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Communications Annual Report of the Board

The main aim of the communications of the Seafarers’ Pension Fund Seafarers’ Pension Fund 2022 Annual Report
is, through appropriate communication methods and channels, to
provide our customers and stakeholders with clear, reliable and expert 2211
information concerning the seafarers’ pension system and the activities
and operating conditions of the Fund.

Our primary communications channels include our website (in
Finnish, Swedish and English) at www.seafarerspensionfund.fi and the
Albatrossi magazine. The website meets the requirements applicable to
the Fund in accordance with the EU Web Accessibility Directive. The
multilingual content of the website has been updated during the year
by a three-person content creator team. The Albatrossi magazine was
published in four issues, with an online browsable version available as
well. The annual report in Finnish and Swedish was only distributed
online as a browsable publication on our website. An English-language
summary was also made available as an online publication. Further-
more, the Seafarers’ Pension Fund can be found on the social media
channels Facebook, Twitter and LinkedIn.

Maritime Day (Sjöfartens Dag), a maritime sector fair in Marie-
hamn, Åland, returned in late spring 2022 and a navigation fair was
held at Aboa Mare in Turku in November 2022. The Seafarers’ Pension
Fund had its own stand at both events.

Future outlooks and essential events
after the financial period

The risk level of the Seafarers’ Pension Fund investments is at a
comparable level to that of the pension scheme, with the greatest
differences being a higher share of illiquid investments and, in
particular, real estate investments. The yield requirements for illiquid
investments have declined over the past 20 years, which has led to
a significant excess return on the Fund’s investments and increased
solvency. It is possible that, if the uncertainty should continue, the
attraction of liquid investments will increase, especially since their yield
expectations have grown markedly, and this may be reflected in a higher
yield requirement for illiquid investments.

Within this operating environment, the Fund’s short-term yield may
fall behind other actors, but the portfolio changes in recent years have
focused precisely on raising the liquidity position, thereby decreasing
the negative impacts of this type of operating environment on returns.
It should also be noted that the Fund’s solvency changes in relation to
other factors. If the value of investments with a solvency ratio of 190%
in relation to technical provisions should drop by, for example, 10%,
that would mean a drop of 19% in the solvency ratio. If the solvency ra-
tio is 130%, a 10% impact would only be 13%. However, it is important
to keep the base level in mind, i.e., this does not constitute a solvency
challenge even in high yield fluctuations, and the same is true for the
other direction, as we have seen during periods of high returns.

The other significant issue concerns the development of Finnish
navigation. It is affected by multiple factors, such as the impact of