Takes note of the report of the United Nations Joint Staff Pension Board for 2012,Error: Reference source not found in particular the actions taken by the Board as set out in chapter II.B of the report;
2
Endorses the recommendations of the Advisory Committee on Administrative and Budgetary Questions,Error: Reference source not found subject to the provisions of the present resolution;
Actuarial matters
3
Notes with deep concern the results of the actuarial valuation of the United Nations Joint Staff Pension Fund, which revealed a deficit of 1.87 per cent of pensionable remuneration as at 31 December 2011, which was the Fund’s second deficit, following that of 0.38 per cent of pensionable remuneration as at 31 December 2009, and in this regard emphasizes the need to make every effort to address the actuarial situation of the Fund to ensure its long-term sustainability;
4
Emphasizes the importance of the Fund meeting its target annual real rate of return of 3.5 per cent over the long term;
5
Welcomes the decision of the Board to establish a working group to consider possible measures to ensure the long-term sustainability of the Fund, and looks forward to receiving information on the findings and recommendations of the working group in the context of future reports of the Board;
Financial statements of the United Nations Joint Staff Pension Fund and report of the Board of Auditors
6
Notes that the Board of Auditors issued an unqualified audit opinion on the financial statements of the Fund for the biennium ended 31 December 2011;5
5See Official Records of the General Assembly, Sixty-seventh Session, Supplement No. 9 (A/67/9), annex X.
7
Also notes the improved status of implementation of the recommendations of the Board of Auditors by the Fund;
8
Further notes the progress made by the Fund in the implementation of the International Public Sector Accounting Standards;
Benefit provisions and pension adjustment system
9
Notes the advice of the consulting actuary and the Committee of Actuaries of the Fund that, given the serious impact that increased longevity has had on the actuarial situation of the Fund, raising the Fund’s normal retirement age to 65 would help to improve the actuarial situation of the Fund;
10
Authorizesthe United Nations Joint Staff Pension Board to increase the normal retirement age to 65 for new participants in the Fund, with effect not later than from 1 January 2014, subject to a decision of the General Assembly on a corresponding increase in the mandatory age of separation;
11
Concurs, in accordance with article 13 of the Regulations of the United Nations Joint Staff Pension Fund and with a view to securing continuity of pension rights, with the new transfer agreements of the Fund with the Organization for the Prohibition of Chemical Weapons and the African Development Bank, as approved by the Board and set out in annex XIV to its report, which will become effective 1 January 2013;
12
Approves new article 45 bis, as set out in annex XI to the report of the Board, which allows the Fund, in very specific circumstances, to pay a portion of a retiree’s benefit directly to the retiree’s former employing organization towards restitution in cases where amounts had been embezzled by the staff member from the organization;
13
Also approves the technical changes in the Regulations of the Fund and the pension adjustment system, as set out in annexes XI and XIII, respectively, to the report of the Board, in accordance with past decisions and amendments adopted by the Board and the General Assembly;
14
Takes note of the amendments to the Administrative Rules of the United Nations Joint Staff Pension Fund, as set out in annex XII to the report of the Board, to refine the Administrative Rules and align them with the Regulations of the Fund;
15
Recalls paragraph 21 of the report of the Advisory Committee on Administrative and Budgetary Questions, and in this regard stresses that any consideration by the Board of a medical standard for participation in the Fund should be in full compliance with the relevant provisions of General Assembly resolution 66/229 of 24 December 2011 on the Convention on the Rights of Persons with Disabilities and the Optional Protocol thereto;
Investments of the United Nations Joint Staff Pension Fund
16
Takes note of the report of the Secretary-General on the investments of the Fund and measures undertaken to increase diversificationError: Reference source not found and the observations of the Board, as set out in its report;
17
Recalls its resolution 33/121 B of 19 December 1978;
18
Requeststhe Secretary-General, as fiduciary for the investment of the assets of the Fund, to continue to diversify its investments between developed, developing and emerging markets, wherever this serves the interests of the participants and the beneficiaries of the Fund, and also requests the Secretary-General to ensure that decisions concerning the investments of the Fund in any country are implemented prudently, taking fully into account the four main criteria for investment, namely, safety, profitability, liquidity and convertibility, under the current volatile market conditions;
19
Encouragesthe Secretary-General, as fiduciary for the investment of the assets of the Fund, to continue to explore prospects in all markets, taking into account risk-return profiles and always applying sound risk management techniques, and taking fully into account the four main criteria for investment of the Fund.
