The Board convened for its 83rd session from 22 to 24 April 2026 to consider organizational and governance matters, receive updates on pension administration, benefits delivery and investment management, and advance preparatory work on issues to be considered at the July Board session, including matters mandated by the United Nations General Assembly.

Strong service delivery amid sustained demand

The Board reviewed current pension administration performance and noted that demand for pension services has remained at record levels in 2026, while service delivery has continued to be strong, with benefits processed and paid on time despite sustained pressure. The Board took note of an 8 per cent decline in active participants, alongside a 5 per cent increase in benefits payment as of 31 December 2025. These demographic developments remain within the range of scenarios that will be examined as part of the actuarial valuation to be presented to the Board in July.

The Board also welcomed continued progress in modernization initiatives, including expanded digital self service, automation, and efficiencies in processes, which improve transparency for participants, strengthen predictability in service delivery, and support operational resilience during periods of elevated demand.

Resilient Fund investment performance

The Representative of the Secretary-General for the investment of the assets of the UNJSPF (RSG) briefed the Board on investment performance as of 28 February 2026. Assets under management reached USD 110.1 billion and the Fund achieved a nominal return of 11.8 per cent over the three-year period and a 15-year real return of 4.2 per cent, exceeding its long-term investment objective of 3.5 per cent. The RSG updated the Board on the impact of the geopolitical tensions in the Middle East and increased market volatility, which generated a short-term negative impact on the portfolio of approximately 5 per cent in March, with assets recovering to end-February levels as of 20 April. The Fund maintained its strategic asset allocation and implemented prudent risk and cash management measures. The Office of Investment Management continued advancing key medium-term initiatives, including progressing a Total Portfolio Approach feasibility study, with key outcomes to be presented to the Investments Committee in June and to the Board in July.

Organizational matters

The Board considered upcoming vacancies within its Committees and took steps to ensure continuity.

Governance matters

The Board advanced its ongoing governance review process and received an update from the Fund Solvency and Assets and Liabilities Monitoring Committee on an external review of its working methods noting that further progress will be reported at the July 2026 Board session.

The Board approved the terms of reference and composition of a working group established to address the request from the General Assembly, under resolution 80/243 (section XII, OP.14). The working group will comprise representatives from each of the Board’s three constituent groups plus representatives from FAFICS, report progress annually to the Board, and submit a final report to the Board in 2028. The Board will update the General Assembly on progress in its next annual report.

Other updates

The Board took note of proposed amendments to the Fund’s Regulations and Rules intended to address audit observations and to clarify various provisions without altering the benefits framework. These amendments will be submitted to the Board for approval at the July 2026 session.

Pursuant to the Fund’s Rules of Procedure, the Board considered matters relating to the appointment of its Medical Consultant and, recalling established practice, agreed to continue the arrangement whereby the United Nations Medical Director serves as Medical Consultant to the Board.

The Board also took note of recent analysis concerning the application of paragraph 26 of the Pension Adjustment System relating to country suspensions and reinstatements under the two track system.

Closing of the session

The Board expressed appreciation to its officers, the Pension Administration, the Office of Investment Management, and the secretariat of the Board for their work in supporting the session and advancing the Board’s work.