Section 4: Transfers

I.-Individual rights currently being built up on ... may be transferred to a retirement savings plan mentioned in this chapter:

1° A contract mentioned inarticle L. 144-1 of the French Insurance Code, the purpose of which is to acquire and enjoy personal lifetime rights;

2° A popular retirement savings plan mentioned inarticle L. 144-2 du code des assurances ;

3° Un contrat relevant du régime de retraite complémentaire institué par la Caisse nationale de prévoyance de la fonction publique mentionné à l'article L. 132-23 du code des assurances ;

4° Une convention d'assurance de groupe dénommée "complémentaire retraite des hospitaliers" mentionnée à l'article L. 132-23 of the Insurance Code;

5° Contracts taken out as part of schemes managed by the Union Mutualiste Retraite;

6° A collective retirement savings plan mentioned in article L. 3334-1 of the Labour Code;

7° A contract taken out as part of a supplementary retirement scheme mentioned in 2° of article 83 of the General Tax Code, when the employee is no longer required to join.

II.When the rights mentioned in I are transferred to a retirement savings plan:

1° The rights mentioned in 1° to 5° of I are assimilated to rights resulting from voluntary payments mentioned in 1° of article L. 224-2 ;

2° The rights mentioned in 6° of I are assimilated to rights arising from payments mentioned in 2° of article L. 224-2;

3° The rights arising from voluntary payments by the employee into a contract mentioned in 7° of I are assimilated to rights arising from voluntary payments mentioned in 1° of article L. 224-2. Rights arising from compulsory payments by the employee or the employer into a contract mentioned in 7° of I are treated in the same way as rights arising from compulsory payments mentioned in 3° of article L. 224-2. When the age of the plan does not allow the insurance company, mutual insurance company, union or provident institution to distinguish between voluntary and compulsory payments, the rights are treated in the same way as compulsory payments, unless the holder provides proof to the insurance company, mutual insurance company, union or provident institution of the amount of voluntary payments made.

The manager of the transferred contract, plan or agreement informs the manager of the new retirement savings plan of the amount of rights being built up and the amount of sums paid in, distinguishing between the payments mentioned in 1°, 2° and 3° of article L. 224-2.

III - Before transferring rights to an individual retirement savings plan, the manager of the new plan informs the holder of the characteristics of the plan and the differences between the new retirement savings plan and the previous contract, plan or agreement transferred.

The transfer of individual rights from a collective retirement savings plan mentioned inarticle L. 3334-1 of the French Labour Code to a retirement savings plan mentioned in article L. 224-1 before the employee leaves the company is only possible within the limit of one transfer every three years.

IV -A company which has set up a collective retirement savings plan may decide, under the conditions mentioned inarticle L. 3334-2 of the French Labour Code, to transfer collectively the rights currently being acquired into a collective company retirement savings plan mentioned in article L. 224-13. Where applicable, this transfer must take place within 6 months. Employees are informed of the consequences of this transfer, the characteristics of the new plan and the differences between the new plan and the transferred plan.

V.-When a collective retirement savings plan complies with the provisions of the third paragraph of article L. 224-3, article L. 224-5 and articles L. 224-14 to L. 224-17, the employer may decide that the plan becomes a collective company retirement savings plan, after informing and consulting the social and economic committee, provided that the original signatories do not object. However, the transformation of the plan only becomes effective after the beneficiaries of the plan have been informed, in particular about the new tax provisions relating to voluntary payments and early release.

VI - The regulations of an inter-company collective retirement savings plan mentioned inarticle L. 3333-1 of the French Labour Code may be amended under the conditions provided for in the second paragraph of article L. 3333-7 of the Labour Code in order to provide for the conversion of the plan into a retirement savings plan mentioned in article L. 224-16.