1. 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
Art83WG / Doc Art83_07

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

3. Timing of the actuarial assessment
Art83WG / Doc Art83_07

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

5. 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
Art83WG / Doc Art83_07

6. Contribution rates from 2004
Art83WG / Doc Art83_07

7. 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 €)
Art83WG / Doc Art83_07

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

9. Reference population
Art83WG / Doc Art83_07

10. Reference population by Institutions and Agencies
Art83WG / Doc Art83_07

11. Reference population by age
Art83WG / Doc Art83_07

12. 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
Art83WG / Doc Art83_07

13. 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
Art83WG / Doc Art83_07