Compensation to the pension Fund for the Reduction of the Active Membership

Taking account of the considerations set out in this document, the Finance Committee is invited to recommend the Council to approve the present request of the Governing Board of the Pensions Fund. If Council approves, the procedure could be the following: i) add the amount of 11.16 MCHF to the debt to the Pension Fund as from 2006; ii) add the annual cost of servicing this additional debt to the Balance Sheet as from 2006; iii) start repayments of this additional debt and the consequent associated debt servicing as from 2011.