United Nations Joint Staff Pension Fund Pension Details and Tax-Free Payouts

The United Nations Joint Staff Pension Fund offers a comprehensive pension plan to its eligible members.

Eligible members can retire with a monthly pension, which is calculated based on their salary and years of service.

The pension is tax-free, and members can also receive a lump-sum payment, also tax-free.

Members can choose to receive their pension in a variety of currencies, including the US dollar and the euro.

The pension fund is designed to provide a secure retirement income for its members, and it has a long history of stability and growth.

The United Nations Joint Staff Pension Fund's investments have seen significant fluctuations in value. Net assets available for benefits at 31 December 2021 were US$91,459.6 million.

This is a substantial amount, but it's worth noting that the value of the assets decreased to an estimated US$78 billion by June 2022.

The investment performance over the past year has been quite impressive. Net assets available for benefits at 31 December 2021 were US$91,459.6 million.

As of June 2022, the estimated value of the assets dipped to US$78 billion.

The Joint Pension Fund is a valuable resource for managing your pension benefits. You can find everything you need on the UNJSPF website, including the latest administrative forms and the Fund's Rules and Regulations.

To access your pension information, you can use the Member Self-Service (MSS) portal, which was launched in August 2016. This tool provides access to your pension account information, including a historical record of disbursements made by the Fund.

You can view your annual statement and complete benefit estimates on your own through the MSS portal. The first stage of the 2017 Certificate of Entitlement (CE) Exercise has been carried out, and all CEs were despatched to retirees and beneficiaries worldwide in June 2017.

A new Unique Identification Number (UID) has been generated for all individuals in the Fund's database, replacing the two IDs previously in use. This 9-digit UID will be used to access your account through the MSS portal.

To request your UID, you can email [email protected] with your full name, the name of your last employing organization, and your five-digit alphanumeric Retiree number. Once you have received your UID, you can register for the MSS portal and access your account information.

A unique perspective: Joint Account

Argentina grants tax exemption for UN pensions, whether paid as a lump sum or as a monthly income.

In Asia, Bahrain, India, and Kuwait also exempt UN pensions from national income taxation.

Austria, Cayman Islands, Malta, and Monaco in Europe, as well as Fiji, New Zealand, Samoa, and Uruguay in other regions, also offer tax-free UN pensions.

Here is a list of countries that grant tax exemption for UN pensions:

Colombia, Costa Rica, and the Dominican Republic are other countries that exempt UN pensions from national income taxation.

The United Nations Joint Staff Pension Fund has a robust governance structure in place to ensure the effective administration of the Fund. The Fund's Regulations and Pension Adjustment System are approved by the United Nations General Assembly.

The Fund is administered by a team of dedicated professionals, including the UNJSPB, the Chief Executive of Pension Administration, staff pension committees for each member organization, and a secretariat to each such committee. This team works together to oversee the Fund's operations and make key decisions.

Discover more: Staff Augmentation

Here's a brief look at the leadership of the Fund over the years:

To be eligible for a UN pension, you need to have at least five years of contributory service. The age requirement is that you must be at or above the normal retirement age at the time of separation.

The UNJSPB's review of the actuarial valuation as of 31 December 2021 showed a strong surplus.

The Fund's governing body reported a surplus, indicating a positive financial situation.

The funding ratio is still higher and stronger than in 2019, when the previous actuarial valuation was performed.

The United Nations Joint Staff Pension Board (UNJSPB) plays a crucial role in administering the Fund. It's responsible for overseeing the Fund's Regulations and Pension Adjustment System, which were approved by the United Nations General Assembly.

The Board has a staff pension committee for each member organization and a secretariat to support each committee. This ensures that the Fund's operations are well-coordinated and efficient.

The United Nations Secretary-General is in charge of the Fund's investments, which are managed through the Office of Investment Management (OIM). Mr. Pedro Antonio Guazo Alonso has been the Representative for the investment of the assets of the Fund (RSG) since July 2020.

Here's a list of the Secretaries of the United Nations Joint Staff Pension Board and Chief Executive Officers from 1950 to 2020:

In 2020, under the new leadership of Ms. Rosemarie McClean, the Fund adopted a new strategy to simplify the client experience and modernize pension services.

Here's an interesting read: A16z New Fund

Leading the way to effective governance requires a clear understanding of the key principles.

Good governance is often associated with transparency, accountability, and the rule of law.

Effective governance models prioritize the needs of citizens, ensuring that their voices are heard and their rights are protected.

The World Bank's definition of good governance highlights the importance of participatory decision-making.

Consider reading: Fund Governance

The UNAT's jurisdiction is quite specific, and it's limited to hearing appeals of decisions made by the Standing Committee. This is exactly what happened in the 2015-UNAT-607, Zakharov case, where the staff member's appeal was remanded to the Standing Committee because it hadn't been reviewed by them first.

A serious violation of due process rights occurred when the UNJSPB didn't submit the staff member's appeal to the Standing Committee, depriving him of access to the appeals process. This is a crucial aspect of governance within the UN system.

The UNAT held that it had no jurisdiction to hear the appeal because it was outside its scope, and that's why the case was remanded to the Standing Committee for further review.