GAC-EPA AG 25 mars 2011
SwissTraffic/mars 2011
AG 2011 GAC-EPA
AG 2010 GAC-EPA
• Le Temps (22 février 2010)• Performances attendues des
institutions de prévoyance.• • Il est illusoire de compter sur des
rendements mirifiques
• .......Au total si tout catastrophisme paraît excessif, il semble tout autant illusoire d’escompter des rendements mirifiques....Quoiqu ‘ il en soit, le rendement de la fortune ne pourra guère compenser les déséquilibres actuariels des caisses de pension.
3
Projected Pension Fund Assets
Projected fund assets
Options to reach full funding(analysis of actuarial results)
Pour fixer des ordres de grandeur• Return of investments
30yrs ↔ 7.5%• Regular Contributions
30yrs ↔ 54%• Special contributions • 80MCHF/y (Stabilisation) • 115MCHF/y (Rattrapage)
CERN Pension Fund
AG 2010 GAC-EPA16sept 2009. présentation FF au CF (mod)
AG 2010 GAC-EPAPFGB 18 février 2010
• RESULTS from annual report 2008 (mod)Funding ratio(01/01) 2007 2008 2009 2010(est)Trad. Method 104.7 106.3 82.03 84.3___________________________________________________________White book 62 63
AG 2010 GAC-EPA
AG 2010 GAC-EPA
Pension Fund 2010/2011
First set of measures adopted for implementation in January 2011 to consolidate the CERN Pension Fund:
capital injection of 60MCHF/a until full funding reached increase of contribution rate temporary “freeze” of pensions
Second set of measures concerning future recruits and future pensioners under discussion for implementation in January 2012
Both sets of measures are coupled together
Presentation au Conseil décembre 2010
AG 2011 GAC-EPA
Investments –Asset Allocation (31/12/2010)
CERN/PFGB/26.4/Rev.
AG 2011 GAC-EPA
AG 2011 GAC-EPA
AG 2011 GAC-EPA
AG 2011 GAC-EPA
AG 2011 GAC-EPA
AG 2011 GAC-EPA
Variations des monnaies
AG 2011 GAC-EPA
AG 2011 GAC-EPA
Invest/ch Bank of England
AG 2011 GAC-EPA
18
Portfolio restructuring - Objectives
Objectives
Implement a capital preservation strategy across each sub-strategy
Reduce the directionality of the Fund
Increase the downside protection of the Fund
Increase the diversification of the Fund
Invest with talented and experienced managers.Benefit from their experience, network, research and risk management
The implementation of the restructuration of the Fund will be visible only in several months
Rapid changes in a meaningful size to have a positive impact on the Fund
AG 2011 GAC-EPA
Investment strategyJanuary 2011
CERN PFMU
AG 2009 GAC-EPA Fwi/DATA1/GAC/AG2009