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GAC-EPA AG 25 mars 2011 SwissTraffic/ mars 2011 AG 2011 GAC-EPA.

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Presentation on theme: "GAC-EPA AG 25 mars 2011 SwissTraffic/ mars 2011 AG 2011 GAC-EPA."— Presentation transcript:

1 GAC-EPA AG 25 mars 2011 SwissTraffic/ mars 2011 AG 2011 GAC-EPA

2 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 3 Projected Pension Fund Assets Projected fund assets

4 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-EPA 16sept présentation FF au CF (mod)

5 AG 2010 GAC-EPA PFGB 18 février 2010

6 RESULTS from annual report 2008 (mod) Funding ratio(01/01) (est) Trad. Method ___________________________________________________________ White book AG 2010 GAC-EPA

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8 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

9 Investments –Asset Allocation (31/12/2010) CERN/PFGB/26.4/Rev. AG 2011 GAC-EPA

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14 Variations des monnaies

15 AG 2011 GAC-EPA

16 Invest/ch Bank of England

17 AG 2011 GAC-EPA

18 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 strategy January 2011 CERN PFMU

19 AG 2009 GAC-EPA Fwi/DATA1/GAC/AG2009


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