Pension Scheme of European Officials (PSEO) Actuarial assessment

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Presentation transcript:

Pension Scheme of European Officials (PSEO) Actuarial assessment Art83 WG Meeting Pension Scheme of European Officials (PSEO) Actuarial assessment 2008 Provisional results Item 7 of the Agenda 27.06.2008 Art83WG / Doc.20080627 Art83_07

Timing of the actuarial assessment Contribution rate Content Timing of the actuarial assessment Contribution rate Reference population Technical implementation of Annex XII 27.06.2008 Art83WG / Doc.20080627 Art83_07

Timing of the actuarial assessment 27.06.2008 Art83WG / Doc.20080627 Art83_07

Contribution rate from the 1st July 2008 27.06.2008 Art83WG / Doc.20080627 Art83_07

Change in the calculated rate The calculated 2008 contribution rate (10.9%) is higher (+0.6%) than the 2007 rate (10.3%). This increase is due mainly to changes on: Population Real Discount Rate (RDR) General Salary Growth (GSG) Individual Salary progression (ISP) Invalidity table Life table 27.06.2008 Art83WG / Doc.20080627 Art83_07

Contribution rates from 2004 27.06.2008 Art83WG / Doc.20080627 Art83_07

The contribution rate is computed as the actuarial value of Contribution rate (computation) The contribution rate is computed as the actuarial value of the service cost (1 002 million €) divided by the staff annual basic salaries (3 056 million €) The total service cost is the sum of: Service cost for retirement (905 million €) Service cost for invalidity (65 million €) Service cost for death (32 million €) 27.06.2008 Art83WG / Doc.20080627 Art83_07

Summary of main actuarial assumptions The provisional assessment was based in a population of 47 596 contributing members at 31.12.2007 Real discount rate (RDR) = 3.1% General salary growth (GSG) = 0.4% Individual salary progression (ISP) = “2008 ISP table” (weighted rate at 31.12.2007 = 1.5%) 27.06.2008 Art83WG / Doc.20080627 Art83_07

Reference population 27.06.2008 Art83WG / Doc.20080627 Art83_07

Reference population by Institutions and Agencies 27.06.2008 Art83WG / Doc.20080627 Art83_07

Reference population by age 27.06.2008 Art83WG / Doc.20080627 Art83_07

Technical implementation of the Annex XII Technical questions are dealt with by Eurostat in cooperation with national experts (Article 83 Working Group) Eurostat exchange relevant information with actuaries from Eurocontrol, JPAS and EPO Eurostat is assisted by Ernst & Young Actuaires-Conseils / Paris Ernst & Young will examine the final contribution rate that Eurostat will calculate by the 1st September 2008 27.06.2008 Art83WG / Doc.20080627 Art83_07

Thank you for your attention The Working Group is asked to express its views on the issues discussed in this paper. Thank you for your attention 27.06.2008 Art83WG / Doc.20080627 Art83_07