Universal Registration Document 2022

In addition to pensions, other benefits are granted to IEG status former employees (not currently in active service), as detailed below:

• benefits in kind: Article 28 of the IEG national statutes entitles such employees and current employees to benefits in kind in the form of supplies of electricity or gas at preferential prices. The obligation for supplies of energy to employees of the EDF and ENGIE (formerly GDF-Suez) groups corresponds to the probable present value of kWh to be supplied to beneficiaries or their dependants during their retirement, valued on the basis of the unit cost (which mainly depends on the marginal production cost and taxes). It also includes the payment made under the energy exchange agreement with ENGIE;
• retirement gratuities: these are paid upon retirement to employees due to receive the statutory old-age pension, or to their dependants if the employee dies before reaching retirement. These obligations are almost totally covered by an insurance policy;
• bereavement benefit: this is paid out upon the death of an inactive or disabled employee, in order to provide financial assistance for the expenses incurred at such a time (Article 26 § 5 of the National Statutes). It is paid to the deceased’s principal dependants (statutory indemnity equal to three months’ pension, subject to a ceiling) or to a third party that has paid funeral costs (discretionary indemnity equal to the costs incurred);
• bonus pre-retirement paid leave: all employees eligible to benefit immediately from the statutory old-age pension and aged at least 55 at their retirement date are entitled to 18 days of bonus paid leave during the last twelve months of their employment;
• other benefits include help with the cost of studies, time banking for pre-retirement leave, and pensions for personnel sent on secondment to subsidiaries not covered by the IEG system.

EDF Energy

Regarding pension obligations in the United Kingdom, EDF Energy’s three defined-benefit plans (BEGG (British Energy Generation Group), EEGSG (EDF Energy Generation and Supply Group), and EEPS (EDF Energy Pension Scheme)) were closed at 31 December 2021, and replaced by a new defined-contribution plan called “myRetirement Plan”. The rights vested under the previous plans up to their closing date still exist, and the corresponding obligations are update for changes in discount and inflation rates, but are no longer affected by new members or wage increases. Meanwhile, the closed plans were merged into a single plan called “EDF group of the Electricity Supply Pension Scheme (ESPS)” (EDFG).

Other long-term benefit obligations

These benefits concern employees currently in service, and are earned according to local regulations, particularly the statutory regulations for the electricity and gas sector for EDF and French subsidiaries covered by the IEG regime. They include:

• annuities following incapacity, invalidity, industrial accident or work-related illness;
• long-service awards;
• specific benefits for employees who have been in contact with asbestos.