Finanssektorens Pensionskasse 2 This document is an unofficial translation of the Danish original. In the event of any inconsis
Finanssektorens Pensionskasse 3 GENERAL INFORMATION Name Finanssektorens Pensionskasse Philip Heymans Allé 3, 1. 2900 Hellerup
Finanssektorens Pensionskasse 4 CONTENTS Page GENERAL INFORMATION MAIN EVENTS IN 2009 Towards the future FSP An attractive pens
Finanssektorens Pensionskasse 5 THE ACTUARIAL DEPARTMENT AND FSP'S PENSION SCHEMES From market rate to account rate Development
Finanssektorens Pensionskasse 6 MAIN EVENTS IN 2009 Towards the future FSP - Focus on FSP’s core competences - Simplification
Finanssektorens Pensionskasse 7 During the past year, FSP has prepared the future FSP in the light of the increasing requiremen
Finanssektorens Pensionskasse 8 Simplification of pension schemes With an overwhelming majority, the ordinary general meeting i
Finanssektorens Pensionskasse 9 Pensionsvalg 2009 In connection with the simplification of the pension schemes, just over 11,00
Finanssektorens Pensionskasse 10 Outsourcing to Forca strengthens FSP Pension Outsourcing is a central element in the future FS
Finanssektorens Pensionskasse 11 Satisfactory return on investment of 8.4% In spite of the financial crisis, FSP has managed to
Finanssektorens Pensionskasse 12 Return for FSP Vælger funds in 2009 40% 30% 20% 10% 0% FSP Vælger - Low Risk FSP Vælger - Medi
Finanssektorens Pensionskasse 13 Financial crisis affects the development in membership Although the financial crisis has led t
Finanssektorens Pensionskasse 14 RegnSelv solution calculates savings in FSP Markedsrente FSP’s customers have requested a solu
Finanssektorens Pensionskasse 15 MANAGEMENT AND EMPLOYEES OF THE PENSION FUND Supervisory and Executive Boards In 2009, the Sup
Finanssektorens Pensionskasse 16 Audit Committee At the first Supervisory Board meeting in continuation of the general meeting,
Finanssektorens Pensionskasse 17 Focus on a good workplace It is FSP's objective to maintain a good workplace for the employees
Finanssektorens Pensionskasse 18 CUSTOMER SERVICE Top line growth Although the financial crisis has caused a loss of jobs in th
Finanssektorens Pensionskasse 19 The customers are highly satisfied with FSP Pension As a consequence of Pensionsvalg 2009, FSP
Finanssektorens Pensionskasse 20 Competitive custody rate Because of the Agreement on financial stability in the pension busine
Finanssektorens Pensionskasse 21 However, in relation to Pensionsvalg we received a number of questions with reference to a let
Finanssektorens Pensionskasse 22 THE ACTUARIAL SCHEMES DEPARTMENT AND FSP’S PENSION From market rate to account rate FSP Pensio
Finanssektorens Pensionskasse 23 The third, large job for the Actuarial Department was to describe rules and technology behind
Finanssektorens Pensionskasse 24 For 2009, the Supervisory Board of FSP has maintained the rates from 2008: Base interest
Finanssektorens Pensionskasse 25 INVESTMENTS Positive return on investments in 2009 The result of the year's investments was a
Finanssektorens Pensionskasse 26 5 years' return FSP Vælger profiles 2005-2009 40% 30% 20% 10% 0% -10% -20% -30% -33.3% -10.2%
Finanssektorens Pensionskasse 27 FSP’s property administrator, Dan-Ejendomme, and selected collaborators are in charge of an on
Finanssektorens Pensionskasse 28 the Agreement on financial stability in the pension area between the Government and our trade
Finanssektorens Pensionskasse 29 An adjustment of ethics and policies during 2010 will lead to implementation of the guidelines
Finanssektorens Pensionskasse 30 RISK MANAGEMENT AND COMPLIANCE Risks General comments In its order on financial reports for in
Finanssektorens Pensionskasse 31 Insurance risks Pension provisions The calculation of the pension provisions at market value m
Finanssektorens Pensionskasse 32 In the light of the continued uncertainty on the financial markets, FSP has reduced the risk t
Finanssektorens Pensionskasse 33 Correlation between assets and liabilities FSP has divided the investment assets into a hedgin
Finanssektorens Pensionskasse 34 Valuation of assets Measuring the value of assets has always involved some uncertainty. This h
Finanssektorens Pensionskasse 35 Financial statements Group financial statements The result for the FSP group for 2009 was a sm
Finanssektorens Pensionskasse 36 Consolidated balance sheet of DKK 21.7 bn FSP’s total balance sheet amounted to DKK 21.7 bn at
Finanssektorens Pensionskasse 37 FSP IT has in 2009 spent many resources ensuring the transfer of FSP's customer service, etc.,
Finanssektorens Pensionskasse 38 Analysis of the earnings generation The earnings generation in a pension fund can be divided i
Finanssektorens Pensionskasse 39 The interest profit/loss The interest profit/loss shows a profit of DKK 285 million. The reaso
Finanssektorens Pensionskasse 40 SIGNATURES OF THE EXECUTIVE AND SUPERVISORY BOARDS The Supervisory and Executive Boards have t
Finanssektorens Pensionskasse 41 Independent auditor's report To the customers of Finanssektorens Pensionskasse We have audited
Finanssektorens Pensionskasse 42 [Blank] Annual report 2009
Finanssektorens Pensionskasse 43 Income statement All amounts in million DKK Note Gross customer contributions Reinsurance prem
Finanssektorens Pensionskasse 44 Balance sheet All amounts in million DKK Note Ongoing development projects INTANGIBLE ASSETS O
Finanssektorens Pensionskasse 45 Balance sheet All amounts in million DKK Note Revaluation reserves Profits transferred EQUITY,
Finanssektorens Pensionskasse 46 Equity All amounts in million DKK Equity Equity as at 1 January Transferred from distribution
Finanssektorens Pensionskasse 47 Notes All amounts in million DKK. Note 1 Accounting policies General information The annual re
Finanssektorens Pensionskasse 48 Note 1 Accounting policies, continued Balance sheet Intellectual property includes the rights
Finanssektorens Pensionskasse 49 Note 1 Accounting policies, continued Deferred tax assets are calculated at the value at which
Finanssektorens Pensionskasse 50 Note 1 Accounting policies, continued Income statement Customer contributions include current
Finanssektorens Pensionskasse 51 Note 2 FIVE-YEAR SURVEY Pension activities, pension fund 2009 2008 2007 2006 2005 Financial hi
Finanssektorens Pensionskasse 52 Note 2 FIVE-YEAR SURVEY, continued Pension activities, the group 2009 Financial highlights (mi
Finanssektorens Pensionskasse 53 Note 3 Gross customer contributions Customer contributions Customer deposits Group life assura
Finanssektorens Pensionskasse 54 Note 6 Administration costs Staff costs, total Other costs Total costs before distribution Dis
Finanssektorens Pensionskasse 55 Note 8 Operating equipment Cost price as at 1 January Added during the year Disposed of during
Finanssektorens Pensionskasse 56 Note 11 Other financial investment assets Investments Information according to §98 (2) of the
Finanssektorens Pensionskasse 57 Note 15 Pension provisions Pension provisions as at 1 January Accumulated value adjustment as
Finanssektorens Pensionskasse 58 Note 16 Special bonus provisions Special bonus provisions as at 1 January Interest accrual Tra
Finanssektorens Pensionskasse 59 Note 20 Related parties, etc. Pension Fund 2009 2008 The pension fund has investments in the f
Finanssektorens Pensionskasse 60 Note 21 Interest curve change, etc. Pension Fund 2009 Adjusted interest curve Not adjusted int
Finanssektorens Pensionskasse 61 Note 22 Specification of investment assets and their return at market value, pension fund Book
Finanssektorens Pensionskasse 62 Note 23 Sensitivity information and risk information All amounts in million DKK Event Minimum
Finanssektorens Pensionskasse 63 Note 24 Specification of investment shares, including investment shares in investment associat
Finanssektorens Pensionskasse 64 Note 25 Management of the Pension Fund Supervisory Board Claus E. Petersen Chairman of the Sup
Finanssektorens Pensionskasse 65 Note 25 Management of the Pension Fund, continued Pia Lærke HR consultant, Nova Bank Fyn A/S.
Finanssektorens Pensionskasse 66 Note 25 Management of the Pension Fund, continued Executive Board Steen Jørgensen Director of
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Finanssektorens Pensionskasse 2 This document is an unofficial
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Finanssektorens Pensionskasse 3 GENERAL INFORMATION Name Finans
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Finanssektorens Pensionskasse 4 CONTENTS Page GENERAL INFORMATI
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Finanssektorens Pensionskasse 5 THE ACTUARIAL DEPARTMENT AND FS
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Finanssektorens Pensionskasse 6 MAIN EVENTS IN 2009 Towards t
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Finanssektorens Pensionskasse 7 During the past year, FSP has p
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Finanssektorens Pensionskasse 8 Simplification of pension schem
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Finanssektorens Pensionskasse 9 Pensionsvalg 2009 In connection
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Finanssektorens Pensionskasse 10 Outsourcing to Forca strengthe
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Finanssektorens Pensionskasse 11 Satisfactory return on investm
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Finanssektorens Pensionskasse 12 Return for FSP Vælger funds in
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Finanssektorens Pensionskasse 13 Financial crisis affects the d
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Finanssektorens Pensionskasse 14 RegnSelv solution calculates s
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Finanssektorens Pensionskasse 15 MANAGEMENT AND EMPLOYEES OF TH
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Finanssektorens Pensionskasse 16 Audit Committee At the first S
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Finanssektorens Pensionskasse 17 Focus on a good workplace It i
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Finanssektorens Pensionskasse 18 CUSTOMER SERVICE Top line grow
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Finanssektorens Pensionskasse 19 The customers are highly satis
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Finanssektorens Pensionskasse 20 Competitive custody rate Becau
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Finanssektorens Pensionskasse 21 However, in relation to Pensio
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Finanssektorens Pensionskasse 22 THE ACTUARIAL SCHEMES DEPARTME
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Finanssektorens Pensionskasse 23 The third, large job for the A
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Finanssektorens Pensionskasse 24 For 2009, the Supervisory Boar
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Finanssektorens Pensionskasse 25 INVESTMENTS Positive return on
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Finanssektorens Pensionskasse 26 5 years' return FSP Vælger pro
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Finanssektorens Pensionskasse 27 FSP’s property administrator,
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Finanssektorens Pensionskasse 28 the Agreement on financial sta
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Finanssektorens Pensionskasse 29 An adjustment of ethics and po
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Finanssektorens Pensionskasse 30 RISK MANAGEMENT AND COMPLIANCE
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Finanssektorens Pensionskasse 31 Insurance risks Pension provis
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Finanssektorens Pensionskasse 32 In the light of the continued
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Finanssektorens Pensionskasse 33 Correlation between assets and
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Finanssektorens Pensionskasse 34 Valuation of assets Measuring
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Finanssektorens Pensionskasse 35 Financial statements Group fin
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Finanssektorens Pensionskasse 36 Consolidated balance sheet of
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Finanssektorens Pensionskasse 37 FSP IT has in 2009 spent many
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Finanssektorens Pensionskasse 38 Analysis of the earnings gener
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Finanssektorens Pensionskasse 39 The interest profit/loss The i
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Finanssektorens Pensionskasse 40 SIGNATURES OF THE EXECUTIVE AN
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Finanssektorens Pensionskasse 41 Independent auditor's report T
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Finanssektorens Pensionskasse
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Finanssektorens Pensionskasse 43 Income statement All amounts i
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Finanssektorens Pensionskasse 44 Balance sheet All amounts in m
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Finanssektorens Pensionskasse 45 Balance sheet All amounts in m
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Finanssektorens Pensionskasse 46 Equity All amounts in million
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Finanssektorens Pensionskasse 47 Notes All amounts in million D
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Finanssektorens Pensionskasse 48 Note 1 Accounting policies, co
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Finanssektorens Pensionskasse 49 Note 1 Accounting policies, co
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Finanssektorens Pensionskasse 50 Note 1 Accounting policies, co
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Finanssektorens Pensionskasse 51 Note 2 FIVE-YEAR SURVEY Pensio
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Finanssektorens Pensionskasse 52 Note 2 FIVE-YEAR SURVEY, conti
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Finanssektorens Pensionskasse 53 Note 3 Gross customer contribu
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Finanssektorens Pensionskasse 54 Note 6 Administration costs St
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Finanssektorens Pensionskasse 55 Note 8 Operating equipment Cos
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Finanssektorens Pensionskasse 56 Note 11 Other financial invest
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Finanssektorens Pensionskasse 57 Note 15 Pension provisions Pen
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Finanssektorens Pensionskasse 58 Note 16 Special bonus provisio
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Finanssektorens Pensionskasse 59 Note 20 Related parties, etc.
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Finanssektorens Pensionskasse 60 Note 21 Interest curve change,
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Finanssektorens Pensionskasse 61 Note 22 Specification of inves
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Finanssektorens Pensionskasse 62 Note 23 Sensitivity informatio
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Finanssektorens Pensionskasse 63 Note 24 Specification of inves
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Finanssektorens Pensionskasse 64 Note 25 Management of the Pens
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Finanssektorens Pensionskasse 65 Note 25 Management of the Pens
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Finanssektorens Pensionskasse 66 Note 25 Management of the Pens
FSP
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