EMBO launches first portable pension plan for Europe-hopping scientists

The European Molecular Biology Organization (EMBO) has introduced a new private pension plan for postdocs that is designed to suit the needs of highly mobile scientists.

This is the first time that a European science organisation has established a pension plan for its fellows. It is not unusual for postdocs to take up posts outside their home countries and to move – often two or three times – before taking up a permanent position and turning their thoughts to pensions. A survey conducted by the EMBO Fellowship office revealed that fewer than 10 per cent of fellows contributed to a pension scheme.

The ability to transfer pensions and social security rights from one country to another is seen as one on the key elements of building a single European Research Area.

“The international portability of the pension plan allows contributors to continue in the plan as they move from country to country,” said Jan Taplick, EMBO Deputy Director and manager of EMBO Fellowships. “We are pleased to now offer a solution to the long-time problem facing EMBO Fellows who wish to plan for financial security while they are actively mobile early in their research careers.”

EMBO awards than 200 long-term fellowships are awarded annually, offering funding and support for two-year postdoctoral research terms. Postdoctoral researchers holding an EMBO Long-Term Fellowship may begin enrolling in the pension plan from 1 January 2010.

MLP, a Heidelberg-based independent financial services and wealth management consulting company, has developed and will administer the plan, and the funds will be managed by Allianz, one of the highest-rated worldwide insurers operating in more than seventy countries.  

“The pension plan is a unique concept that has been tailored to the requirements of EMBO Fellows,” said Harald Huhn, Managing Director of the Company Pension Scheme Division at MLP. “It allows them to make early pension provisions without having to make any concessions in terms of their mobility.”