Section II: Technical and accounting rules.

The collective operations defined in article R. 441-4 give rise to the conclusion of agreements between the insurance undertaking and an intermediary within the meaning of article L. 511-1, acting on behalf of the said undertaking, which may collect the contributions and may provide benefits on behalf of the said undertaking. The contributions paid by the contributors may not be redistributed by the intermediary. The provision of benefits by the…

The collective operations agreement must define the method for determining the annual contributions. It must also contain details of how to determine the number of annuity units corresponding to the said contribution. The agreement is supplemented by an individual subscription certificate containing the same information for each member and setting the age at which each beneficiary is entitled to a pension.

The number of participants, including non-contributors and retirees, in an agreement may not be less than 1,000. This number must be reached within three years of the agreement coming into force.

In the event of cessation of payment of contributions, the agreement may provide for forfeiture of vested rights if the member does not provide proof of payment of at least two annuities. It may also provide for a reduction in the number of annuity units registered in a member’s account in application of article R. 441-18: -where the person concerned has paid premiums or contributions for more than three years,…

The number of annuity units, possibly adjusted as stated in article R. 441-16, which must be entered each year in the individual account of each beneficiary, is equal to the quotient of the contribution, net of charges and taxes, by the acquisition value of the annuity unit. The acquisition value of the annuity unit may depend on the age of the beneficiary.

The amount of the benefit is equal, for each beneficiary, to the product of the number of annuity units in his account multiplied by the service value of the annuity unit determined for the contract to which he has subscribed.

The acquisition value of the annuity unit and its service value are set each year by the insurer in accordance with the terms of the agreement and subject to compliance with the conditions set out in Article R. 441-23, in such a way that if the ratio, valued at the end of the previous financial year, between, on the one hand, the sum of the special technical provision and the…

Each year, the insurer calculates the amount of the theoretical mathematical reserve that would be required to ensure the payment of immediate and deferred life annuities on the basis of the service value at the inventory date. This calculation is based on the technical rules laid down by order of the Minister for the Economy. When the sum of the amount of the special technical provision established in respect of…

I. – For rights in the course of constitution of operations whose benefits are linked to the cessation of professional activity, the agreement provides for the transfer option mentioned in the eighth paragraph of article L. 132-23 according to the procedures described in section 5 of chapter II of title III of book I as well as the redemption option under the conditions provided for in articles L. 224-4 and…

I. – When, for a given agreement, the ratio of the sum of the special technical provision, the special technical reversal provision and the net unrealised gains and losses on the assets allocated to the special technical provision to the theoretical mathematical provision is less than 1.05, the service value of the annuity unit determined for the following financial year, in accordance with Article R. 441-21, may not exceed that…