RCAR: Takeover of internal pension funds of all water and electricity providers.
With its considerable experience in the transfer and takeover of the internal pension funds (CIR) of public institutions ongoing since 2002, the Collective Pension Distribution System (RCAR) has now completed the takeover of the CIRs of all water and electricity providers previously controlled by the ONE (National Electricity Authority).
Following the first stage which approved the transfer of RADEEMA (Marrakech), RAMSA (Agadir), REDAL (Rabat) and RAK (Kenitra) between 2012 and 2014, the Ministry of the Interior and CDG concluded a framework agreement whereby the takeover of the CIR of 9 other providers would be finalized by 1 July 2014.
Rights belonging to the assets and the pensioners of these providers were transferred in toto to the RCAR, with the exception of RADEM (Meknes), RADEES (Safi), RADEEF (Fez) and RADEEL (Larache) whose pensioners’ rights will be transferred within a maximum period of five years from the date of transfer of these assets.
RCAR has thus developed considerable expertise in terms of integrating the retirement funds of public institutions, following its success with ONCF (railways), the former state-run National Tobacco Company, Lydec, ODEP (water) and OCP (phosphates).
All these transfers were achieved without a hitch, from both operational and financial points of view.