The Pension Fund for Chartered Accountants and Statutory Auditors (Cavec) is the pension fund, but also the mandatory provident fund for chartered accountants and statutory auditors, as its name suggests. This fund manages their basic pension plan and that of their supplementary pension. Cavec enjoys considerable management autonomy, particularly with regard to the supplementary pension scheme for which it is responsible.
The old-age insurance fund for chartered accountants and auditors (Cavec) was created by a decree of January 21, 1949. It is integrated into the Autonomous organization for old-age insurance for the liberal professions of the Social Security Code. .
Cavec is one of the ten professional sections of the National Pension Fund for the Liberal Professions (CNAVPL), a system common to all liberal professionals who participate in national solidarity in terms of retirement.
Cavec first manages, on behalf of the CNAVPL, the basic pension scheme for chartered accountants and self-employed auditors, but also for salaried chartered accountants. On the other hand, Cavec administers their supplementary pension plan independently. This organization is also in charge of their disability-death insurance scheme.
The operation of the Cavec is regulated by the Social Security Code and this fund is controlled by the National Mission for the Control of Social Security Organizations, the Public Treasury and the Court of Auditors. Cavec is placed under the dual authority of the Ministry of the Budget and the Ministry in charge of Social Security.
Cavec is administered exclusively by chartered accountants and statutory auditors. Its Board of Directors is made up of these members of the profession elected either by their respective representative institutions (the Superior Council of the Order of Chartered Accountants and the National Company of Auditors), or by chartered accountants and auditors, self-employed or salaried, active or retired.
The Board of Directors has the role of appointing and terminating the functions of the director of Cavec and its accounting and financial director, of voting the budgets implemented by the director, of setting the technical rate of return and the values points, manage financial reserves, define Cavec's objectives and strategy, and monitor their achievement. It is assisted, in order to function, by ten commissions, each with their specific missions.
Cavec is the pension and provident fund for chartered accountants and self-employed accountants registered with the order of chartered accountants, but also for salaried chartered accountants, auditors, and, under certain conditions, center executives approved management. Cavec thus manages more than 20,200 contributors and nearly 9,500 retirees. The pension managed by this fund is expressed in points.
As long as they are active, these professionals must contribute to this fund for their pension rights and their disability-death cover. Their affiliation is made directly as soon as they are registered with the Higher Council of the Order of Chartered Accountants or with the National Company of Auditors. They contribute to Cavec from the 1 st day of the quarter following their registration up to 789 euros for the basic pension and 653 euros for the supplementary pension. A regularization takes place the following year according to their income.
For their part, salaried accountants contribute only to the Cavec supplementary pension plan.
Cavec also provides chartered accountants and auditors with a public interest group (Union Retraite) whose objective is to provide general and individual information to its members on their retirement.
The basic pension scheme for chartered accountants and auditors is managed by Cavec on behalf of CNAVPL. This scheme is similar to that for employees. It thus makes it possible to obtain quarters which define the duration of insurance necessary to obtain the full rate.
In this area, Cavec has set up a points system which allows “to have better visibility on the amount of future pensions “, as the organization indicates. This is a “strict” pay-as-you-go pension scheme. The points acquired are used to calculate the amount of the basic pension for chartered accountants and auditors.
These self-employed professionals contribute to this scheme in two stages:by provisional contributions based on an estimate of their income and so-called “final” contributions which adjust their rights according to their income actually received.
La Cavec has set up and independently manages the supplementary pension plan for chartered accountants and statutory auditors. Consequently, it is these professions themselves, through the Board of Directors of Cavec, who administer their supplementary pension scheme. The latter has the particularity, thanks to the reserves constituted by this fund and to projections of the demography of the professionals it covers, to guarantee the sustainability of its distribution system.
These self-employed professionals contribute to this plan according to their income.
