Background

The CERN Pension Fund is the pension fund of the European Organization for Nuclear Research (CERN). The purpose of the Fund is to provide pension and disability benefits to over 7,000 members and beneficiaries employed at CERN and at the European Southern Observatory (ESO). Operating as a funded defined benefit scheme, the CERN Pension Fund's assets currently exceed CHF 4.6 billion.

The Fund is an integral part of CERN but with operational autonomy. The governance of the fund is entrusted to the Pension Fund Governing Board (PFGB), which is assisted by an Actuarial & Technical Committee (ATC) and an Investment Committee (IC).

Further details and information regarding the organisation of the Fund (including its governance structure, investment principles, benefits structure, etc) can be found on the Fund’s website.

The composition of the PFGB provides for two external professional experts and there are currently two vacancies as the existing two members come to the end of their maximum terms of office.

Role and composition of the PFGB

The functions of the PFGB are laid down in Article I 2.05 of the Fund’s rules and, amongst other things, include monitoring the actuarial status of the Fund, reviewing the Annual Report & Financial Statements, approving the Statement of Investment Principles, Investment Guidelines, Risk Limit, and Strategic Asset Allocation, and approving the internal audit plan.

The composition of the PFGB is laid down in Article I 2.06 of the Fund’s rules. The PFGB is required to have at least ten members, comprising two members appointed by the CERN Council, one appointed by the ESO Council, one ex-officio member appointed by CERN Management, two appointed by the CERN Staff Association, one appointed by the ESO Staff Association, one appointed by the CERN and ESO Pensioner Association, and two professional members specialised in pension fund matters appointed by the CERN Council. The Chief Executive Officer attends all meetings in his capacity as Secretary to the board but is not a voting member.

The members of the PFGB are appointed for a maximum period of three years, renewable once for a further maximum consecutive period of three years.

Description of Work

The PFGB usually holds five meetings each year, including one joint meeting with the ATC and one with the IC, but additional meetings or conference calls may be scheduled if required. Typically, meetings last a full day and take place at CERN in Geneva, Switzerland, or exceptionally by videoconference. Professional members are expected to attend every meeting and are required to act in the best interests of the Fund and to abide by the CERN Code of Conduct and the Pension Fund Implementation Guidelines.

Candidates are required with deep and extensive experience of overseeing the assets and liabilities of large pension funds, or similar long-term institutional investors, such as endowments, foundations, and sovereign wealth funds.

Candidates should have academic and/or professional qualifications and experience in some of the following areas:

• Corporate/pension fund governance
• Actuarial science
• Asset management
• Portfolio construction
• Financial reporting
• Risk management
• Global custody
• Auditing
• Pensions administration

Appointments are made on an individual basis. Applicants employed by a firm may apply, but only in a personal capacity. 

Fees

A market-competitive fee will be payable to external experts appointed. Further information will be provided during the selection process.

Applications

Interested persons should apply with a CV (.PDF format), by clicking "I'm interested" on this link.  

Deadlines

Applications will be accepted until 30 August 2026. Interviews for selected candidates will take place by videoconference.