United Nations Joint Staff Pension Fund
The United Nations Joint Staff Pension Fund - also known by its acronym UNJSPF in English or CCPPNU in French- was established in 1949 by the General Assembly of the United Nations to provide retirement, death, disability and related benefits for staff of the United Nations and the other organizations admitted to membership in the Fund.
The UNJSPF is a multiple employer defined benefit plan. [1]
Key facts and figures
The UNJSPF was established by United Nations General Assembly resolution 248 (III) (passed on 7 December 1948) which came into effect on the 23 January 1949. As at 31 December 2021, it had 137,261 participants from 25 member organizations and served 82,312 retirees and beneficiaries, residing in more than 190 countries. The Fund pays benefits in 15 currencies. [2]
Performance of the investments
Net assets available for benefits at 31 December 2021 were US$91,459.6 million (2020: US$81,511.7 million).[3].
In June 2022, the value of the assets was estimated at US$78 billion.[4]
Solvency
The actuarial valuation as at 31 December 2021 reviewed this year by the United Nations Joing Staff Pension Board (UNJSPB), the Fund's governing body, reported a strong surplus. Even at the most recent estimated value of the portfolio, the Fund continues to be well-funded with the funding ratio still higher and stronger than in 2019, when the previous actuarial valuation was performed.[5][6]
Governance
The Fund’s Regulations and Pension Adjustment System are approved by the United Nations General Assembly, and the United Nations Joint Staff Pension Board (UNJSPB) approves the Rules of the Fund. The Fund is administered by the UNJSPB, the Chief Executive of Pension Administration, a staff pension committee for each member organization, and a secretariat to each such committee. [7]
The United Nations Secretary-General is responsible for the Fund's investments, which are managed through his Representative for the investment of the assets of the Fund (RSG) by the Office of Investment Management (OIM). Mr. Pedro Antonio Guazo Alonso (Spain/Mexico) has been the RSG since July 2020.
In 2018, the United Nations General Assembly, noting the dual role of the Chief Executive Officer (CEO) in administering the Fund and being secretary of the Pension Board, decided to replace the Secretary/CEO post by two distinct and independent positions: Chief Executive of Pension Administration (new name decided in 2019), to administer the Fund, and Secretary of the Pension Board. Both positions report to the Pension Board. [8][9]
| Year | Country | Name |
|---|---|---|
| 1950-1952 | Unknown | Mr. Bannerman Clark |
| 1953-1954 | United Kingdom | Ms. Mildred Riddelsdell |
| 1955-1958 | France | Mr. Jacques Isaac-Georges |
| 1958-1960 | Netherlands | Mr. Bernardus Tielman Twight |
| 1960-1963 | Netherlands | Mr. H.R. Wilmot |
| 1963-1983 | Israel | Mr. Arthur Liveran |
| 1983-1987 | United Kingdom | Mr. Anthony Mango |
| 1987-2000 | USA | Mr. Raymond Gieri |
| 2001-2012 | France | Mr. Bernard Cochemé |
| 2013-2018 | Mexico | Mr. Sergio Arvizu |
| Aug 2018 - Dec 2018 | USA | Mr. Paul Dooley (Acting CEO) |
| 2019 | USA | Ms. Janice Dunn Lee (Acting CEO) |
| 2020- | Canada | Ms. Rosemarie McClean |
In 2020, under the new leadership of Ms. Rosemarie McClean as Chief Executive of Pension Administration, the Fund adopted a new strategy aimed at simplifying the client experience, modernizing pension services and building a strong, global partnership.[10]
In 2022, the Fund received an award from the United Nations Secretary-General in the innovation and sustainability category for one of its flagship projects, the Digital Certificate of Entitlement (DCE). The DCE app allows retirees and beneficiaries to issue their yearly proof of life and residence through an app, instead of sending a paper form to the Fund. [11]
References
- ^ https://www.unjspf.org/wp-content/uploads/2022/07/Brochure-2022-for-website.pdf [bare URL PDF]
- ^ [1] page 96, paragraph 16
- ^ [2]
- ^ [3] page 13, paragraph 11
- ^ [4], chapter IV, page 15 and following
- ^ "Solvency of the Fund just reconfirmed by the 2021 actuarial valuation – a message from Rosemarie McClean and Pedro Guazo - UNJSPF".
- ^ https://www.unjspf.org/wp-content/uploads/2022/04/UNJSPF-Regulations-1-January-2022-11-February [bare URL]
- ^ "Ods Home Page" (PDF).
- ^ "Ods Home Page" (PDF).
- ^ "67th UN Pension Board session concludes, confirming the UNJSPF's good financial health - UNJSPF".
- ^ "UNJSPF Digital Certificate of Entitlement wins the UN Secretary-General Award for innovation and sustainability - UNJSPF".