As of 2025-06-01:
Developed marked and emerging market equity indices were aggregated to one index: MSCI ACWI Net Total Return EUR to simplify benchmark structure. Less risky asset indexes were adjusted to optimise expected return and risk characteristics for pension fund participants.
The benchmark consists of a basket of risky assets (equities):
- 48,0% MSCI ACWI Net Total Return EUR Index,
and less risky assets (debt securities):
- 10,5% Bloomberg Euro Aggregate Treasury Total Return Value Unhedged EUR Index,
- 26,0% Bloomberg Euro Aggregate Corporate Total Return Value Unhedged EUR Index,
- 6,5% Bloomberg EM USD Sov + Quasi-Sov Total Value Return Hedged EUR Index,
- 9,0% Bloomberg Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2023-04-01 to 2025-05-31:
The share of risk assets has been increased from 40% to 48%, the share of developed markets has been increased, respectively, reducing the share of emerging markets, to limit the risk of fluctuations in developing markets. The share of risk-free assets has been reduced and was expanded to include government, corporate, emerging markets, and high-yield corporate debt in order to increase diversification and yield.
The benchmark consists of a basket of risky assets (equities):
- 40.8% MSCI World Daily Net Total Return EUR Index
- 7.2% MSCI EM Daily Net Total Return EUR Index.
Less risky assets (debt securities):
- 15,6 % Bloomberg Euro Aggregate Treasury Total Return Value Unhedged EUR Index
- 20,8 % Bloomberg Euro-Aggregate Corporate Total Return Value Unhedged EUR Index
- 10,4% Bloomberg EM USD Sov + Quasi-Sov Total Return Value Hedged EUR Index
- 5,2% Bloomberg Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2017-06-01 to 2023-03-31:
the expired EFFAS Bond Indices Euro Govt 3-5 Yr index has been changed to Bloomberg Barclays Series-E Euro Govt 3-5 Yr Bond Index.
The benchmark consisted of a basket of risky assets (equities):
- 28% MSCI World Index
- 12% MSCI Emerging markets Index.
Less risky assets (debt securities):
- 60% Bloomberg Barclays Series-E Euro Govt 3-5 Yr Bond Index.
From 2013-06-01 to 2017-05-31:
The share of risk assets has been reduced from 50% to 40% and the duration of the government bond index has been increased.
The benchmark consisted of a basket of risky assets (equities):
- 28% MSCI World Index
- 12% MSCI Emerging markets Index.
Less risky assets (debt securities):
- 60% EFFAS Bond Indices Euro Govt 3-5 Yr index.
From 2004-10-26 to 2013-05-31:
The benchmark consisted of a basket of risky assets (equities):
- 20% MSCI World Index
- 20 % MSCI Europe index
- 10% MSCI Emerging markets.
Less risky assets (debt securities):
50% EFFAS Bond Indices Euro Govt 1-3 Yr index.
