Terms explained

Below is a list of the special terms used on this site, together with a definition of each.

Associate Member

An organisation/employer becomes an Associate Member by joining RESAVER. Associate Members have no proper voting rights in the RESAVER Association, but can participate in meetings of the General Assembly.

Associate Members may, however, represent Full Members in the bodies of the Association on a permanent or ad hoc basis and exercise voting rights in the name and on behalf of the Full Members that they represent.

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Bylaws

A set of rules and regulations endorsed by the association in question, in order to provide a legal framework for the management and operation of the association.

Bylaws provide written rules for conducting the General Assembly, Board of Directors, memberships, committees and annual accounts.

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EEA

The European Economic Area, including the EU Member States [(except Croatia)] plus Norway, Lichtenstein and Iceland.

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ERA

The European Research Area, which includes 42 countries:

  • EC Member States;
  • Associated Countries: with science and technology cooperation agreements that involve contributing to the framework programme budget;
  • Candidate Countries: currently recognised as candidates for future accession;
  • Third Countries: the participation of organisations or individuals established in countries that are not Member States. 

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EU

The European Union, which includes 28 member states (as at 2 March 2015).

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Founding Members

The Founding Members of the RESAVER Consortium.

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FSMA

Financial Services and Markets Authority (FSMA).

The FSMA is the pension regulator for the RESAVER Pension Fund as Belgium is the Home country and the regulator has duties around the following functions:

  • Protection for consumers of financial products;
  • Exercises control on the basis of documents which are submitted by pension funds;
  • May carry out audits at the headquarters of the pension fund
  • Control exercised is based on an analysis of risks that exist in each pension fund and relies on more qualitative principles than quantitative rules;
  • May take any measures necessary to safeguard the interest of members and beneficiaries of the pension scheme.

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Full Member

A Full Member will participate in the meetings of the General Assembly with voting rights.       

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General Assembly

The General Assembly is the leading body of the RESAVER Consortium in the meaning of article 48, 5° of the Belgian law of 27 June 1921 on the non-profit associations, the foundations and the international non-profit associations.

It consists of representatives of the Founding Members and Full Members, each of which has one vote. Each Associate Member is entitled to nominate one delegate who is allowed to participate in the General Assembly without voting rights.

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Horizon 2020

Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over seven years (2014 to 2020) – in addition to the private investment that this money will attract. It promises more breakthroughs, discoveries and world-firsts by taking great research ideas from the laboratory to the market.

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Local Pension Committee

RESAVER Consortium Members from the same country can establish themselves as a Local Pension Committee. Committees have an advisory role (to the Board of the General Assembly) in the setting up and ongoing operation of RESAVER.

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Members

Full Members and Associate Members of the RESAVER Consortium. Membership is granted to legal entities rather than people. The legal entities are represented by a person who is qualified to represent a Member in line with the applicable laws.

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Participating country

A country signed up to RESAVER in which eligible employee members are located.

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Professionals

Professionals employed by research organisations within the EEA including:

  • Qualified employees or contractual agents of an institution whose primary activity include research; and
  • Employees or contractual agents that support such qualified employees or contractual agents.

This could be a researcher, scientist, engineer, technician or administrator.

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RESAVER

RESAVER Pension Fund and RESAVER Insurance.

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RESAVER Consortium

An international, not-for-profit organisation established under Belgian Law on 1 October 2014. 

The Consortium’s purpose is to:

  • Promote the establishment of a RESAVER Pension Fund for the benefit of Professionals employed by research organisations within the EEA;
  • Design the common features of RESAVER and the pension plans that are to be managed;
  • Promote the establishment of RESAVER;
  • Define a roll-out plan for the RESAVER;
  • Represent sponsoring organisations/employers; and
  • Engage in the selection process for service providers. 

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RESAVER Insurance

An insurance-based retirement provision for Professionals in the EEA to supplement the Pan-European Pension Fund.

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RESAVER Pension Fund

Is a multi-employer, pan-European pension fund offering a tailor-made defined contribution pension arrangement for research organisations and their employees.

RESAVER comprises:

  • RESAVER Pension Fund, a pan-European occupational defined contribution pension arrangement. It acts as a funded employer-sponsored retirement benefit plan, as defined by EU Directive 2003/41/EC, to facilitate the cross-border activity of retirement benefit plans. The RESAVER Pension Fund manages occupational pension arrangements for the benefit of researchers and other Professionals employed by organisations in the EEA.
  • RESAVER Insurance, an occupational (short-term) pension solution for employers in countries not in the current RESAVER Pension Fund roll-out plan.
  • RESAVER Insurance, a private pension solution primarily for individuals without an employment contact that also allows individuals to make additional voluntary contributions.

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Risk-pooling

This is where a group of insurers come together to form a ‘pool’ which shares the premiums and losses of a particular insurance. For RESAVER, Pan-European risk-pooling provides insurers with greater protection against death benefits.

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