The Pension Fund for Chartered Accountants and Statutory Auditors (Cavec) serves as both the pension fund and mandatory provident fund for these professionals. It manages their basic and supplementary pension plans with significant operational autonomy, especially for the supplementary scheme.
Established by a decree on January 21, 1949, Cavec forms part of the Autonomous Organization for Old-Age Insurance for Liberal Professions under the Social Security Code.
Cavec operates as one of the ten professional sections of the National Pension Fund for Liberal Professions (CNAVPL), contributing to national retirement solidarity across liberal professions.
On behalf of CNAVPL, Cavec oversees the basic pension for self-employed chartered accountants, statutory auditors, and salaried chartered accountants. It independently administers the supplementary pension and disability-death insurance.
Governed by the Social Security Code, Cavec is supervised by the National Mission for the Control of Social Security Organizations, the Public Treasury, and the Court of Auditors. It falls under the joint authority of the Ministry of the Budget and the Ministry of Social Security.
Administered solely by chartered accountants and statutory auditors, Cavec's Board of Directors comprises elected professionals from bodies like the Superior Council of the Order of Chartered Accountants and the National Company of Auditors, including active and retired members.
The Board appoints key executives, approves budgets, sets technical rates and point values, manages reserves, defines strategy, and tracks progress, supported by ten specialized commissions.
Cavec covers self-employed chartered accountants registered with the Order, salaried chartered accountants, statutory auditors, and certain approved management center executives. It serves over 20,200 contributors and nearly 9,500 retirees, with pensions calculated in points.
Active professionals affiliate automatically upon registration with the Superior Council or National Company of Auditors, contributing from the first day of the following quarter—up to €789 for basic pensions and €653 for supplementary. Final adjustments occur the next year based on actual income.
Salaried chartered accountants contribute only to the supplementary plan.
Cavec also offers Union Retraite, a public interest group providing retirement information and resources.
Managed by Cavec for CNAVPL, this scheme mirrors employee plans, validating insurance quarters for full-rate eligibility.
Cavec's points system enhances pension forecasting visibility in a strict pay-as-you-go framework. Points determine basic pension amounts.
Contributions occur in provisional (income-estimated) and final (actual income-adjusted) stages.
Cavec independently manages this scheme, administered by professionals via the Board. Bolstered by reserves and demographic projections, it ensures long-term sustainability.
Contributions scale with income.
