Pension Fund’s Chief Executive of Pension Administration (CEPA) letter about the new optional Digital Certificate of Entitlement, including information on how to enroll.
UNJSPF's nnouncement Step-by-step tutorial Launched on 27 January 2021
- End-of-year update from UNJSPF CEPA and RSG for Investments
- Report of the UN Joint Staff Pension Board, 67th session, 16 to 24 July 2020; A/75/9; Part One, Chapter XI, Governance; Part One, Annex XIV, Mosaic report
- Mr. Pedro Antonio Guazo Alonso appointed RSG for UNJSPF Investment on 29 July 2020
- 67th UN Pension Board session concludes, 26 July 2020
- Mr. Warren Sach, Chair, Pension Committee - Remarks at AFICS/NY Annual Assembly, held virtually, 23 June 2020
- Message from Chief Executive of UNJSPF and Acting RSG for Investments, 31 March 2020
- Resignation of RSG for investments of UNJSPF, 30 March 2020
- Message from the RSG on UNJSPF Investments, 27 March 2020
- Rosemarie McClean started on 2 January 2020 as the Chief Executive of Pension Administration at the UNJSPF
- Information on Pension Fund’s Investments from the RSG from a meeting with the Representative of the UN Secretary-General for the Pension Fund’s Investments (RSG) held at UN HQ on Wednesday, 13 November 2019.
- Report from the FAFICS delegation to the July 2019 Pension Board session in Vienna
- Statement by the Representative of the Secretary-General (RSG) at AFICS/NY Board meeting, held on 1 May 2019
- AFICS/NY Governing Board, at its meeting held on 1 May 2019, agreed on Policy Guidance on Pension Fund Governance issues (link to Policy)
- Note from Chair of UNJSPB on S-G's appointment of Ms. Janice Dunn Lee as Acting Chief Executive officer of UNJSPF as of 1 January 2019.
- 13 November 2018, AFICS/NY has received a note from FAFICS President Mr. Marco Breschi concerning receipt of the resignation letter of Sergio Arvizu, CEO, UNJSPF.
- Fifth Committee - Administrative and Budgetary Questions: consideration of the Report of the Joint Staff Pension Board on the work of its Sixty-fifth Session (26 July - 3 August 2018); A/73/9, A/C.5/73/3. Mr. Warren Sach, Co-Chair of the AFICS/NY Pension Committee reports that the Fifth Committee at its 9th meeting Tuesday morning, 30 October, amended its Programme of Work. Consequentially it has re-scheduled the formal introduction of agenda item 144, Pension matters, to 10.00 am on FRIDAY 9 November. This, like, all other formal meetings of the Fifth Committee will be webcast and will be open to all. UN webcasts are accessible via the UN webpage, UN.org; access to this webcast will also be available on the AFICS/NY’s Homepage via the LIVE WEBCAST panel.
The formal meeting is scheduled to be followed by a series of informal consultations beginning on Friday 9 November and continuing on through November and early December. The purpose of these informal meetings is to produce a draft resolution which the Committee can recommend for adoption by the General Assembly before the closing of the session in December 2018. Informal consultations are closed meetings which are open only to delegates accredited to the Fifth Committee. Relevant documents for agenda item 144 are highlighted in the Programme of Work and maybe retrieved directly online. The ACABQ report on the item is currently being drafted and will be available once the report has been completed and translated. The Programme of Work is constantly reviewed and will likely be updated several times during November and December.
Administrative and Budgetary Committee (Fifth Committee) - Frequently Asked Questions (FAQs)
Programme of Work & Status of Documentation of the 73rd Session (October – December 2018)
Webcast of Fifth Committee Formal Meetings
> In October 2018, FAFICS President Mr. Marco Breschi issued a Note for FAFICS Members regarding matters that have transpired since the FAFICS Council and the Pension Board meeting in Rome.
> On 4 Sept 2018, the Pension Board issued a Communique on the United Nations Joint Staff Pension Board 65th Session at FAO, Rome, Italy (26 July 2018 through 3 August 2018); copy is posted in the Pension Board panel below. The communique starts as follows:
It has not been normal practice for the Pension Board to issue a Communique at the conclusion of its annual session. However, with information on matters considered by the Board not being generally available until the release of the Sessional Report and the Report to the General Assembly, some two months after the Board, and the need of Board Members to report to their constituents in a timely manner, this Communique is being issued.
> The 2018 Certificates of Entitlement (CE), dated 31 May 2018, were dispatched to the Fund’s beneficiaries worldwide at the very end of the month of May and during the first days of June 2018, provided their benefit was in payment during the six months prior to 01 May 2018. Approximately 60,400 CEs were sent out via the UN Mailing and Diplomatic Pouch services. Normally, you can expect to receive your 2018 CE in the course of the months of June and July 2018, depending on your geographical location and local mailing services.
> Under the UNJSPF Pension Adjustment System, for monthly pensions on the US dollar track, there was a cost-of-living (COLA) increase of 2.2%, effective 1 April 2018. This increase was reflected in the monthly benefit paid by the Pension Fund at the end of April 2018.
> UN Secretary-General Antonio Guterres named Sudhir Rajkumar as Representative of the Secretary-General (RSG) for the investment of the assets of the United Nations Joint Staff Pension Fund (UNJSPF), effective 1 January 2018.
The UNJSPF website provides answers to the following questions:
- Who will receive the CE form and when?
- What action is required from you with regard to the annual CE Exercise?
- Who will NOT receive a CE?
- Can retirees and beneficiaries also access their annual CE online, inside their UNJSPF Member Self Service (MSS):
- What is the final deadline to submit the duly signed and completed annual CE?
- Where should I send my duly completed, dated and signed original CE form?
- What should you do in case you did not receive the May annual or September annual UNJSPF mailing of the curren year CE AND you cannot access your annual CE in MSS?
- How can you check that your “bar-coded” annual CE has been received by the Fund?
It is very important that YOUR OFFICIAL MAILING ADDRESS is always up to date in your UNJSPF records.
One of the main reasons some retirees and beneficiaries do not receive their annual CE is that they omitted to inform the Fund of changes in their official mailing address. It is important that you official mailing address is up to date in the Fund’s records so that the Fund’s mail reaches you. Please note that in case you change your official mailing address permanently, you can update your address online in your Member Self Service (MSS) under the ADRESS tab, provided you are NOT paid on the two track and provided your former and/or new address/es is/are NOT an official pouch address.
In case you cannot update your address online in MSS, please download form PF23/M from MSS, under the FORMS tab (where the form would be available pre-completed with your name and UID), or from the Fund’s website, and return the duly completed, dated and signed original form to the Fund, so we can update your address on your behalf.
Or, in case you cannot download form PF23/M from the Fund’s website, you must send us a letter with your names, your Unique ID (UID) or/and retirement number(s), your new official address, the date and your official ORIGINAL signature. The Fund will implement a change in mailing address only upon receipt of the ORIGINAL form PF23/M or letter; we do not accept to make changes based on emails or faxes.
For urgent matters (not related to non-receipt of a regular monthly benefit payment, or retiree or beneficiary death), or you have a question or need to contact the UNJSPF, they provide a secure online form. You are able to select the topic of your concern and submit any questions or inquiries you may have to them using this tool. You will receive a confirmation email after submitting the form that will provide some topic specific information that might be useful, with your submitted query also routed to the appropriate office in the UNJSPF for processing.
The UNJSPF website’s Urgent Assistance page addresses two urgent issues:
1. Non-receipt by a UNJSPF Retiree or Beneficiary of their regular monthly benefit payment from the Fund; or
2. Death of a retiree or beneficiary – how to notify the Fund.
Go to their website page for further details on how to proceed with submitting an Urgent Assistance message. For other urgent issues, you are directed to use the Fund’s online Contact Form.
UNJSPF has launched an initiative to establish Toll Free Numbers to directly connect Participant and Beneficiary callers to its Call Center from many countries world-wide, as well as the USA.
UNITED STATES OF AMERICA
For the list of all the Toll Free numbers that are now available for use in other countries, with Call Center service from 7am to 7pm (NY Time), go to their website. (Note: In certain countries, calls made to Toll Free Numbers through mobile phones may be subject to local charges.)
REGULAR POSTAL MAIL
United Nations Joint Staff Pension Fund
c/o United Nations
P.O. Box 5036
New York, NY 10163-5036
EXPRESS COURIER (DHL, etc.) OR REGISTERED MAIL
United Nations Joint Staff Pension Fund
37th floor, 1 DHP
885 Second Avenue
New York, NY 10017
For beneficiaries in receipt of periodic payments:
Update your mailing address only.
Payment instructions for Deferred Retirement Benefit (into payment).
INFORMATION FROM THE FUND
Understanding Payment Instructions
To change your payment instructions, you must submit a completed (signed and dated) original PF.23 form to the Fund which MUST have your original ink signature. If you have a personal email address, please include it on the Form as well. Note that the Fund cannot accept photocopies or email scans, nor accept requests for changes in payment instruction if submitted by cable, email or facsimile. Your pension record will be updated and the change reflected in the next payroll, provided the original PF.23 form is received at least a week before the payroll closes (which is usually around the 10th day of the month).
Which Form is Which?
- Participants who elected to defer their retirement benefit under Article 30 of the Fund’s Regulations and have now reached normal retirement age (or became eligible for an early retirement and wish to start receiving their reduced pension) must fill out and submit to the Fund the original Fund’s 23/A form.
- Retirees and/or beneficiaries who wish to change their payment instructions must complete, date and sign and submit to the Fund the original Fund’s 23 form.
- Retirees and/or beneficiaries who wish to change their official mailing address on file with the Fund, or who wish to submit a personal email address to be used for official communications with the Fund, must complete and submit to the Fund the original Fund’s 23.M form.
These three forms can be downloaded and printed from the Fund’s website. Also note that each of these official UNJSPF forms is available for download and printing in your Member Self-Service (MSS), where it will be automatically issued with your name, UID number and a bar code that will facilitate tracking upon receipt of the original form by the Fund.
UN Joint Staff Pension Fund (NY)
|1 (212) 963-6931||By Telephone|
|1 (212) 963-3146||By Fax|
|1 (833) 668-6931||Toll Free (USA)|
|Mondays to Fridays: 9:00 am - 5:00 pm||In Person Visits|
|No appointment is needed. Walk-in, register and a Client Service staff member will be with you.|
|1 Dag Hammarskjöld Plaza (37th floor)||Office Location|
|Corner of 48th Street and 2nd Avenue|
Each person in receipt of a benefit from the Fund must annually sign and complete a Certificate of Entitlement (CE), provided their benefit was in payment during the six months prior to 01 May of that year. The Fund uses the CE to verify the continuing eligibility of retirees and beneficiaries to the benefits they are receiving. The CE with the retiree’s/beneficiary’s original signature/thumbprint must be returned to the Fund as soon as possible and no later than 31 December to avoid the risk of a benefit suspension. The CE can be returned to either the Geneva or New York offices.
Further information and updates concerning the CE mailing will continue to be posted on the UNJSPF page, and you are urged to regularly visit the Certificate of Entitlement page for updates.
ONLINE ANNUAL CE
Most retirees and beneficiaries can now also access their annual CE online, inside their UNJSPF Member Self Service (MSS).
All retirees and beneficiaries, whose benefit is NOT paid on the two track*, have the option to view and print their barcoded 2018 CE form inside their Member Self Service (MSS) under the DOCUMENTS tab. This barcoded CE form is referred to as the “MSS CE” and is a valid CE form. To access or register for MSS, please follow the instructions provided on the MSS web page.
Should you choose to print the MSS CE form, please note that the physical form carrying your original signature and the signature date in blue ink must be mailed back to the Fund. If you choose to return the MSS CE to the Fund, there is no need to also return the CE form that the Fund mailed to you, as only one duly dated and signed barcoded annual CE form needs to be returned to the Fund to comply with the annual CE Exercise requirements. The Fund does NOT accept copies of the CE form.
* If your benefit is paid on the Two Track, you will not be able to view and download an online 2018 CE form from MSS. In line with audit requirements, the CE form for a retiree or beneficiary on the Two Track must be addressed by postal mail only to their current official mailing address on file with the Fund; this process serves as a verification that you continue to reside in the country of residence declared for two track purposes.
What is the Cost of Living Adjustment?
Your initial benefit is adjusted over time for movements of the consumer price index in the United States or for your country of residence. This means that if the consumer price index moves by 2% or more, the amount of your pension benefit will be adjusted based on the cost of living in your country of residence.
Why could the Monthly Benefit fluctuate?
Variations in your monthly benefit amount are most likely due to one of the following reasons:
> Monthly After-Service-Health-Insurance (ASHI) premium deductions
If you have opted for After Service Health Insurance (ASHI) premiums to be deducted directly from your monthly pension entitlement, variations in your monthly benefit amounts can be due to fluctuations in the monthly premium amounts deducted by ASHI. As the Fund has no authority and no insight into ASHI matters, which are handled by the UN Health and Insurance Section (not the UNJSPF), we are unable to provide detailed information on how such premiums are constituted. Therefore, we invite you to directly contact ASHI and inquire about details. Please address your ASHI email communications to: firstname.lastname@example.org. Or, you may wish to contact ASHI directly through a ‘Contact Us ticket’ available on the UN Health and Life Insurance website at the following link: http://www.un.org/insurance/inquiries.
> Bank Charges
There may be charges applied by your bank.
> Discontinuation of Child Benefit
If you were in receipt of a child’s benefit from the Fund, paid together with your own pension benefit, and your child reached the age of 21, you will notice a reduction in your monthly pension benefit amount, as of the month following that during which your child turned 21.
< Answers to Common Questions by the UNJSPF>
> Why have I not received my initial benefit payment?
The UNJSPF makes every effort to process benefits within 15 days of receipt of all required documentation. Your pension payment may be delayed because your employing organization has not yet submitted the necessary documents. Check with your employing organization to make sure they have submitted the Separation Personal Action Form (SEPPA) indicating your official date of separation and the original Separation Notification form PF4 issued and submitted to the Fund by the Payroll Office of your employing organization and signed by an authorized payroll or finance officer, and detailing your pensionable remuneration and contributions since the end of the previous year. Your pension payment may also be delayed because you have not submitted or have been delayed in submitting your original Payment Instructions. Please check with your member organization before contacting the Fund about delays in pension payments.
> Why did I not receive my benefit this month?
If your benefit is already established, a delay could be due to the Fund not receiving your annual Certificate of Entitlement, a change in your bank information, or a banking error. The Fund issues periodic pension payments at the very end of each month for which they are due. It can take up to 10 business days for the monies to reach your account from the date the payment was issued by the Fund. If this is your first benefit payment, a delay could be due to missing forms from your employing organization. Check with your employing organization to make sure they have submitted the Separation Personal Action Form (SEPPA) indicating your official date of separation and the original Separation Notification form PF4 issued and submitted to the Fund by the Payroll Office of your employing organization and signed by an authorized payroll or finance officer, and detailing your pensionable remuneration and contributions since the end of the previous year.
> How do I change my payment instructions or banking information?
To change your payment instructions you must submit a completed, original PF.23 form to the Fund. Please note the Fund must receive the PF.23 form with your original ink signature and cannot accept photocopies or email scans. Your pension record will be updated and the change reflected in the next payroll, provided the original PF.23 form is received at least a week before the payroll closes (which is usually around the 10th day of the month). For more information click here, or continue reading.
> What is my UNJSPF Unique Identification Number (UID) and how do I request it?
Your Unique Identification Number (UID) is a nine-digit number given to all Fund members as a personal pension number forever. Always reference your UID in communication with the Fund. You must always include all nine digits and use the UID number in its entirety on the IPAS system, even if your Unique Identification Number starts with zeroes (for example, 001234567). If you are unsure what your UID is in the new system, you can request your UID from the Fund by emailing RequestUIDonly@unjspf.org.
> What is the Member Self-Service (MSS) and how do I register?
Member self-service provides annually up-to-date information about members’ accounts with access to Annual Pension Statements, estimation tools, and Certificate of Entitlements (CE), and much more. To create a Member Self-Service account you need to have your UID, your last name as it is written in official documents and is registered at the UNJSPF, your date of birth, and an e-mail account. You can access the set-up process at this link or get more information at our Member Self Service Site. For step by step instructions, check out our video “Setting up your Member Self Service Account”.
> Where do I find information about taxation of UNJSPF benefits?
Information on your own contributions and those of your former employing organization is provided to you in the benefit entitlement letter that is sent to you as soon as your first benefit payment has been processed. If you should misplace the letter, you may request a copy of the letter to be sent to you. Please note that each country determines, based on its own relevant national tax legislation and policies, whether and to what extent UNJSPF pensions are subject to national taxation.
The Fund makes no tax reimbursements to its beneficiaries under any circumstances. Any reimbursement of national income taxes that may be payable on certain UNJSPF benefits is done by the former employing organization. For authoritative advice on tax issues, you should consult your local tax authority or an attorney or accountant who specializes in such matters, or, possibly, consult with the UN Tax Unit where colleagues may be in a position to provide answers. We cannot address tax-related queries because taxation is not within the UNJSPF’s scope or authority. Fiscal periods and national tax laws relating to pensions are exceedingly complex and subject to frequent changes. As a result, the Fund is unable to maintain up-to-date familiarity with this field and unable to give advice to participants regarding taxation. However, the UN Office of Legal Affairs does provide general information about taxation of UNJSPF benefits in our Guide to National Taxation of United Nations and Tax Qualification Letter issued by the US Department of Treasury.
< Click HERE for the Association’s List of Accountants.>
> How can I obtain financial advice from the Fund?
The Fund does not provide financial advice. Please seek the assistance of a qualified specialist.
> Does the Fund accept enduring “powers of attorney” or affidavits in any cases?
No, the Fund does not accept “powers of attorney” or affidavits (even if the affidavits were approved by national courts). Additionally, the Fund does not accept third parties appointed by means of powers of attorney or affidavits. For more information on legal guardianship and estate, check out our comprehensive page on legal guardianship and estate.
< Click HERE for the Association’s List of Attorneys.>
> What happens if I, as the main beneficiary, die? How should survivors inform the Fund?
Upon the death of a retiree or beneficiary, a family member or other representative must notify the Fund as soon as possible and provide a certified copy of the retiree’s official death certificate. The Fund will then determine what survivor’s benefits are payable. A late notification of the death of a retiree receiving benefit payments can lead to overpayments that will need to be recovered from the retiree’s estate or from benefits payable to his/her survivors. Click here for more information about Survivor’s Benefits.
> What do I do if my spouse or dependent child dies?
You must notify the Fund as soon as possible and provide a death certificate so that your family situation can be updated in your Pension Fund records and appropriate action can be taken.
> How do I obtain a status update about a survivor’s benefit?
If you have already submitted payment instructions and have sent an official death certificate, contact us.
> What if I am unable to manage my beneficiary affairs due to ill health or infirmity due to advanced age? How can I apply to assign Legal Guardianship?
The Fund requires that beneficiaries affix an original signature on all Fund forms. Therefore, if you are unable to sign or manage your financial affairs, the Fund requires the appointment of a legal guardian to act on your behalf. In order for the Fund to recognize a legal guardian to act on your behalf, you must submit a full copy of the appropriate judicial authority’s decision to appoint a legal guardian for the management of your financial or pension related affairs, the contact details of the legally appointed guardian, and a copy of the passport or official identification document of the legally appointed guardian that bears the owner’s photograph and signature. All documents must be in English or French or accompanied by a professional translation. For more information on legal guardianship and estate, continue reading or check out our booklet on Legal guardianship and estate.
> If I am re-employed by a member organization of the Fund after previously retiring am I still eligible for a monthly benefit?
If you are re-employed for 6 months or longer, you will automatically become a participant of the Fund once again and payment of your benefit will be suspended. When you separate from this re-employment, payment of your previous benefit will resume but you will not receive any additional payment for the period during which your benefit was suspended. You may opt for a withdrawal settlement or a second periodic benefit in regard to your re-employment and second period of participation, even if the period of additional employment was for less than 5 years. Click here for more information on re-employment.
GA & Related Documents
The Pension Board is the main oversight, policy-making and decision-making body of the UNJSPF. The Pension Board has the ultimate responsibility for the administration of the Fund and protects the best interest of the UNJSPF participants and beneficiaries (meeting the current and future pension promise) by setting strategic goals and policies, providing general oversight and monitoring.
The Pension Board has 33 members, reflecting a participatory governance structure: its tri-partite membership includes representatives of (i) governing bodies, including GA members, (ii) executive heads, including the United Nations Secretary-General, and (iii) participants’ group (elected by staff members). In addition, there are six non-voting representatives of the retirees and other beneficiaries from the Federation of Associations of Former International Civil Servants (FAFICS) on the Pension Board. Staff unions/associations attend Board sessions as observers. This structure ensures equity and inclusiveness of those who are affected by the Board’s decisions and actions, e.g., staff, retirees and beneficiaries, member organizations, Member States and other stakeholders.
The Pension Board meets annually and reports to the General Assembly on strategic questions and policy matters regarding the management of the Fund, the Fund’s budget, plan design issues and its long-term financial situation. In order to make fully informed decisions, to attain sufficient expertise, and to fulfill its responsibilities, the Pension Board has delegated some of its authority to its subcommittees who meet more frequently.
The Secretary-General was entrusted with the fiduciary responsibility for investment of the assets of the UNJSPF, in accordance with Article 19 of the Regulations of the Fund. The Secretary-General has delegated his fiduciary responsibility for the UNJSPF to the Representative of the Secretary-General (RSG). Mr. Sudhir Rajkumar, appointed as RSG effective 1 January 2018, reports directly to the Secretary-General. The RSG is supported by the staff of the Office of Investment Management, and he is advised by the Investments Committee. Additional resources include consultants and nondiscretionary advisors.
The majority of the Fund’s assets are internally managed by the staff of the Office of Investment Management. Staff members include, but are not limited to, portfolio managers, analysts, traders, operations and IT support, risk managers and compliance officers. All UNJSPF staff are subject to the United Nations Staff Regulations and Rules. The RSG adheres to the criteria for UNJSPF investments, which were set forth by the UN General Assembly, including Safety, Liquidity, Convertibility and Profitability. The assets are invested accordingly and are diversified by country, currency, security and sector.
For current information on value of assets, performance attribution and investment policy go to the Investments site:
* Terms of Reference *
The Audit Committee provides the Pension Board with assistance in fulfilling its oversight responsibility relating to: (a) the performance and independence of the internal audit function; (b) the accounting and financial audit reporting processes of the Fund; and (c) adherence to the Fund’s Internal Audit Charter, and the UNJSPF Regulations and Administrative Rules relating to audits. It consists of nine members appointed by the Board: six reflecting the tripartite composition of the Board (Governing Bodies, Executive Heads and Participants groups); two independent expert members; and a FAFICS representative. The term of Committee members is four years and they may not be selected for consecutive terms. The Committee meets three times per year and submits a report to the annual session of the Board.
Mr. Rahul Bhalla (2015-2018)
Mr. Dennis Thatchaichawalit (2016-2019)
Mr. Tom Repasch, Chair (2015-2018)
Mr. Alejandro Henning (2016-2019)
Ms. Aïssatou Ndiaye-Dieng (2017-2021)
Mr. Eric Voli Bi (2016-2019)
Ms. Aline Vienneau (July 2014-July 2018)
Ms. Beatriz Sanz Redrado (July 2016-July 2020)
Ms. Hazelien Featherstone (July 2016-July 2020)
* Review of PF Investment Operations *
The Assets and Liabilities Monitoring Committee (ALM Committee) assists the Pension Board in carrying out its responsibility for the overall management of the Fund. The ALM Committee works with the support of the Fund’s management, the Investments Committee, the Committee of Actuaries and the Consulting Actuary to monitor the solvency of the Fund and to provide advice and recommendations to the Board with regard to risk management, funding policy, asset-liability management and investment policy.
Mr. Jeff Kobza (2017-2021)
Ms. Theresa Panuccio (2018-2022)
Mr. Otavio Briones (2017-2021)
Mr. H.E. Mr. Philip R. O. Owade (2018-2022)
Mr. Florian Leger (2017-2021)
Ms. Kathrin Bruchmann (2018-2022)
Mr. Marashetty Seenappa (2017-2021)
Mr. Warren Sach (2018-2022)
Every two years, an actuarial valuation for the Fund is completed by the Consulting Actuary. The valuation provides the present and future liabilities of the Fund and compares that to current and projected Fund assets, respectively. Valuations are performed using economic assumptions such as inflation and investment return and demographic assumptions for projecting participant growth, mortality, separation, and disability.
Actuarial services are provided by Buck Consultants LLC. A Committee of Actuaries, consisting of seven independent actuaries, is also appointed on the recommendation of the Pension Board. Its members are selected from the five different regions of the world. The Committee’s function is to review the actuarial results and advise the Board on actuarial questions arising out of the operations of the Fund’s Rules and Regulations.
The actuarial valuation as of 31 December 2017 indicated a small actuarial deficit of 0.05% of pensionable remuneration. As noted by the pro-bono Committee of Actuaries, this is the second consecutive actuarial valuation (31 December 2015: 0.16% surplus) in which the Fund remains very close to actuarial balance. Given margins of error and assumptions in actuarial valuations, these results are substantively in balance. This is what the Board aspires to; since 2003, all actuarial valuations have remained within the margins approved by the Board of plus or minus 2% of pensionable remuneration from the point of actuarial balance. The Board’s Assets and Liabilities Monitoring Committee confirmed that the Fund continues to be well-funded. (per Communiqué on 65th PB Meeting)