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Mon, 25 Jul 2016 12:51:38 +0200
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-----Original Message-----



From:  Alan Prien, President FFOA



> 

> Communiqué from the United Nations Joint Staff Pension Board*

> 

> At the conclusion of the 63rd UN Joint Staff Pension Board meeting 

> that took place at the IAEA Headquarters in Vienna, Austria from the

> 14 - 22 July 2016; following seven days of presentations, 

> considerations and debates the Board drafted the following statement for immediate release.

> 

> Vienna, Austria: 22 July 2016 - The United Nations Joint Staff Pension 

> Fund is in a sound financial position and has a positive actuarial 

> status as confirmed by the Consulting Actuary and Committee of 

> Actuaries. As at 21 July 2016 the assets of the Fund were valued at 

> US$ 54.2 billion. The members of the Board want to reassure the 

> participants, the retirees and the beneficiaries that the Fund is able 

> to meet its pension and benefit payment obligations over the long term.

> 

> The Fund's investments adhere to the criteria of Safety, Liquidity, 

> Convertibility, and Profitability as established by the UN General 

> Assembly, and the long-term rate of return investment objective of the 

> Fund is 3.5%. This criteria and rate ensure that the Fund is invested 

> conservatively.

> 

> The Board recognized the adverse impact that the delayed payment of 

> pension benefits is having on some new retirees. Aware of the multiple 

> causes for these delays, the Board addressed the responsibility of the 

> Fund, and supported measures introduced by the Fund to improve 

> caseload processing and welcomed initiatives to strengthen client services and communications.

> The Board also took extraordinary measures, approving additional 

> temporary resources and accepting that the Fund look into making 

> provisional payments. The Board will continue to provide support to 

> the management of the Fund and will inform stakeholders of 

> developments as these delays are resolved.

> 

> The Board welcomed the establishment of the Fund's own financial rules 

> along with the updated investment policy (which includes strategic 

> asset allocation). In addition, the Board considered a range of 

> matters related to the Fund's administration, investments, and oversight.

> 

> The Board recognizes and supports the efforts and dedication of the 

> Fund's management and staff who fulfil, on a daily basis, a complex 

> mandate, serving over 126,000 participants and some 71,000 retirees 

> and beneficiaries.

> 

> The Board is confident that the Fund is safe and that the Fund's 

> future is secure. The Board will meet again in July 2017.

> 

> * The United Nations Joint Staff Pension Board administers the Fund 

> and is composed of three constituent groups representing Participants, 

> Governing Bodies and the Executive Heads with participation of 

> representatives of the Federation of Associations of Former 

> International Civil Servants and observers. There are numerous checks 

> and balances built into the governance of the Fund, including audits 

> by internal and external auditors and the Board's Audit Committee.

> 



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