The Board convened for its eighty-second session from 25 to 27 February 2026 to review key mandates, address its annual organizational responsibilities, and set the course for its work in the year ahead.

Election of new leadership for 2026

At the opening of the session, the Board appointed its officers for 2026 in line with its established rotation schedule.

• Chair: Ms. Kathryn Alford (Executive Heads)
• First Vice Chair: Mr. Paul de la Croix Vaubois (Participants)
• Second Vice Chair: Mr. Jörg Stosberg (Governing Bodies)
• Rapporteur: Ms. Claude Hennetier Rossier (Executive Heads)

The Board expressed appreciation to the outgoing officers for their service.

Strong service delivery and modernization progress

The Chief Executive of Pension Administration presented the Fund’s operational results for 2025. Despite a significant rise in separation volumes, the Fund processed over 23,000 benefits (a 33 percent increase from 2024), with 95.5% of cases completed within 15 business days of receipt of all documents. Client outreach has continued to expand with in-person briefings and virtual sessions reaching over 60,000 beneficiaries and participants during 2025, together with an expanded digital presence available to all clients.

Ongoing modernization initiatives, including a new client relationship management system, automation of separation processes, and wider adoption of the digital certificate of entitlement, continue to strengthen efficiency and client experience.

Long-term investment performance remains solid

The Representative of the Secretary-General for the investment of the assets of the United Nations Joint Staff Pension Fund briefed the Board on investment performance. As of 31 December 2025, assets under management reached USD 107.4 billion. In 2025 the Fund delivered a nominal return of 13.3% contributing to a 15-year real rate of return of 4.2%, above the long-term investment objective of 3.5% established in the Investment Policy Statement. He outlined continued work on responsible investment, enhanced data and AI governance, and long-term strategic initiatives, including the forthcoming Asset Liability Management study.

2026 priorities and governance updates

The Board reviewed its workplan for 2026, which includes upcoming items such as the actuarial valuation as at 31 December 2025, a review of the Fund’s pension scheme, updates on governance and committee matters, benefit system updates, investment and financial reporting items, ICT system updates, and preparations for the April and July sessions.

As part of its governance responsibilities, the Board approved appointments to the Standing Committee and other committees and working groups, requested nominations for upcoming vacancies, and thanked outgoing members for their service. It also acknowledged the ongoing work of the Governance Review Working Group.

The Pension Board discussed the General Assembly’s request in paragraph 14 of Section XII in resolution 80/243 which calls for a review of the pension scheme:

“Notes the financial constraints affecting the United Nations and ongoing reform initiatives, and, on the basis of the forthcoming actuarial valuation, asset liability management study and mortality studies, invites the Pension Board to review the pension scheme holistically, including the Pension Adjustment System, and to assess options for pension scheme designs, such as defined contribution and hybrid schemes as well as adjustments within the existing scheme, that lower contributions, maintain the sustainability and long-term viability of the Pension Fund and respect accrued pension rights, and requests the Pension Board to provide to the General Assembly, at its eighty-third session, a report outlining such options, and to update the General Assembly on progress in its next annual report”.

The Board agreed that the review will be carried out by a newly established working group. To prepare for this review, the Board will develop a detailed proposal for its April 2026 session on the composition of the working group, its scope of work, required internal and external expertise, an indicative timeline aligned with the Board’s intention to report annually, and estimated associated resource implications. 

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 supporting the session.