Law no. 1.544 of 20 April 2023 instituting a Monegasque Supplementary Pension Fund

Until now, private sector employers and employees in Monaco were affiliated to the French pension system (AGIRCARRCO). From now on, Monaco will have its own autonomous Monegasque pension fund.

To qualify, employees must have worked in Monaco for a period of 10 years, whether continuous or not, with a minimum of 60 months’ actual work.

The right to a supplementary retirement pension is subject to the condition that a basic retirement pension has been opened with the Caisse Autonome des Retraites and that it gives rise to the payment of a pension.

The right to a supplementary retirement pension is acquired at the age of sixty-five.

However, if you stop working and are not receiving compensation for illness, an accident at work, an occupational disease or unemployment, you may be entitled to an early pension without any reduction in the amount of the pension:

1°) at the age of sixty ;

2°) at the age of fifty-five, in the case of a woman who has effectively raised at least three children up to the age of sixteen.

The payment of pensions liquidated before the age of sixty-five is suspended until that age in the event of resumption of professional activity and for the duration of such activity. However, this suspension is not applicable in the case of partial or episodic professional activity which is, moreover, of a supplementary nature and on condition that this activity is not incompatible with the receipt of an early retirement pension.

The surviving spouse of the employee in question is entitled to a reversionary pension equal to sixty per cent of that which the employee was entitled to on the date of his or her death, provided that a child was born of this union or that the marriage was contracted at least two years before the date on which the beneficiary actually received his or her pension or, failing this, that it had lasted at least four years on the date of death.

This entitlement applies

1) for the widower, either at the age of sixty-five or at the age of sixty if he/she is suffering from a disability or illness making him/her permanently unfit for any work; or from the day of the spouse’s death if he/she has a dependent child;

2°) for a widow, either at the age of fifty, or from the date of the spouse’s death if she has at least one dependent child.

This right lapses in the event of remarriage or where the surviving spouse is cohabiting.

This scheme also applies to a divorced or legally separated surviving spouse if, at the time of entitlement, he or she is receiving alimony or monthly compensation.

Retirees who have already liquidated their pension before the creation of the Monegasque Fund will continue to receive their AGIRC-ARRCO pension under the same conditions as at present.

This applies to anyone retiring before 1 January 2024.