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