The United Nations Joint Staff Pension Board held its eighty-fourth session at the United Nations Office at Vienna (UNOV) and the United Nations Office on Drugs and Crime (UNODC), in Vienna, Austria, from 27 to 31 July 2026. The Board considered actuarial, governance, investment, benefits, administrative, financial and oversight matters relating to the United Nations Joint Staff Pension Fund (UNJSPF), and adopted decisions to support the Fund’s long-term sustainability, operational resilience and service to participants and beneficiaries worldwide.

Sound financial and actuarial position

The Board reviewed the thirty-eighth actuarial valuation of the Fund as at 31 December 2025. The valuation confirmed that the Fund remained in a sound financial position and reported that the contribution rate required to fund all future benefits remained within the Fund’s funding policy target.

The Board received the report of the Committee of Actuaries and noted its assessment of the Fund’s long-term solvency, including the potential impact of demographic developments and other relevant factors. In light of changes in the active participant population and broader economic and organizational developments, the Board emphasized the importance of ongoing monitoring, including next year’s Asset Liability Management (ALM) study.

Service delivery and modernization

The Chief Executive provided an update on the Pension Administration’s operational performance and strategic priorities, reporting sustained service results, progress under the CARE (Client focused, Action-oriented, Relations-builder, Efficiency-driven) Strategy and modernization across service delivery, client experience, governance and staff engagement.

The Board noted the progress being made in digital services, automation, ICT security, data management and ICT infrastructure, cloud-based operations, system modernization and enhanced digital services, as well as the use of targeted project resources, process improvements and artificial intelligence to help manage elevated workloads.

The Board expressed appreciation for the robust operational performance achieved despite the sharp increase in benefit processing sustained high volume of separations and ongoing organizational changes across the United Nations system.

Investment performance and management of Fund assets

The Board reviewed reports on the management of the Fund’s investments, including investment governance, risk management and oversight. Assets under management increased from US$95.4 billion as at 31 December 2024 to US$107.7 billion as at 31 December 2025, while the Fund’s 15-year real-rate of return of 4.21 per cent, exceeded the Fund’s long-term investment objective of 3.5 per cent.

Governance and risk management

The Board took note of the initial progress report of the Working Group to address the request from the General Assembly included in resolution 80/243 (section XII, OP.14).

It also reviewed the Fund’s enterprise risk management programme and noted progress in strengthening a unified risk framework across the Pension Administration and the Office of Investment Management. It welcomed ongoing work to embed risk management into daily operations, including through enhanced risk governance, risk appetite, operational risk, third-party risk and data protection monitoring.

Benefits and pension administration

The Board reviewed the impact of currency fluctuations on pension benefits under the two-track system, noting its ongoing role in protecting beneficiaries’ purchasing power, and took note of the review of the Special Adjustment for Small Pensions and the status of the Emergency Fund. The Board also considered proposed amendments to the Fund’s Regulations and Rules intended to address audit recommendations and clarify existing provisions.

Financial statements and budget matters

The Board approved the Fund’s financial statements for the year ended 31 December 2025 for submission to the General Assembly, noting the unqualified audit opinion issued by the United Nations Board of Auditors and the Fund’s solid financial position. It also recommended the proposed budget estimates of the Fund for 2027 in the amount of $177.4 million for approval by the General Assembly.

Oversight and audit

The Board reviewed reports from the United Nations Board of Auditors, the Office of Internal Oversight Services and the Board’s Audit Committee, noted progress in implementing oversight recommendations, and reaffirmed the importance of effective internal controls, accountability and transparency.