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deposits made in 2008; as well as rebates to be received from Vanguard Investments in 2009 in relation to
amounts invested in 2008.
Table 2: Cash & short term deposits
Table 3: breakdown of term deposits
2008 2007
Cash 519.512,34 3.829.404,40
Deposits ≤ 3 months 13.972.816,92 -
Deposits > 3 months < 12 months 4.000.000,00 -
Total 18.492.329,26 3.829.404,40
Date of deposit Due date Amount Interest rate
27-11-2008 27-11-2009 4.000.000,00 4,13%
27-11-2008 27-03-2009 10.805.948,81 4,04%
29-12-2008 30-03-2009 3.166.868,11 2,88%
- - 17.972.816.92 -
EUROCONTROL Pension Fund ANNUAL REPORT 2008 31
NOTE 8:
ACTUARIAL EVALUATION OF THE DEFINED BENEFIT OBLIGATION
The Actuary has evaluated the DBO by using the Projected Unit Credit Method, in accordance with International
Accounting Standards. The principal financial and actuarial assumptions used are disclosed in the following table:
In the actuarial study at 31.12.2008, as prescribed by IFRS, the rate used for discounting the liabilities of the Fund
is based on their duration of 19 years and reflects the rate for high quality corporate bonds of this duration. As of
31.12.2008 this rate amounted to 5.40%.
Based on these financial assumptions, on the demographic assumptions and on the plan characteristics, the
Defined Benefit Obligation has been evaluated, as at 31.12.2008, as follows:
Table 4: Financial Assumptions
Valuation Date 31.12.2008 31.12.2007
Discount rate 5,40% 5,55%
Salary increase
Rate of salary
increases due to grade
or step changes on top
of inflation
Rate of salary
increases due to grade
or step changes on top
of inflation
Inflation 2% 2%
Cost of living adjustment 4% 4%
Table 5: Evaluation of the Defined Benefit Obligation financed
by the Pension Fund at 31.12.2008 and 31.12.2007 (in €)
2008 2007
DBO relating to Past Service up to
31.12.2004 (PBO sub-account)
698.398.439 588.210.677
DBO relating to Service as from 1.1.05
(Future Services sub-account)
257.725.465 182.340.421
DBO relating to Maastricht ATC allowances
sub-account
6.579.473 5.512.806
DBO relating to CEATS sub -account 0 5.123.769
TOTAL 962.703.377 781.187.673
32 EUROCONTROL Pension Fund ANNUAL REPORT 2008
The main reasons for the variations observed between the 2007 DBO and the 2008 DBO (increase by 182 M€) are
the following and are also summarised in Table 6 below.
Actuarial loss
The increase in the DBO is primarily due to the actuarial loss, amounting to 48 M€. It corresponds to the change
in the obligation due to either a reality that differs from the assumptions (e.g. pensioners live longer than assumed
in the mortality tables, salaries and pensions increase more or less than assumed, etc), or to changes in the assumptions
compared to the previous year. In the actuarial study at 31.12.2008, the main elements that explain the
actuarial loss are:
n the decrease of the discount rate from 5.55% to 5.40%, which lead to an increase of the DBO by 27 M€;
n the revision of the mortality tables, which lead to an increase of the DBO by 18 M€.
Interest cost
The interest cost is the increase during a period in the present value of the DBO which arises because the benefits
are one period closer to the settlement. In 2008 the interest cost increased the DBO by 46 M€. The increase is
mainly in the PBO, with an impact of 33 M€ and of 13 M€ on the Future Services.
Current service cost
The current service cost represents the increase in the present value of the DBO because of the rights acquired by
the staff during the reporting period. In 2008 the current service cost increased the DBO by 44 M€. The increase is
mainly in the Future Services, with an impact of 43 M€.
New vested past service cost
The new salary scale adopted on 01.07.2008 as part of the Administrative Reform is approximately 15% higher
than the former scale. After one promotion, salaries progress towards the new scale and after two promotions they
reach the new scale. As the pension is based on the last salary, this new scale will increase the DBO for those staff
who will reach the new scale and for all staff recruited as from 01.07.2008. The impact of the new salary scale has
been treated as a new vested past service cost and increases the DBO by 20 M€ (10 M€ in the PBO and 9 M€ in
the Future Services).
An additional element treated as past service comes
from the fact that as from 31.12.2008 the defined
benefit obligation takes into account an allowance
granted to operational staff of the Maastricht Centre
which had not been considered in previous year.
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