Newsletter n°93

NEWSLETTER

FINANCIAL COOPERATIVE ASSOCIATION OF INTERNATIONAL CIVIL SERVANTS

N° 93 / June 2024

Organisation of the Annual General Meeting 2024

The 2023 Annual Report and the video presentation by the President of the Board of Directors and the External Auditors have been online since Friday, May 31.

These materials will enable you to learn more about our financial results and our efforts over the past year and will help you with your vote. We encourage all our members to cast their votes electronically, which will be possible between June 10 and 21 on your secure amfie.net platform (the Vote is only available on the web version).

The results will be announced at the Annual General Meeting* presentation to which all members are invited, on Saturday, June 22 at 10:00 am. They will also be available online in the members' area of www.amfie.org from June 24.

For organizational reasons, we kindly ask you to inform Estelle Sommier of your presence at the AGM presentation.

*Please note that the meeting will be held at the Novotel Centre (and not at the Kirchberg as in previous years, as the hotel is currently undergoing renovations).

Yields of the 2nd quarter

The interest rates on savings accounts and term deposits may change starting July 1, as they do at the beginning of every quarter.

We would like to remind you of the rates applicable until June 30, 2024, so that you can take advantage of them if you wish, as the impact on our portfolio of the 0.25% rate cut made by the ECB on June 6th is not known yet.

Yields 2nd quarter 2024

Coordinators

We welcome 3 new coordinators:

Mr Angel Lopez Alos at ECMWF, Reading
Mr. Nenad Dragoljic at UNHCR, Budapest
Mr Vincent Baumgartner at FAO, Rome

Welcome to all three.

AMFIE & YOU

Our Globetrotters travelled to Spain to visit colleagues at EMBL in Barcelona, AFIJUB and UNWTO in Madrid, UNOPS in Valencia, to the Netherlands, OPCW and IRMCT in The Hague and to France, BIPM and ICAO in Paris.

The Provident Savings Plan

Employees of intergovernmental organizations face unique and often underestimated challenges when it comes to preparing their pensions. Indeed, depending on their individual career paths and the organizations in which they have worked, their loss of purchasing power on retirement may prove to be very substantial, and greater than initially anticipated. Faced with this risk, it's important for everyone to build up a complementary source of income as soon as they enter working life.

AMFIE's Pension Savings Plan (PEP) has been designed to meet the specific needs of careers in intergovernmental organizations. Offering a combination of flexibility, security and returns, this plan stands out for its ability to adapt to changes in members' personal and professional situations, while providing them with tools to secure their financial future.

The plan's varied investment options and personalized management are major assets, enabling members to choose savings strategies that match their financial objectives and risk tolerance.

In addition, the plan is designed to be easily accessible to workers in intergovernmental organizations, including consultants and temporary staff, and above all to adapt to the geographical implications of their career development. Thanks to its many advantages, AMFIE's PEP represents an optimal solution for those seeking to ensure their long-term financial security.

AMFIE's Plan d'Epargne Prévoyance is distinguished by several key features:

Contract portability

Unlike most national pension plans, the PEP is portable. This means that if you change your country of residence, you can continue to use your pension plan, avoiding the need to open a pension plan in every country in which you take up residence during your career. This is particularly important for people on fixed-term contracts who move from one country to another during their career.

Flexible contributions

Members are free to choose the amount and regularity of their contributions, with options for monthly, quarterly or lump-sum investment.

Investment options

The plan offers twelve different, combinable investment options, enabling members to diversify their investments according to their risk tolerance (with the possibility of a capital-guaranteed option) and financial objectives. These options invest in the equity, bond and/or money markets. In addition, members can choose to invest in solutions incorporating selection criteria that include ecological, social and good governance aspects. See the links below for more details.

Plan members can change the structure of their existing portfolio at any time, as well as their investment choices for future contributions.

Accessibility

The plan is open exclusively to members of intergovernmental organizations, including consultants and temporary staff, guaranteeing financial services tailored to their specific career needs.

Withdrawal of funds

Members may withdraw funds at their own discretion between the ages of 60 and 70, in the form of an annuity or a lump sum.

Benefits for Employees in Intergovernmental Organizations

Adapting to international careers

The plan is designed to adapt to mobile and international career paths, offering portability and flexibility to meet the specific needs of workers in intergovernmental organizations.

Financial security under Luxembourg law

Luxembourg legislation offers one of the highest levels of security in the world to protect your savings in the event of bankruptcy of the pension plan's participants. The funds deposited in your plan are kept in the off-balance sheet of the company managing them, and will revert to you in priority to any other creditor in the event of the latter's bankruptcy. Luxembourg's AAA rating adds a further degree of security to your savings.

Competitive returns

Thanks to professional management and diversified investment options, the plan offers competitive returns, maximizing the growth of members' savings.

In conclusion, AMFIE's Pension Savings Plan represents a robust and flexible savings solution, perfectly adapted to the needs of employees of intergovernmental organizations. By combining security, flexibility and personalized services, this plan helps members prepare for their financial future in a serene and efficient manner. For further details, please contact us directly for a personalized consultation.

Last but not least, AMFIE creates tailor-made pension savings plans for intergovernmental organizations on request, to adapt the plan's features to the specific needs of each organization.