Structure and responsibilities of the board of directors

The board of directors has 19 members:
  • eight representatives of active contributors drawn from the representative trade unions;
  • eight representatives of employers, comprising three for the State, three for the regional and local authorities and two for the public hospitals sector;
  • three qualified persons.
The board of directors considers matters falling within the remit of its regulatory responsibilities:
  • determination of asset allocation;
  • valuation of the Scheme’s commitments;
  • determination of the amount of reserves required to cover these commitments;
  • determination of the purchase values and service values of points;
  • adoption of ERAFP's budget;
  • approval of the financial statements, etc.