EUROCONTROL Pension Fund
ANNUAL REPORT 2008

Contents
Message from the Chairman of the Supervisory Board 1
1. Report of the Pension Fund Supervisory Board 3
1.1 Introduction 3
1.2 Governance and Administration 3
1.3 Investments 6
1.4 Activities of the Supervisory Board 10
1.5 Members and beneficiaries of the Fund 11
1.6 Actuarial position 13
2. Pension Fund Accounts 15
2.1 Audit Board’s report 15
2.2 Pension Fund Accounts 18
2.3 Notes to the Pension Fund Accounts 19
Annex: Executive summary of the Actuary’s report 43
EUROCONTROL Pension Fund ANNUAL REPORT 2008
2008 in brief
Excellent resistance to the financial crisis: -1.4% (- 4M€)
Investments as of 31.12.08: 353 M€
Defined benefit obligation as of 31.12.08: 963 M€
Contributions received: 110 M€
Pensions paid : 13 M€
Investments of the year: 97 M€
242 pensioners
Revision of the long term investment strategy -> balanced profile
Tac tical measures to protect asets from the crisis
Renewal of the members of the Pension Fund Supervisory Board
Revision of the Fund Regulations
Improvement of communication
Increased administrative resources
Message from the Chairman of the Pension
Fund Supervisory Board
The Pension Fund Supervisory Board of EUROCONTROL has pleasure in presenting the EUROCONTROL
Pension Fund Annual Report for 2008.
The Pension Fund was established by the Permanent Commission on 1.1.05 for active staff at that date and
future staff, and their dependants, to provide long-term coverage for pension benefits as foreseen in the
statutory provisions related to the pension scheme of the EUROCONTROL Agency.
Ensuring a well-balanced financing mechanism of the long-term pension liabilities proved particularly challenging in 2008,
when the biggest financial crisis since the Great Depression nearly 80 years ago hit the entire world.
Most importantly, the Fund’s investments have demonstrated an excellent resistance amid the financial crisis, with a decrease
of only -1.4%, while most pension funds saw their assets reduced by 20%.
The assets of the Fund grew at a steady pace and stood at 353 M€ as of 31.12.08. The number of beneficiaries (pensioners)
from the Fund stood at 242, compared to 196 at 31.12.07. The number of participants (active staff) increased slightly compared
to the prior year and totalled 2.322 as of 31.12.08.
In parallel to managing the impact of the financial crisis on the Fund, 2008 was also a year during which the Supervisory Board
has put in place a number of measures that will establish the foundations for the Fund’s growth in the future.
The Board revised the investment strategy in 2008 in order to adopt an asset allocation that, over the long term, is expected to
provide a growth of the assets sufficient to meet the Fund’s liabilities. This implies a progressive move from a defensive profile
(> 75% bonds) to a balanced profile (40% to 50% bonds – 40% to 50% equities).
The Internal Audit Unit and the Audit Board had both issued a report on the Fund in 2007. These reports contained useful
recommendations related to the governance of the Fund, to the investment strategy and to administrative and accounting
aspects. The Board implemented these recommendations in 2008, which led among others to the revision of the Fund’s Regulations
and to several improvements in the communication about the Fund.
The Agency replied positively to the Board’s request to dedicate additional resources in support to the Fund to ensure an
appropriate administration.
The first part of this report details the investment strategy, summarises the activities of the Board in 2008, and presents the
actuarial position of the Fund. The second part includes the financial statements for the year 2008 for which the Audit Board
delivered an unqualified audit opinion.
Hervé TORO
Brussels, 12.06.2009
EUROCONTROL Pension Fund ANNUAL REPORT 2008 1
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The Pension Fund
Supervisory Board
1. Hervé TORO
2. Lubos Hlinovsky
3. Simon Baker
4. Dimitri Serfiotis
5. Barbara Giovagnoli
6. A nne-Marie Ragnarson
7. Philippe de Coune
8. N ick Stop
9. Adriaan Heerbaart
2 EUROCONTROL Pension Fund ANNUAL REPORT 2008
1. Report of the Pension Fund Supervisory Board
1.1 Introduction
The EUROCONTROL Pension Fund was established on 01.01.05 by Decision No. 102 of the Permanent
Commission. The Fund finances the obligations related to pensioners retired as from 01.01.05 and staff who
were granted the invalidity allowance as from 01.01.05. It constitutes a separate category of assets of the
　
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