WHAT IS PACES?
PACES offers to its members a whole-life and disability insurance.
Why sign up: Depending on each individual situation, the benefit paid by the Council of Europe insurance scheme may be insufficient. This may result in significant alterations to the standard of living of surviving family members, or of the staff member in case of disability. This contract may also be used to insure your property loans.
The indemnity: The indemnity, which is paid by AXA insurance company in the event of death or total disability (if a third party’s assistance is needed), amounts to 300 % of the annual salary of the staff member. This sum is added to the one paid by the insurance procured by the Council of Europe.
In the event of simultaneous or later death of the staff member’s spouse, the insurance company pays an additional indemnity, equal to 150 % of the staff member’s annual salary, which is divided among the dependent children.
Joining the scheme means that you will pay an insurance premium equal to 1.20 % of your salary. The premium is automatically deducted from the wages by the Finance Division.
The insurance terminates when the staff member’s employment within the Council of Europe comes to an end / ends (resignation, or retirement), but can be continued in case of “early termination of service“.
The General assembly, held annually, appoints the members of the Management board. If you have any questions, do not hesitate to contact them:
Sergio Sansotta, President
Gianfranco Alberelli, treasurer
Tetyana Beaumont, secretary