Dear UNJSPF Participants, Retirees and Beneficiaries,

As we begin a new year, we want to look back at 2025 and provide an outlook for 2026.

The United Nations Joint Staff Pension Fund (UNJSPF or the “Fund”) remains financially strong and steadfast in its mission to ensure pension security to those we serve. Regular actuarial studies confirm that the Fund can meet all its obligations to current and future beneficiaries well into the future.

Preliminary figures show the Fund’s assets valued at US$107.01 billion as at 31 of December. The preliminary nominal rates of return were 11.8% (3-year period) and 6.9% (15-year period). After adjusting for inflation, the corresponding real rates of return was 4.2% (15-year period), with the 15-year return comparted to the real return target of 3.5%.

2025 marked our busiest year for benefits processing. Over 95% of benchmarked benefits were successfully processed within 15 business days once all required documents were received from the respective employing organization.

Monthly pension payrolls were issued without fail, and cost-of-living adjustments were applied promptly to protect purchasing power during a period of high inflation. The Digital Certificate of Entitlement app enabled more than 44,000 retirees and beneficiaries (nearly 60% of the eligible population) to submit proof of life digitally, reducing paper use and mailing costs while improving efficiency and security measures.

On 30 December 2025, the United Nations General Assembly (UNGA) adopted its latest resolution A/RES/80/243 requesting the Pension Board to conduct a holistic review of the UNJSPF pension scheme, as part of the broader UN80 reforms. This review will explore:

• Options for pension scheme designs, such as defined contribution and hybrid schemes
• Adjustments within the existing scheme
• Measures to lower contributions while maintaining the sustainability and respecting accrued pension rights

The Pension Board is expected to present its report on these options during the General Assembly’s eighty-third session in 2028. These discussions do not affect the Fund’s ability to pay benefits or its financial stability.

The Fund will focus on the following in 2026:

• Consider the results of the 31 December 2025 actuarial valuation, as part of its regular two-year cycle;
• Prepare for the next Asset Liability Management (ALM) study, a critical exercise to align our investment strategy with our long-term obligations;
• Progress feasibility study for Total Portfolio Approach (TPA) to assess options for improving the Fund’s investment model;
• Implement the Fund’s 2026 administrative budget of $168.46 million, approved by the General Assembly, reaffirming its oversight role and commitment to the Fund’s long-term sustainability;
• Maintain our strong performance in meeting the evolving needs of our clients while modernizing our systems to further enhance efficiency, resilience and accessibility.

Together with the Fund’s 25 member organizations and dedicated UNJSPF staff, we remain committed to serving you. Thank you for your trust and best wishes for 2026.

Rosemarie McClean is the Chief Executive of Pension Administration and Robert van der Zee is the Acting Representative of the Secretary-General for the Investments of the UNJSPF assets.