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EU Taxation rate and turnover
amount
6 -2,994,435 -1,505,213 -35,634 0 -4,535,282
Others -1,377,709 -2,363,758 -109,231 0 -3,850,697
DBO as of 31.12.2008 698,398,439 257,725,465 6,579,473 0 962,703,377
EUROCONTROL Pension Fund ANNUAL REPORT 2008 35
NOTE 9:
ACCUMULATED BENEFIT OBLIGATION
The Accumulated Benefit Obligation represents the actuarial present value of benefits attributed by the pension
benefit formula to employee services rendered before a specified date, and based on the employee service and
compensation prior to that date. The Accumulated Benefit Obligation differs from the Projected Benefit Obligation
in that it includes no assumption about future compensation levels.
Table 7: Comparison Accumulated Benefit Obligation 2008 and 2007 (in€)
Table 8: Comparison Accumulated Benefit Obligation 2008 and
Projected Benefit Obligation 2008 (in €)
Accumulated Benefit
Obligation 31.12.2008
Accumulated Benefit
Obligation 31.12.2007
PBO 439.376.746 371.509.188,79
Future Services 155.034.156 110.856.416,41
ATC 4.155.140 3.461.622,34
CEATS 0 2.986.865,41
Total 598.566.042 488.814.092,95
Accumulated Benefit
Obligation 31.12.2008
Projected Benefit
Obligation 31.12.2008
PBO 439.376.746 698.398.439
Future Services 155.034.156 257.725.465
ATC 4.155.140 6.579.473
Total 598.566.042 962.703.377
36 EUROCONTROL Pension Fund ANNUAL REPORT 2008
NOTE 10:
DEFICIT
Table 9 shows a breakdown of the total deficit per sub-account and is followed by an explanation on how the
deficits are expected to be covered.
Table 9:
Breakdown of the deficit
by sub-account (in €)
PBO
Pursuant to the EUROCONTROL Commission Measure No. 04/107 dated 5.11.2004, it has been decided that:
«The past service liabilities, as fixed at 1 January 2005 relating to the services of staff in post at that date, shall
represent the legal commitment of the Organisation and shall be paid into the Eurocontrol Pension Fund by
Member States in the form of yearly instalments, over a period of 20 years as from 1 January 2005. The yearly
instalments shall be annually updated in accordance with the results of the actuarial studies. This measure shall
enter into force on 1 January 2005 together with the establishment of the “EUROCONTROL Pension Fund”».
Consequently, past liabilities related to pension rights accrued before 01.01.2005 by staff in post at that date were
recognised as the responsibility of the Member States. They are committed to financing pension rights accrued
before 01.01.2005 through special contributions, in annual instalments over 20 years. The amount of these instalments
will be reviewed periodically, in the light of the conclusions of the actuarial studies.
As at 31.12.2008, the commitment from Member States was calculated as shown in the following table:
Table 10: Member States commitment to reconstitute the PBO sub-account
Sub-account 2008 2007
PBO 540.355.945 477.803.388
Future Services 67.435.674 41.507.993
ATC 1.476.590 927.053
CEATS 0 725.284
Total 609.268.209 520.963.718
Total benefit obligation relating to the PBO sub-account 698.398.439
Fair value of assets relating to the PBO sub-account -158.042.494
Commitment of Member States to PBO 540.355.945
EUROCONTROL Pension Fund ANNUAL REPORT 2008 37
Future Services and ATC
The deficit is explained by the use of the Projected Unit Credit method to calculate the DBO, which is a Projected
Benefit Obligation based on career progression assumptions while the assets reflect the contributions accumulated
based on past salaries and make no assumptions about future return on assets and future increases of contributions
due to career progression. Reference is made to Note 9, presenting the Accumulated Benefit Obligation and comparing
it to the Projected Benefit Obligation, and to Note 11, showing the funding ratio based on the Accumulated
Benefit Obligation instead of the Projected Benefit Obligation. Note 11 shows that for the Future Services and ATC
sub-accounts, the Accumulated Benefit Obligations are covered by the assets of the Fund.
The deficit under the Projected Credit Unit method will be funded with the future employer and employee contributions
and with the expected return on investments. In addition, in Article 83 of the Staff Regulations, Member
States jointly guarantee the payment of the pensions.
NOTE 11:
FUNDING RATIO
The funding ratio expresses the relationship between the net assets available for benefits and the actuarial present
value of promised benefits. Table 11 reports the funding ratio on the basis of the Projected Benefit Obligation while
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