Page 104 - Annual Report 2010

ANNUAL REPORT 2010

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5.3 Retirement benefit obligations

The retirement benefit obligation comprises the pension scheme and the health insurance scheme as follows:

Commitments in respect of retirement benefits as of 31 December, 2010 have been valued by an independent actuary. The calculations are based on the following main assumptions:

It was decided in 2010 to use the ISCLT longevity table instead of the LPP 2005 tables in the actuarial calculations, as this table is considered more appropriate for the EIF as a European Institution.

The pension commitment as valued in the independent actuary report dated February 2011 amounts to EUR 23 438 632. As of December 2010, the Fund allocated EUR 27 445 003 (2009: EUR 21 154 591) to pensions assets to ensure full coverage of the commitments.

EUR Retirement benefit obligations 31.12.2010 31.12.2009

Pension scheme 23 438 632 19 208 222 Health insurance scheme 2 365 000 1 936 000

25 803 632 21 144 222

EUR Principal Assumptions 2010 2009

Discount rate for obligations 5.06% 6.19% Rate of future compensation increases 4.50% 4.50% Rate of pension increases 2.00% 2.00% Actuarial tables ICSLT Swiss BVG 2005