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1.5 Members and beneficiaries of the Fund
The number of members participating to the Fund increased slightly in 2008 from 2.205 to 2.322 and reflects
the staffing level of the Agency. The number of beneficiaries from the Fund increased from 196 to 242. This
increase is mainly due to the staff who retired in 2008.
Category 31.12.2008 31.12.2007
Active members 2.322 2.205
Pensioners paid by the Fund 242 196
EUROCONTROL Pension Fund ANNUAL REPORT 2008 11
Breakdown of pensioners paid by the Fund
(1) Staff recognised invalid between 01.01.05 and 30.06.05. The statutory provisions of the pension
reform were adopted on 01.07.05. Therefore the former invalidity provisions apply to these staff and
they receive an invalidity pension until their death. As from 01.07.05 invalids receive an allowance
until the retirement age and then a retirement pension.
Category 31.12.2008 31.12.2007
Retirement pensions 201 164
Surviving spouse pensions 6 4
Orphan pensions 7 4
Invalidity allowances 20 16
Invalidity pensions (1) 8 8
0
50
100
150
200
250
300
2005 2006 2007 2008
Number of beneficiaries from the Pension Fund
12 EUROCONTROL Pension Fund ANNUAL REPORT 2008
1.6 Actuarial position
The actuary consultant AON performs each year two actuarial studies, based on different methodologies and meeting
different purposes. One study aims at determining the required level of contributions to the Fund to achieve a
long term balance and is based on the ‘Aggregate Cost’ method, as required by the Staff Regulations. The other
study aims at determining the obligations at year end and the elements explaining their variation over the year in
order to prepare the annual accounts. This second study is based on the ‘projected credit unit’ method as required
by the Internal Financial Reporting Standards (IFRS). Annex I shows the executive summary of these studies.
T he actuarial study shows a marked increase of the pension obligations, estimated to 963 M€ as of 31.12.08 (IFRS
valuation).
Pension rights acquired as from 01.01.05 (“Future Services”)
Increase of the required contribution rate as calculated in the actuarial study
The actuarial study at 31.12.2008 concluded that to guarantee the long term balance between assets and liabilities,
the contribution rate by the Agency and by its staff should equal at least 31.40%, compared to 30% presently paid
and a required rate of 27.44% calculated in the actuarial study at 31.12.07.
The main reason for the increase is the decrease of the discount rate1, and, to a lesser extent, the use of new
mortality tables with a longer life expectancy, and the new statutory provisions adopted in July 2008 as part of the
Administrative Reform, which over the long term will have an impact on the level of pensions.
60
70
80
90
100
110
120
130
Equities Index
Bonds Index
Performance of equities and Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
220
240
260
280
300
320
340
360
380
Market Value
Acquisition value
Pension Fund's investments
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
0
200
400
600
800
1000
1200
2005 2006 2007 2008
Pension Fund assets & liabilities
€ millions € millions
Assets
Liabilities
Assets allocation 1- 3.1%, net of inflation, instead of 3.5% at 31.12.07. This rate is prescribed by the Staff Regulations; it is the average over the last twelve years of the long
term public debt rates in the Member States of the European Union, net of inflation and is published every year by the European Commission.
EUROCONTROL Pension Fund ANNUAL REPORT 2008 13
Notwithstanding the fact that previous years’ actuarial studies the required rate was significantly lower than the 30%
paid (27.44% as of 31.12.07 and 27.96% as of 31.12.06), the PFSB had advised to maintain the rate at 30% to
preserve the stability of the rate.
Considering that actuarial studies are very sensitive and depend on many parameters, of which small variations
can have a significant impact on the outcome of the study, the PFSB’s recommendation to the PC was to await at
least the next actuarial study to assess whether the trend confirms the need to increase the contribution rate. In
the meantime it proposed to keep the contribution rate at its present level of 30%.
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