The voluntary pension fund was created in 1990, when there was no single statute for MEPs. The fund was closed in 2009, which meant that no MEPs could join the scheme as of 2009 when the new MEPs’ single statute entered into force.
From the moment she came in office, President Metsola tasked the Parliament services to assess the situation and look for the best measures to mitigate the impact of the deficit as swiftly as possible.
The measures adopted today by the Bureau modify the conditions of the scheme. These reduce the nominal amount of the pensions by 50% and freeze the automatic indexation of the pension amount for all beneficiaries, while increasing the pensionable age from 65 to 67 for the beneficiaries not yet in pension.
The Bureau also creates a 6 months possibility for all beneficiaries to withdraw voluntarily from the pension scheme via a one-off payment.
These far-reaching measures are primarily aimed at reducing the actuarial deficit of the fund, thus putting it on a more sustainable path.
The Bureau also agreed to review the situation and the impact of these decisions end of 2024 and to consider at that stage if further actions are to be envisaged.
Over the years, Parliament took a number of measures to keep the actuarial deficit of the voluntary pension fund manageable, such as raising the pensionable age and introducing a levy of 5% on pension payments. The final judgment of the Court of Justice of the European Union on appeals lodged against the rulings of the General Court was delivered on 9 March and confirmed the rulings, r recognizing the competence of the Bureau to modify the scheme and paving the way for swift actions by the Bureau.