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The 74th session of the Pension Board concludes

22 April 2023

The United Nations Joint Staff Pension Board held its 74th session virtually on 18-19 April 2023.

Below is a summary of the main issues discussed and decisions.

Performance of the Fund

Ms. Rosemarie McClean, the Chief Executive of Pension Administration, highlighted Pension Administration’s performance in the first months of 2023. She reported that 94.7% of the pension cases that are benchmarked have been processed within fifteen business days year to date. The monthly pension payroll has continued to be issued on time. Due to high inflation, the adjustment to periodic pensions on the US dollar track was 6.4% as of 1 April 2023.

Mr. Pedro Guazo, Representative of the Secretary-General for the investment of the assets of the Fund (RSG), reported that the value of the assets was recovering in the first months of 2023, having already returned 5% since 31 December 2022, reaching USD 82,3 billion. The performance of the assets remains above the benchmark of an annualized 3.5 per cent real rate of return over the long-term, ensuring the financial sustainability of the Fund.

Restoration in the case of deferred retirement benefits

At its 77th session, the U.N. General Assembly approved amendments to Article 1 and a new Article 24 bis of the Fund’s Regulations to allow for restoration in the case of deferred retirement benefits. The Chief Executive of Pension Administration presented to the Board certain issues that have arisen in preparing the implementation of measures  under Article 24 bis arising from the fact that this type of restoration has to be at no cost to the Fund.

The Board concurred with the principles developed by Pension Administration in order to implement restoration in the case of deferred retirement benefits and approved the related amendments to the Administrative Rules.

Review of Standing Committee procedure for appeal

The Board approved further improvements to the Standing Committee procedures following those adopted in 2016. The improvements include the introduction of forms for the filing of appeals, updating the Standing Committee’s procedures to explicitly address long-standing practices, such as anonymization, and streamlining the Fund’s Administrative Rules on appeals.

Review of judgements of interest to the Board

The Board reviewed two appeals considered by the United Nations Appeals Tribunal (UNAT or Tribunal) at its Fall 2022 session, related to pensions, 2022-UNAT-1277 and 2022-UNAT-1295.

The next Board session will be held in London (United Kingdom), 24-28 July 2023.

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