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Pension rights acquired before 2005 (“PBO”)
Increase of the required contributions level as calculated in actuarial study
In 2004, the Permanent Commission approved Measure No. 04/107, by which the Member States committed to
pay the past service liabilities relating to pension rights acquired at 31.12.04 by staff in post at that date, in the form
of annual instalments, over a period of 20 years as from 01.01.05. The Measure states that the yearly instalments
shall be annually updated in accordance with the results of actuarial studies. The PBO contributions are set and
approved annually by the Permanent Commission with the Budget of the Agency.
The actuarial study at 31.12.08 indicates that the required level of the PBO contributions should amount to 47.4 M€
as from 2010 (+ annual increase by 1.2%) to ensure the actuarial balance of that part of the scheme by the end of
the 20 annual instalments. The increase is due mainly to the reduction of the discount rate and to a lesser extent to
the change of mortality tables.
The members of the PFSB representing the Member States took note of the need to increase the PBO contributions
and considered several options with regard to the deficit of PBO contributions compared to the required level
as calculated in the actuarial study. In view of the economic environment and the need to minimise the financial
burden on the air navigation community, they supported a status quo regarding the level and the annual increase of
the PBO contributions by 1.2% and an extension of the annual instalments beyond 2024, until the PBO obligations
of the Member States are cleared. Based on the actuarial study at 31.12.08, this would lead to an additional 6
annual instalments.
The members of the PFSB representing staff, although not mandated for PBO related matters, indicated their preference
for an increase of the PBO contributions to the required level as calculated in the actuarial study (47 M€
as from 2010), but a solution whereby the annual indexation of the PBO contributions (currently 1.2%) would be
increased to 4.2% would also be acceptable to them.
14 EUROCONTROL Pension Fund ANNUAL REPORT 2008
2. Pension Fund accounts
2.1 Audit Board’s report
EUROCONTROL Pension Fund ANNUAL REPORT 2008 15
16 EUROCONTROL Pension Fund ANNUAL REPORT 2008
EUROCONTROL Pension Fund ANNUAL REPORT 2008 17
2.2 Pension Fund accounts
A. Balance Sheet
B. Statement of changes in net assets available for benefits
ASSETS Notes 2008 2007
Net assets available for benefits
Securities 5 334,759,452.39 255,884,853.74
Cash & short term deposits 6 18,492,329.26 3,829,404.40
Accrued income 7 183,386.14 509,697.00
TOTAL 353,435,167.79 260,223,955.14
LIABILITIES Notes 2008 2007
Defined Benefit Obligation 8 962,703,376.94 781,187,673.22
Deficit 10 -609,268,209.15 -520,963,718.07
TOTAL 353,435,167.79 260,223,955.15
Notes 2008 2007
Net assets available for benefits
1 January
260,223,955.14 173,437,142.78
Employer contributions
Employee contributions
Investment income
Transfer from other pension schemes
Internal transfers
Settlement of benefits
Transaction costs
12
12
13
14
15
68,125,280.67
15,873,713.74
-4,268,727.28
26,443,017.01
0.00
-12,881,657.87
-80,413.62
68,512,553.34
16,302,576.53
5,008,912.21
6,952,753.91
-11,679.14
-9,914,420.84
-64,553.68
Net assets available for benefits
31 December
353,435,167.79 260,223,285.11
18 EUROCONTROL Pension Fund ANNUAL REPORT 2008
C. Changes in the present value of the defined benefit obligation
2.3 Notes to the Pension Fund accounts
NOTE 1:
DESCRIPTION OF THE PLAN
Name of the employer and of the employee groups covered
The EUROCONTROL Pension Fund was set up on 01.01.2005 to finance the pensions (retirement, survivor and
orphans’ pensions) of the EUROCONTROL Agency staff retiring as from 01.01.2005, the severance grants of
staff leaving the Agency as from 01.01.2005, and the invalidity allowances of staff recognised invalid as from
01.01.2005.
At its 21st Session held on 4th and 5th November 2004, the Provisional Council agreed on a reform of the
EUROCONTROL Agency’s Pension Scheme which included the creation of a Pension Fund, and the revision of
the participation and benefit to the pension scheme (new retirement age, implementation of country cost-of-living
factors, new scheme for staff recruited after July 2005, etc). The Permanent Commission approved the creation of
the Pension Fund in its Decision No. 102 and the reform of the Pension Scheme in Measure No. 05/109.
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