RESTRICTED  
  
WT/BFA/W/338  
8 September 2014  
(14-5064)  Page: 1/19  
Committee on Budget, Fina nce and Administration Original: English  
 
   
  
 
  
 
   
 
  
ACTUARIAL VALUATION REPORT AS AT 31 DECEMBER 2013 
WORLD TRADE ORGANIZATION PENSION PLAN 
MAY 2014 
 WT/BFA/W/338 
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  Contents 
1   EXECUTIVE SUMMARY ................................................................................................. 3  
2   DATA ...................................................................................................................... ..... 5 
3   ASSUMP TIONS ............................................................................................................ 5  
4   ASSETS ........................................................................................................................ 9  
5   METHOD OLOGY ......................................................................................................... 11  
6   RESULTS .................................................................................................................... 13  
APPENDIX A: ANALYSIS OF PARTICIPANT AND BENEFICIARY INFORMATION ............... 15  
APPENDIX B: ASSET DATA ............................................................................................. 17  
APPENDIX C: CASH FL OW PROJECTIONS ....................................................................... 18  
 WT/BFA/W/338 
- 3 - 
  1  EXECUTIVE SUMMARY 
This report sets out the results of the formal actuarial valuation completed as 
at 31 December 2013 for the World Trade Organization Pension Plan (WTOPP). This is the sixth formal actuarial valuation of the WTOPP, the previous formal actuarial valuations 
having been completed effective 31 December 2010, 31 December 2007, 31 December 2004, 
31 December 2001 and 1 January 1999.  
The long-term funding principle is to establish a stable long term contribution rate that is sufficient 
to finance the benefits promised. It is noted that from one valuation to the next, the actuarially calculated normal contribution rate may vary due mostly to changes in asset values.  
The security of benefits in the event of dissoluti on of the WTO is governed by Article 21 of WTOPP 
Regulations which states that:  
"In the event of dissolution of the WTO, the General Council shall take the necessary 
steps to guarantee the benefits acquired under these Regulations by participants and beneficiaries at the date of dissolution " 
The only plan amendments since establishment occurred following the valuation 
at 31 December 2007. The WTOPP Management Board approved an amendment on 9 July 2009 
with the following provisions:  
1. increase the normal retirement age to 65 for new members that join the plan on or after 
1 January 2010, and permitting members to continue to participate in the plan to age 65; and 
2. increase the cash contribution rate payable by the WTO and members of the plan to 15.8% 
and 7.9%, respectively, effective 1 January 2010 
 
During the inter-valuation period since the previous formal actuarial valuation, the WTOPP 
Management Board established the Actuarial Study Working Group (ASWG) to review the assumptions of the triennial actuarial valuation. Throughout the months of June and July 2013, Mercer was involved in modelling different scenarios in order for the ASWG to formulate its views 
and present its recommendations to the WTOPP Board. In November 2013, the ASWG made 
recommendations that were endorsed by the WTOPP Board. The amendments to actuarial 
assumptions were: 
 
1. reduction to the long term Swiss price inflation from 3.0% to 2.0%; 
2. reduction in the general wage inflation assumption in excess of Swiss price inflation from 
1.0% to 0.0% for 10 years (starting in 2014) and moving to 0.5% above Swiss price 
inflation thereafter; and 
3. reduction to the age-based promotional salary increase table by 50%. 
 
The results of the valuation at 31 December 2013 include revisions in the assumptions 
recommended by the ASWG. The impact of the revisi ons on the long term contribution rate of the 
plan is also presented in this report. 
 WT/BFA/W/338 
- 4 - 
  We have summarized the development in the long term normal contribution rate of the plan 
(excluding expenses) from 31 December 2010 to 31 December 2013 as follows:  
Changes in Long-Term Contribution Rate 
Long term normal contribution rate as at 31 December 2010 25.6% 
Investment (gain)/loss on smoothed asset value over the inter-valuation period 1.0% 
Demographic changes and experience over  the inter-valuation period (0.2%) 
Long term normal contribution rate as at 31 December 2013 before adoption of the 
assumption changes recommended by the ASWG 26.4% 
 Impact of reduction to Swiss price inflation 0.5% 
 Impact of reduction to av erage real salary growth (0.8%) 
 Impact of reduction to age- based promotional rates (1.2%) 
Long term normal contribution rate as at 31 December 2013 after adoption of the assumption 
changes recommended by the ASWG 24.9% 
 
The long term cost of the plan has decreased since the previous formal funding valuation at 31 December 2010 due primarily to salaries and pensions not increasing as much as expected and the revision of the actuarial assumptions recomme nded by the ASWG. However the long term cost 
at 31 December 2013 of 24.9% remains higher th an the actual contribution rate of 23.7%. 
As a result, we recommend that the Board actively consider actions on how to bring the long term cost of the plan into balance with the cash co ntributions received by the plan. This would be 
achieved by either making amendments to the benefit structure and/or increasing the cash 
contributions payable to the plan by  the members and the Organization. 
 
Professional Qualifications 
 We are available to answer any questions on the material contained in this report or to provide explanations or further details, as may be appropriate. 
 
Respectfully submitted,  
 
   
Cameron Hannah 
FIA  Date 
 
   
Mazen Abukhater 
FSA, FCIA  Date 
 WT/BFA/W/338 
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  2  DATA 
A summary of data used for the valuation at 31 December 2013 and the previous formal valuation 
date (31 December 2010) is set out below. The data was provided by Trianon, the WTOPP administrator. All figures are in CHF. 
 
Date 31 Dec 2013 31 Dec 2010 
Participants 
Number 731 733 
Average age 45.6 44.9 
Average adjusted credited service 11.4 10.4 
Average final average annu al earnings 174,644 171,946 
Total final average annual earnings 127,665,398 126,036,502 
Beneficiaries 
Number 231 177 
Average age 60.3 58.2 
Average pension 61,589 57,434 
Total pension 14,227,090 10,165,874 
 
Tables providing further analysis of participant and beneficiary information as well as a 
membership reconciliation are included in Appendix A.  3  ASSUMPTIONS 
3.1  Summary of assumptions 
The table below provides a summary of the actuarial assumptions used at this actuarial 
assessment and the previous actuarial valuation. 
 
Date 31 Dec 2013 31 Dec 2010 
Financial  
Discount (interest) rate 5.5% 6.5% 
General salary inflation 2.0% for the first 
10 years, 2.5% thereafter 4.0% 
Promotional increase (based on age) 0.15% to 2.55% 0.3% to 5.1% 
Pension increase rate 2.0% 3.0% 
Consumer price inflation 2.0% 3.0% 
Demographic 
Mortality EVK 2000 improved* EVK 2000 improved* 
Disability EVK 1990 EVK 1990 
Withdrawal WTO specific WTO specific 
Early retirement WTO sp ecific WTO specific 
New Entrants   
Proportion male/female, age, pensionable 
remuneration M 50%, 35,135,000 
F 50%, 34,120,000 M 50%, 35,135,000 
F 50%, 34,120,000 
*Assumes a 2% improvement in the EVK 2000 mortality rates for a period of 20 years and that the 
improvement is maintained thereafter. WT/BFA/W/338 
- 6 - 
  The Actuarial Study Working Group (ASWG) has recommended (and the WTOPP Management 
Board subsequently approved) three revisions to the assumptions to the funding valuation. These assumption changes have been included in the above assumptions summary table and the 
calculation of the long term contribution rate of the plan: 
 
 change in the real salary growth to 0% per annum for 10 years starting in 2014 
subsequently increasing to 0.5% per annum real salary growth thereafter; 
 decrease the long term inflation rate from 3.0% to 2.0%; and 
 promotional increase rates reduced by 50%. 
3.2  Demographic assumptions 3.2.1  Death and disability 
The table below provides a comparison of actual ex perience compared with expected experience of 
the WTOPP active group over the last six-year period for death and disability:  
Assumption Expected Actual 
Disability (EVK 1990) 18 9 
Death in service (EVK 2000 with projected 
mortality improvements to the year 2020) 6 0 
 Over the last six years the actual number of disab ility cases has been approximately half what was 
expected and the actual number of death incidences has been zero.  
In 2013, Mercer compared the EVK 2000 with mortality improvements at 2% until 2020 with other 
commonly used tables in Switzerland. Below is a table showing the life expectancy at age 65 for men and women for different mortality tables used in Switzerland. 
 
Life expectancy at age 65 Men Women 
EVK 2000 projected to 2020 at 2%* 21.14 23.87 
2008 ICSLT 21.06 23.14 
LPP/BVG 2010 actuarial table** 18.93 21.42 
VZ 2005 actuarial table  18.99 22.16 
LPP/BVG 2005 actuarial table  17.90 20.98 
LPP/BVG 2000 actuarial table  17.76 21.09 
EVK 2000 actuarial table 17.56 20.37 
VZ 2000 actuarial table  17.3 21.79 
*Generational tables 
**LPP/BVG Table is based on an observation period of five years, where the observation mid-point 
is 1 July 2007 with projected mortality trend to the year 2010. 
As the plan is still considered 'young' with a sm aller proportion of retirees compared to active 
members, it is premature at this point to assess the appropriateness of the mortality assumption 
(EVK 2000 with projected mortality improvements to the year 2020) used for beneficiaries 
post retirement.  
The ASWG recommended that the actuarial assumption  for the incidence of disability and mortality 
be maintained.  WT/BFA/W/338 
- 7 - 
  Recommendation 
 
 Retain the EVK 1990 disability inception rates and reassess at the next full valuation. 
 Retain the EVK 2000 with improvements to the year 2020 in-service mortality rates and 
reassess at the next full valuation. 
 Retain the EVK 2000 with improvements to the year 2020 post retirement mortality 
rates and reassess at the next full valuation. 
3.2.2  Withdrawal/termination 
The table below provides a comparison of actual ex perience compared with expected experience of 
the WTOPP active group terminations over the last six years:  
Assumption Expected Actual 
Withdrawal settlement (WTO rates) 137 186* 
* Includes members who left the WTO and subsequently rehired 
Member terminations, whether voluntary or involunt ary, have been higher than expected in the 
last six years. However considering the experience of the plan in the previous six-year period from 2002 to 2007 where the withdrawal was lower than expected, the assumption seems to be 
appropriate but needs to be monitored. The ASWG also recommended that the current assumption 
of turnover be maintained but closely monitored in future valuations.  
 Recommendation 
 
 Retain the current rates used for assuming member withdrawal and reassess at the next 
triennial valuation. 
3.2.3  Retirement 
The table below provides a comparison of actual ex perience compared with expected experience of 
the WTOPP active group retirements over the last six year period: 
 
 
 
Assumption Expected Actual 
Retirement 87 85 
 WT/BFA/W/338 
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  Key observations made analyzing reti rement experience of the WTOPP: 
 
 the most prevalent retirement age is at 62, approximately 25% of retirements; 
 more members were expected to retire before age 62 than what was actually 
experienced; and 
 for the 85 members that have retired in the last six years, the average retirement age 
was 60.5 whereas the expected retirement age for the group was 60.3. 
As the assumption for retirement was changed for the valuation as at 31 December 2007 to reflect 
the amendment of WTOPP extending the normal retire ment age to 65, it will take another triennial 
valuation cycle to assess whether the assumptions adopted reasonably represent actual practice.  
Recommendation 
 
 Retain the current rates used fo r assuming member retirement. 
3.2.4  New entrants 
During the six-year period from 2008-2013, the average new entrant details are set out in the 
table below. 
 
Actual new joiner profile over the last 6 years: 
 
Sex Age Pensionable salary Distribution 
M 35.2 129,528 46% 
F 33.9 106,931 54% 
 
Expected new entrant profile: 
 
Sex Age Pensionable salary Distribution 
M 35.0 135,000 50% 
F 34.0 120,000 50% 
 The ASWG has indicated that WTO recruitment strategy which considers merit, gender, and 
nationality distribution will remain consistent with past experiences. As such the working group 
recommended the assumption for future patterns of gender and age be maintained.  
Recommendation 
 
 Maintain the assumed age and % distribution profile for males and females 
3.2.5  Non-investment expenses 
Over the last six years, average non-investme nt expenses made up 0.18% of total annual 
pensionable earnings, which is in line with our assumption of 0.2% of pensionable earnings. Given these costs are paid directly from the plan's assets, we recommend that the Board 
formulates its official position on how costs associated with the operation of the plan will be 
funded. The current cash contribution rate is insufficient to fund the administrative costs associated with operating the plan. 
 WT/BFA/W/338 
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  4  ASSETS 
4.1  Investments & asset value calculation The table below provides a summary of the invest ment returns since the WTOPP was established. 
In Appendix B, we provide more detail on the market value, income and outgo of the plan. 
 
Year Investment return Price inflation Real return 
A B C = A - B 
2000 4.7% 1.5% 3.2% 
2001 (10.1%) 0.3% (10.4%) 
2002 (18.3%) 0.9% (19.2%) 
2003 10.0% 0.6% 9.4% 
2004 4.5% 1.4% 3.1% 
2005 23.7% 1.0% 22.7% 
2006 9.0% 0.6% 8.4% 
2007 3.5% 2.0% 1.5% 
2008 (36.5%) 0.8% (37.3%) 
2009 22.3% 0.3% 22.0% 
2010 4.0% 0.5% 3.5% 
2011 (0.6%) (0.5%) (0.1%) 
2012 9.9% (0.4%) 10.3% 
2013 8.5% 0.1% 8.4% 
 
The ASWG assessed the discount rate by looking at bo th historical experience and expected future 
trends and the relationship between the discount ra te and the other returns, GDP, equity returns 
and inflation. The working group concluded that an annualized long term real return of 3.5% is 
attainable in the long term.  
An asset smoothing method was first adopted as part of the actuarial valuation as 
at 31 December 2007. The objective of using a smoothing method is to allow investment gains and losses to be recognized over a duration of time and smooth out the volatility in the asset value used in calculating the normal contribution rate. The smoothing method was used for determining 
the actuarial value of assets as at 31 December 2013. 
 Smoothed asset value = MV – 80% x E1 – 60% x E2 – 40% x E3 – 20% x E4 
 
Where:  
 MV = Market value at the valuation date; 
 E1 to E4 are the excess/deficiency in the am ount of the investment earnings over that 
expected according to the nominal long term return on assets assumption; 
 detail of the excess/deficiency since plan inception is given in the Appendix B; and 
 apply a cap of 115% and collar of 85% (i.e. 15% either side of market value). WT/BFA/W/338 
- 10 - 
  Results 
(CHF million) Market value 85% collar 115% cap Smoothed 
value Asset value 
31 December 2003 196 167 225 236 225 
31 December 2004 223 190 256 250 250 
31 December 2005 297 252 342 274 274 
31 December 2006 339 288 390 309 309 
31 December 2007 366 311 421 354 354 
31 December 2008 243 207 279 365 279 
31 December 2009 311 265 358 377 358 
31 December 2010 339 288 390 387 387 
31 December 2011 349 297 401 389 389 
31 December 2012 397 337 457 397 397 
31 December 2013 440 374 506 438 438 
 
The graph below illustrates the effect of adopti ng a smoothed value approach relative to the 
volatility of a market value approach. 
 
 
 
Recommendation:  
 Continue to use a smoothed asset value approach.  WT/BFA/W/338 
- 11 - 
  5  METHODOLOGY 
5.1  Summary The approach used to complete this actuarial valuation is summarized below: 
 
Phase 1 Phase 2 Phase 3 Phase 4 
Collection of data Decision on assumptions, 
methodology Producing draft results on 
closed group (discontinuance) and open group basis (ongoing) Presentation and 
discussion of results 
Outputs  
Reconciliation of data Setting up valu ation model Valuation runs on different 
bases Final report 
 
5.2  Methodology 
The valuation process is based on standard actuarial processes and the assumptions set out in 
Section 3. The valuation is performed on two scenarios: firstly, on an ongoing basis (that is where 
the pension plan is assumed to continue) and on a 'discontinuance basis' which tests whether there are sufficient funds to meet the liabilities of th e plan if it were to close on the valuation date. 
 
5.2.1  Ongoing method (open group valuation) 
We have performed the actuarial valuation for the ongoing method on an "open group" basis; this 
approach assumes that there is a steady flow of new entrants into the plan in the future, which 
replace those expected to leave the plan throug h retirement, withdrawal, disability, or death. 
The assumption on the profile of these new entrants is set out in Section 3.  
This approach determines whether the contributi on rate set out in the WTOPP Regulations is 
sufficient to meet future liabilities of the plan. The approach is summarized below:  
 determining the total projected benefits of all current employees based on past service 
and projected future service; 
 determining the total projected benefits to current pensioners; 
 determining the total projected benefits for future new entrants; 
 the present value of these obligations is then determined; and 
 the present value of future remuneration (for  both current and future members) is then 
determined and a contribution rate for the employer is derived as follows: 
Contribution Rate = 
 
 
 
Over time, the real cost to the WTOPP is th e excess of expenditure over contributions and 
investment earnings. So we have prepar ed projections of revenue (member plus 
WTO contributions and investment income) and benefits over a period until the year 2050. Detailed cash flow figures are shown in Appendix C. 
 
Future contributions to the plan are obtained by applying the contribution rate (23.7%) to total 
expected pensionable earnings of existing and futu re new joiners. Investment income is projected 
on the basis of the existing portfolio of asse ts, projected net cash flows (contributions less 
expenditures), and the assumption regarding the future return on investments. As mentioned 
above, the projection of total benefits includes th e continuation of benefits already in pay at the WT/BFA/W/338 
- 12 - 
  valuation date, expected benefits paid to members in service at the valuation date and benefits to 
members that are expected to join in the future.  The reserve (or projected future assets) of the plan is the difference between the end of the 
previous year's market value of assets and th e current year expenditures increased by the 
contributions and investment earnings. The projec ted lifetime of the plan considers how expected 
expenditure will increase relative to income and the resulting impact the difference will have on 
the assets of the plan. 
 To measure the sustainability of the plan, we co nsidered pivotal or "breaking" points in time. 
The first point is when annual contributions are not sufficient to cover annual benefits. The second 
breaking point occurs when annual benefits are greater than annual contributions plus investment 
income, an indication that the reserve has started to decrease. The third and final breaking point is when the reserve is exhausted and there are no asse ts left to pay any of the plan's expenditure. 
 
5.2.2  Discontinuance method  (closed group valuation) 
In order to determine the position on a 'discontinuance basis', a closed group valuation is 
performed. This looks at the position of the plan based only on service accrued to date by current 
participants (and beneficiaries' liabilities). The participant liabilities are calculated as follows:  
 for participants eligible for early retirement, it is assumed that the early retirement 
pension would commence immediately; and 
 for all other participants, the maximum of the withdrawal settlement and value of 
deferred pension (where applicable) is valued. 
The current beneficiary liabilities are calculated using the same approach as for the 
ongoing method.  
The underlying assumption with the discontinuance valuation is that the plan would continue to 
provide benefits to its existing beneficiaries and convert active members into beneficiaries by ceasing future benefit accrual and converting their past service accrual into either an immediate pension, deferred pension or withdrawal lump sum. We would envisage that the WTOPP's 
investment strategy would subsequently be converted to a more conservative approach investing 
in bonds with a goal of immunizing the assets in line with the plan's benefits outlay reflecting the fact that future contributions would not be received and that the plan would need to be managed 
in a conservative manner. 
 The financial assumptions used are consistent with the assumptions used for closed group 
actuarial valuations for private sector companies (i.e. liabilities are calculated using market long 
term interest rate and inflation expectations). The assumptions are set out in the table below: 
 
 Swiss 
Date Interest rate Price inflation assumption 
1 January 1999 4.50% 1.00% 
31 December 2001 4.10% 1.00% 
31 December 2004 4.80% 1.00% 
31 December 2007 3.50% 1.00% 
31 December 2008 3.50% 1.00% 
31 December 2009 3.50% 1.00% 
31 December 2010 2.80% 1.10% 
31 December 2011 2.90% 1.00% 
31 December 2012 2.10% 0.60% 
31 December 2013 2.60% 0.80% 
 WT/BFA/W/338 
- 13 - 
  We have not taken into consideration: 
 
 the cost of "buying out" beneficiaries' liabilities with an insurance company which may 
significantly exceed the calculated value; and 
 the capitalization of the costs of future expenses of operating a discontinued plan. 
6  RESULTS 6.1  Ongoing or open group valuation 
CHF millions 31 Dec 13 31 Dec 10 31 Dec 07 
A Assets 438 387 366 
B Present value of total projected benefits 
(a) Beneficiaries 232 168 107 
(b) Current participants 645 741 652 
(c) Future new entrants 402 697 517 
(d) Total [a + b + c] 1,279 1,606 1,276 
C Present value of fu ture remuneration 
 (a) Current participants 1,251 1,546 1,524 
 (b) Future new entrants 2,130 3,215 2,312 
 (c) Total [a + b] 3,381 4,761 3,836 
D Contribution requirement  
 [(B - A) / C] 24.9% 25.6% 23.7% 
E Expenses 0.2% 0.2% 0.2% 
F Total normal contribution rate 
[D + E] 25.1% 25.8% 23.9% 
 
The following chart illustrates the relationship between projected income (total expected 
contributions plus investment return) and projected benefits of the plan.  
 
 WT/BFA/W/338 
- 14 - 
  During the period from 2014 to 2020, annual contributions are expected to exceed annual 
benefits. During this time, the assets of the plan are expected to increase and all investment income reinvested to generated further income to the plan. Starting in the year 2020, expected contributions during that year will not be suffi cient to cover the plan's expected benefits and 
investment income would be needed to finance the plan's expenditure. The plan's assets are still 
expected to increase but at a lower rate than in the prior year. The year 2020 is considered to be 
the first breaking point of the plan. 
 
In the year 2049, the plan's annual expenditure is expected to be higher than the sum of 
contributions and investment return and assets will need to be realized to cover expenditure of the plan. The year 2049 is the second breaking poin t of the plan. After the year 2049, assets are 
expected to decrease until the year 2066 where it is expected that no more assets would left in the 
plan. The year 2066 is considered the thir d and final breaking point of the plan. 
 
6.2  Discontinuance basis 
Figures below are in CHF millions: 
 
Valuation date 
CHF millions Market value of 
assets Liabilities Discontinuance 
funding level Discontinuance 
funding level 
A B D F 
A-B A/B 
1 January 1999 146 151 -5 97% 
31 December 2001 183 267 -84 69% 
31 December 2004 223 433 -210 52% 
31 December 2007 366 447 -81 82% 
31 December 2007* 366 485 -119 75% 
31 December 2008 242 493 -251 49% 
31 December 2008* 242 537 -295 45% 
31 December 2009* 311 579 -268 54% 
31 December 2010* 339 683 -344 50% 
31 December 2011* 349 698 -349 50% 
31 December 2012* 397 802 -405 50% 
31 December 2013* 440 843 -403 52% 
 The discontinuance basis is not used to determine the long term contribution rate. It is recognized 
that this ratio may fluctuate over the short term. No acceptable margins within which the 
discontinuance funding level can vary without action being taken has been set by the WTOPP Board. 
 
There are two sets of results shown as at 31 December 2007 and 31 December 2008. The second set, with lower funding level and labelled with an (*), allow for future mortality 
improvement at 2% per year until the year 2020. The same basis was used for determined 
the results at 31 December 2009, 31 December 2010, 31 December 2011, 31 December 2012 and 31 December 2013.  WT/BFA/W/338 
- 15 - 
  APPENDIX A 
ANALYSIS OF PARTICIPANT AND BENEFICIARY INFORMATION 
The tables below provide a detailed analysis of participant and beneficiary information 
at 31 December 2013. 
 
Active members (CHF) Male Female Total 
Number 343 388 731 
Total final average annual remuneration  64,770,025 62,895,373 127,665,398 
Average final average annual remuneration 188,834 162,101 174,644 
Total pensionable remuneration 65,919,657 64,029,667 129,949,324 
Average pensionable remuneration 192,186 165,025 177,769 
Average age 46.2 45.1 45.6 
Average adjusted credited service 11.3 11.4 11.4 
 
Beneficiaries and Dependents Male Female Total 
Number    
Retirement 97 84 181 
Disability 9 9 18 
Spouse 1 7 8 
Children 10 14 24 
Total 117 114 231 
Average age    
Retirement 66.4 65.4 65.9 
Disability 60.0 51.4 55.7 
Spouse 62.9 65.7 65.3 
 
Beneficiaries and Dependents 
(annualized pension in payment in CHF) Male Female Total 
Number    
Retirement 6,904,699 5,788,166 12,692,865 
Disability 485,448 581,067 1,066,515 
Spouse 12,144 326,566 338,710 
Children 59,340 69,660 129,000 
Total 7,461,631 6,765,459  14,227,090  
 
Deferred Retirees (CHF) Male Female Total 
Number 6 8 14 
Total annual pension at separation 264,924 193,500 458,424   
  WT/BFA/W/338  
- 16 - Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 
Participants 
# at 1 Jan 666 694 710 695 684 710 716 719 733 740 728 
New entrants  62 66 51 50 67 52 51 56 48 42 59 
Departures (18) (19) (33) (30) (11) (18) (16) (23) (16) (19) (16) 
Early retired  (4) (2) (7) (4) (7) (5) (7) (2) (8) (3) (6) 
Normal retired  (4) (14) (9) (9) (14) (9) (12) (5) (5) (9) (16) 
Disabled*  (1) (1) (2) - (1) (4) - (1) (1) (1) (2) 
Died - (1) (1) (1) - - - - - - - 
Deferred retirement  - - - - - (2) - - (2) (4) - 
Decision deferred  (8) (13) (12) (17) (8) (8) (12) (11) (9) (17) (13) 
Transferred to UNJSPF  - (1) (2) - - - (1) - - (1) (3) 
# at 31 Dec 694 710 695 684 710 716 719 733 740 728 731 
Beneficiaries (including  deferred retirees) 
# at 1 Jan 30 39 59 85 101 129 154 171 186 205 218 
New retirees* 9 17 19 13 22 20 20 8 16 13 23 
Spouse & children - 4 7 5 6 4 - 7 5 1 6 
Deferred retirement - - - 1 1 2 (1) 2 1 5 - 
Died - (1) - - (1) (1) - (2) (2) (1) - 
End of child benefit - - - (3) - - (2) - (1) (5) (2) 
# at 31 Dec 39 59 85 101 129 154 171 186 205 218 245 
*Partial disability members are included as both participants and beneficiaries. They have not been deducted from the active he adcount but added to the Beneficiaries group 
 
 WT/BFA/W/338 
- 17 - 
  APPENDIX B 
ASSET DATA 
All figures in CHF millions. 
 
Year Market value at 
start of year Contributions Benefit 
payments & 
expenses Net Investment 
income & 
unrealized 
gains Market value at 
end of year 
A B C D A+B-C+D 
2000 170.6 16.8 0.6 7.3 194.1 
2001 194.1 17.7 2.9 (26.4) 182.5 
2002 182.5 19.2 3.9 (34.9) 162.9 
2003 162.9 21.0 5.2 17.0 195.7 
2004 195.7 22.8 4.7 9.2 223.0 
2005 223.0 24.8 7.2 55.9 296.5 
2006 296.5 24.9 9.9 27.5 339.0 
2007 339.0 25.6 11.0 12.3 365.9 
2008 365.9 26.8 15.2 (134.2) 243.3 
2009 170.6 16.8 0.6 7.3 194.1 
2010 311.3 29.6 14.6 12.7 339.0 
2011 339.0 30.2 18.4 (2.0) 348.8 
2012 348.8 30.0 17.3 35.0 396.5 
2013 396.5 30.1 20.4 34.1 440.3 
  
Year Expected rate of 
return 
(ER) Expected 
Investment Income  
[A + 0.5 x (B-C)] x 1  Net Investment 
income & unrealized 
gains Actual less expected 
income 
1 2 3 3 - 2 
2000 6.5% 11.6 7.3 (4.3) 
2001 6.5% 13.1 (26.4) (39.5) 
2002 6.5% 12.4 (34.9) (47.3) 
2003 6.5% 11.1 17.0 5.9 
2004 6.5% 13.3 9.2 (4.1) 
2005 6.5% 15.1 55.9 40.8 
2006 6.5% 19.8 27.5 7.7 
2007 6.5% 22.5 12.3 (10.2) 
2008 6.5% 24.3 (134.2) (158.5) 
2009 6.5% 16.2 55.6 39.4 
2010 6.5% 20.7 12.7 (8.0) 
2011 6.5% 22.4 (2.0) (24.4) 
2012 6.5% 23.1 35.0 11.9 
2013 6.5% 26.1 34.1 8.0 
  WT/BFA/W/338 
- 18 - 
  APPENDIX C 
CASH FLOW PROJECTIONS 
The table and chart below set out the expected cash flow of the WTOPP until the year 2050 
on a 5.5% expected return and zero participant growth rate. 
 
NOMINAL '000 CHF 
Total Contribution Rate = 23.70%  
Year Total contributions Investment return Benefit payments 
2014 31,071 24,382 -20,688 
2015 31,245 26,227 -23,316 
2016 31,404 28,044 -25,688 
2017 31,471 29,832 -28,266 
2018 31,532 31,598 -30,191 
2019 31,735 33,380 -31,465 
2020 32,062 35,130 -35,474 
2021 32,256 36,855 -36,354 
2022 32,602 38,608 -38,462 
2023 33,014 40,321 -42,089 
2024 33,337 41,974 -44,794 
2025 33,843 43,581 -47,910 
2026 34,366 45,153 -50,306 
2027 34,911 46,684 -53,578 
2028 35,461 48,147 -56,983 
2029 36,037 49,533 -60,416 
2030 36,594 50,832 -64,030 
2031 37,169 52,012 -68,494 
2032 37,671 53,073 -71,770 
2033 38,258 54,068 -74,124 
2034 38,927 55,012 -76,860 
2035 39,697 55,866 -80,766 
2036 40,413 56,676 -81,607 
2037 41,311 57,484 -84,097 
2038 42,255 58,284 -85,336 
2039 43,209 59,100 -87,030 
2040 44,227 59,923 -88,661 
2041 45,302 60,785 -89,369 
2042 46,433 61,650 -92,488 
2043 47,483 62,449 -95,687 
2044 48,670 63,170 -99,142 
2045 49,887 63,799 -102,888 
2046 51,134 64,315 -106,960 
2047 52,413 64,695 -111,393 
2048 53,723 64,912 -116,223 
2049 55,066 64,937 -121,482 
2050 56,443 64,737 -127,201 WT/BFA/W/338 
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      22, Rue François-Perreard 
CH-1225 Geneva 
+41 22 918 1003 
 
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