The government intends to thoroughly review the retirement plan applicable to members of the National Assembly. Through amendments to the National Assembly (Retiring Allowances) Act, the 2026-2027 Budget introduces a new contributory pension system for elected officials while redefining several modalities relating to retirement allowances for parliamentarians and holders of high constitutional functions. The measures announced aim in particular to better regulate the benefits paid and to harmonize certain mechanisms with the principles which govern modern pension plans.
Establishment of a Defined Contribution Pension Scheme for members of the National Assembly with retroactive effect to November 2024.
Elected officials who join the scheme will contribute 6% of their pensionable emoluments.
The State will pay a contribution equivalent to 12% of each member's emoluments into an individual account.
Former parliamentarians who have served at least two terms before November 2024 and whose pension rights are not yet payable will be able to receive their retirement allowance from the age of 65.
The retirement allowance of a Prime Minister will be calculated on the basis of the pensionable emoluments attached to that office at the time he leaves office.
The amount of retirement benefits will be reduced by taking into account any private pension or contributory state pension already received by the beneficiary.
Former elected officials may choose to receive their allowance from the age of 55, subject to actuarial adjustments.
The government is undertaking a significant reform of the pension scheme for members of the National Assembly by introducing a Defined Contribution Pension Scheme from November 2024. This development marks a change in philosophy in the way in which the pensions of elected officials will be financed in the future.
Until now, retirement benefits for parliamentarians were essentially based on a system where benefits were determined according to the conditions provided for by law. With the new system, future pension rights will depend more on contributions accumulated over the course of a parliamentary career. Elected officials who choose to join the scheme will contribute 6% of their emoluments, while the State will pay a contribution equivalent to 12% into an individual account. The reform also provides for several modifications intended to better regulate the benefits paid.
Thus, private pensions and state contributory pensions already received by a beneficiary will be taken into account in the calculation of the retirement allowance. Former parliamentarians may nevertheless choose to receive their allowance from the age of 55, subject to actuarial adjustments intended to take into account the longer payment period.
The text also provides transitional provisions for
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