Direct pension

Legal age

The legal retirement age in the Principality is 65.  However, pensions can be drawn early without deduction before this age in the event of an incapacity to work. The pension can also be deferred, with a self-employed worker who continues to work after their 65th birthday continuing to earn pension points for as long as they do not claim their pension.

Between age 60 and 65: early retirement pension due to an incapacity to work

From the age of 60, a self-employed worker can receive their retirement pension without any reduction if they are medically recognised as unable to conduct any occupational activity whatsoever and if they have effectively ceased all work.

Aged 65: normal pension

A self-employed worker can receive their retirement pension from the age of 65 even if they continue their occupational activity. In this case, contributions due and paid to the C.A.R.T.I. after the age of 65 do not result in additional pension points.

After age 65: deferred pension

A self-employed worker who elects to continue working beyond the age of 65, without claiming a retirement pension, earns additional pension points for as long as they continue their activity and up to the eve of the day selected as the effective date.

Pension start date

Your retirement effective date depends on the day you submit your written application.

Between age 60 and 65: early retirement pension due to an incapacity to work

A self-employed worker who has ceased all occupational activity, as the result of an incapacity to work recognised by the Medical Advisor, receives their pension from the 1st day of the calendar quarter in which the claim is submitted, although not preceding their 60th birthday.

Aged 65: normal pension

The self-employed worker has three months, from the day of their 65th birthday, to submit their claim and receive their retirement pension from this day.

After this period, the selected effective date corresponds to the first day of the calendar quarter in which the pension claim is submitted.

After age 65: deferred pension

The retirement pension takes effect on the first day of the calendar quarter in which the payment claim is submitted.

A self-employed worker who continues to work and continues to pay contributions to the C.A.R.T.I. beyond the age of 65 can set their retirement effective date to the day after they stop work, subject to submitting an application in the calendar quarter in which this takes place.

Please do not hesitate to contact us for a personalised review of your situation.

Minimum working period

Membership to the C.A.R.T.I.

To be entitled to a retirement pension, the Self-employed worker must have paid contributions to the C.A.R.T.I. for a minimum period:

  • of 120 months or even
  • 60 months across a minimum of 15 years, when the work performed is of a seasonal nature.
Coordination between the various retirement schemes

When the C.A.R.T.I. membership period is less than the minimum period referred to above:

can be used and combined with periods of self-employment for entitlement to a C.A.R.T.I. pension, provided that these periods do not overlap.

When the minimum working period stipulated by the texts is not reached, no pension can be paid by the C.A.R.T.I.

The pension application submitted to our scheme does not mean that you will not need to carry out the necessary procedures with other basicor supplementary pension schemes to which you may belong.

Calculation

The number of points acquired by the self-employed worker depends on their chosen contribution category (category 1 = 1 point per month,... category 4 = 4 points per month).

The pension amount is determined by the number of retirement points earned.

See the membership conditions for the C.A.R.T.I. in detail

Points are accumulated over the entire professional career, whether this is continuous or intermittent. There is no voluntary payment or surrender, the activity alone permits membership and therefore contribution payments and the acquisition of points.

Subject to satisfying the other eligibility conditions regarding both the working period and the legal age, the amount of the retirement pension depends on the total number of points credited to the account of the interested party, and the value of the point as is set by Ministerial Decree, which is:

€15.240 on October 1, 2019

Amount of the annual retirement pension = (number of retirement points) x (value of the point)

The retirement pension is paid monthly in arrears. Its monthly amount is equal to one twelfth the annual value:

Monthly retirement pension amount paid = annual amount /12

Calculate your retirement pension amount

Payment

Payment arrangements

The pension is paid by electronic transfer into the beneficiary's bank or postal account:

  • every calendar month in arrears, if the beneficiary lives in Monaco, France or Italy, payment being made on the 1st working day of the following month.
  • every calendar quarter in arrears, if the beneficiary lives outside the three countries referred to above.

A pension awarded on the basis of less than 15 points is paid quarterly, regardless of the place of residence.

General payment conditions
  • In the case of a direct pension, the pension can be paid into a joint account opened in the name of two spouses.
  • If you live in MONACO, FRANCE or ITALY, you must provide a life certificate every two years, as detailed in our request.

If you live outside of these countries, you will have to provide either a life certificate or a certificate of existence every quarter, as detailed individually by the Pensions Department Inspection Service.

  • Lorsqu’il s’agit d’un certificat de vie, ce document doit être délivré par une autorité compétente (Consulat, Mairie, Police, Médecin) aux dates indiquées.