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Actual benefits paid 255,974.54
Internal transfers 5,123,769.65 -326,343.42
Actuarial gain (loss) during the year 689,144.69
Present value of obligation, 31 December 0.00 -5,123,769.66
28 EUROCONTROL Pension Fund ANNUAL REPORT 2008
NOTE 4:
ACCOUNTING PRINCIPLES
Basis of preparation
In accordance with Article 10 of the Pension Fund Regulations (Commission Decision No. 102), the Pension
Fund Accounts are based on the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB). More specifically the accounts of the Pension Fund are based on the
requirements of IAS 26 “Accounting and Reporting by Retirement Benefit Plans”.
Unit of account
The unit of account is the €. All contributions are paid in €. All pensions paid are recorded in € in the Fund’s
accounts.
Foreign currency transactions (if any) are recorded at the exchange rate prevailing on the date of the transactions.
Assets and liabilities that are denominated in foreign currencies (if any) are translated at the exchange rate prevailing
on the date of the Balance Sheet.
Investments in securities
Investments in securities are recorded at market value by reference to official prices quoted on the day of valuation.
Benefit Obligations
The Agency actuary consultant performs valuations of the Defined Benefit Obligation. The actuarial valuations in
the balance sheet were carried out using the Projected Unit Credit Method. An actuarial valuation according to the
Accumulated Benefit Obligation Method is presented in Note 9.
NOT E 5:
INVESTMENTS IN SECURITIES
Investment strategy
In 2005 the Pension Fund Supervisory Board approved an initial investment strategy for a period of three years. The
assets were invested in a passive management style, in two investment funds from Vanguard Investments Europe,
with a target allocation of 80% in Euro government bonds and 20% in Global Equities.
In 2008, the Pension Fund Supervisory Board approved a revised strategy aiming at investing 45% of the Fund’s
assets in equities, 44% in bonds, 10% in real estate and 1% in cash. The Board decided to spread the transition to
this new strategy over 24 months starting in September 2008. Due to the financial crisis, the Board also took some
measures to protect the assets, which explains the assets allocation at 31.12.2008 (80% bonds, 15% equities, 5%
cash).
EUROCONTROL Pension Fund ANNUAL REPORT 2008 29
As at 31.12.08, the market value of the Fund’s investments was evaluated using quoted market prices, as shown in
the following table:
Value of investments
Sub-Account
Vanguard
Fund Name
Number of units
31.12.2008
Last published
Net Asset
Value (NAV )
31.12.2008
Market value
31.12.2008
Market value
31.12.2007
PBO sub-account
Euro government
bonds
782.217,89 154,4571 120.819.106,86 85.283.334,56
PBO sub-account
Global Stock Index
Instit Euro Hedged
2.775.620,35 7,4922 20.795.502,79 21.196.164,13
PBO sub-account
Euro Investment
Grade bonds
41.493,73 140,1161 5.813.939,62 -
PBO sub-account Euro zone equities 27.021,16 88,1000 2.380.564,20 -
Future Services sub-account
Euro government
bonds
928.389,66 154,4571 143.396.374,55 112.458.361,49
Future Services sub-account
Global Stock Index
Instit Euro Hedged
3.304.228,40 7,4922 24.755.940,02 27.976.994,14
Future Services sub-account
Euro Investment
Grade bonds
52.468,37 140,1161 7.351.663,38 -
Future Services sub-account Euro zone equities 49.881,38 88,1000 4.394.549,58 -
Maastricht ATC sub-account
Euro government
bonds
26.507,20 154,4571 4.094.225,24 3.666.642,48
Maastricht ATC sub-account
Global Stock Index
Instit Euro Hedged
94.048,05 7,4922 704.626,80 912.660,99
Maastricht ATC sub-account
Euro Investment
Grade bonds
1.406,09 140,1161 197.015,85 -
Maastricht ATC sub-account Euro zone equities 635,00 88,1000 55.943,50 -
CEATS sub-account
Euro government
bonds
- - - 3.482.884,71
CEATS sub-account
Global Stock Index
Instit Euro Hedged
- - - 907.811,24
TOTAL 334.759.452,39 255.884.853,74
Table 1: Statement of investments as at 31.12.2008 compared to 31.12.2007 (in €)
30 EUROCONTROL Pension Fund ANNUAL REPORT 2008
NOTE 6:
CASH & SHORT TERM DEPOSITS
Cash & short term deposits are broken down in term deposits and cash on bank current account as detailed in
Tables 2 and 3.
NOTE 7:
ACCRUED INCOME
Accrued income represents interests on deposits and current accounts to be received in 2009 in relation to
　
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