曝光臺 注意防騙 網曝天貓店富美金盛家居專營店坑蒙拐騙欺詐消費者

The revision of the Regulations was approved by the Permanent Commission on 21.10.08 (Decision No. 110).
The amendments included in particular an obligation for the Board to communicate regularly to the Fund’s participants
and beneficiaries. The number of members of the Supervisory Board representing the States and the staff
was increased from three to four each, and the length of their term of office from three to four years. A system of
rotating half the members every two years was put in place to introduce a degree of continuity within the Board. A
provision to prohibit the use of derivatives for speculation was included in the Regulations, as well as an obligation
for the Board to set out its policy on Fund investments in a «Statement of Investment Principles” and its implementation
in a document entitled «Investment Strategy”.
Actuary Aon Consulting Belgium
Custodian JP Morgan Administration Services (Ireland) Ltd
Assets Manager Vanguard Investments Europe
External Auditors
EUROCONTROL Audit Board assisted by ERNST & YOUNG Reviseurs
d’entreprises
Investment advisor
(ALM studies for investment
strategy)
Aon Consulting Belgium
Watson Wyatt
EUROCONTROL Pension Fund ANNUAL REPORT 2008 5
1.3 Investments
Overview:
-1.4%
2008 will for a long time be remembered as the year of the financial crisis. The credit crunch, which began
during the summer of 2007, worsened considerably in the autumn of 2008, triggering a crisis of confidence in
the banking sector, which led to a rise in the cost of credit and a liquidity crisis. The crisis soon hit the stock
markets, causing prices to drop dramatically, while the credit squeeze on companies and households put a
brake on economic activity. The economies of the industrialised nations went into recession and the growth of
the economies of the emerging countries slowed down considerably.
In the course of 2008, the Pension Fund Supervisory Board monitored the Fund’s investment portfolio closely
in order to manage the risks, and took a number of measures to limit the impact of the crisis. It also completed
the revision of the investment strategy that had been initiated in 2007 and adopted a revised assets allocation
for the long term.
Most importantly, the Fund’s investments demonstrated an excellent resistance amid the financial crisis with a
decrease of only 1.4% while most pension funds saw their assets reduced by at least 20%.
Investment strategy:
fr om defensi ve to ba lanced , to ens ure long term gr owth is sufficien t
to met liabilities
The long term aim of the management of the Fund’s assets is to maintain the stability of the pension scheme.
The Board approved an initial investment strategy at the end of 2005 for a period of two to three years. The
Board decided to adopt a conservative strategy aimed at building up a first bloc of stable investments by
investing a large proportion (80%) of the assets in euro government bonds and a smaller proportion (20%) in
equities. This defensive strategy proved to be an excellent protection of the assets in period of stock markets
turmoil, but it would not allow the Fund’s assets to grow sufficiently in the long term to meet its liabilities, and
would inevitably lead to an increase in contributions (the returns achieved during the first three years of existence
of the Fund varied between 2 and 3%). The ALM studies performed by two different actuary consultants
(AON and Watson Wyatt) in 2008 indicated that the assets of the Fund should over the long term grow on
average by 4% to 4.5% on top of inflation.
In order to achieve this growth target, the investment portfolio had to be changed from a defensive profile to a
more balanced profile, in which equities and bonds account for more or less the same proportion. The investment
strategy was thus revised along these lines in 2008. Furthermore, for the purposes of further diversification, new
asset categories were introduced, such as emerging markets equities, corporate bonds, real estate and cash
deposits. The Supervisory Board approved the revised strategy (see table below) at its 10th meeting on 20.5.08.
On that occasion, the Board approved two papers setting out the investment policy and its implementation: the
«Statement of Investment Principles» and the «Investment Strategy».
6 EUROCONTROL Pension Fund ANNUAL REPORT 2008
Investment strategy
In accordance with the Regulations of the Fund, the Supervisory Board informed the Provisional Council of the
revision of the investment strategy (letter dated 30.6.08).
Ta ctical assets allocation:
measures to protect the asets from the crisis & initiation of the transition
　
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