque Association for Retirement by Distribution].

Its rationale came from the observation that there was a need to supplement the basic pension scheme which, as in France, did not allow people to live well once they retired.

Over the years, the French system, which did not take the Monegasque context into account, slowly diverged from the Monegasque model embodied by the CAR.

The observation was unanimously shared by the main stakeholders in the Principality: Social Partners, the Government and the National Council in particular. The need for a Monegasque Supplementary Retirement Fund appeared to be an unavoidable necessity.

It is the desire of the Monegasque social partners to enable better management of the system, which led them to ponder creating this new Monegasque Supplementary Pension Fund. An amendment to the national work agreement was signed in 2013 and that is how work on this project began.

A few years later, the project is on the verge of completion, after extensive work by the various stakeholders involved. The Caisses Sociales de Monaco, whose staff have been mobilised for many months, have actively participated in the project, which is now seeing the light of day and will begin operating at the beginning of 2024.

It bears the name Caisse Monégasque de Retraite Complémentaire (CMRC), and will be backed by the Caisses Sociales de Monaco. It thus complements the Principality's retirement insurance system and will improve Monaco's social model.

Its management will be tripartite like the basic plan (CAR), with Boards of Directors made up of representatives of Employees , Employers and the Government.

The advantages of establishing this Monegasque Complementary Retirement Fund for employers, employees and retirees:

  • The sovereignty of the Principality for the pension schemes
  • The strengthening of Monaco’s social model
  • The financial guarantee of the Monegasque State
  • The control and stability of the pension scheme
  • An assured maintenance of the value of pensions
  • A local service

To find out more about how the CMRC works, discover our guide "CMRC: Understanding the Essentials"

Wondering what will change for you?
Consult our FAQs which answer the most frequently asked questions about the CMRC