caisse de prévoyance d'exception

OBS: A type of pension scheme in which the whole of the benefit may be taken as a lump sum at normal retirement age instead of a pension proper. It is normally arranged in the form of endowment assurance, and may have the characteristics of an average salary pension scheme or a final salary pension scheme or a money purchase pension scheme. More often, however, an EPF scheme is a non-contributory, low flat-rate scheme intended particularly for hourly-paid manual workers (hence the term ""cloth cap pension"") where a more generous type of pension scheme is not available to them. Where an EPF scheme is contributory, the insured person normally obtains tax relief in the same way as for life assurance in general.