United Nations Joint Staff Pension Fund · 2018-10-22 · Investment performance above 3.5% real is...
Transcript of United Nations Joint Staff Pension Fund · 2018-10-22 · Investment performance above 3.5% real is...
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United Nations Joint Staff Pension Fund
Status of the Fund
Presentation by Mr. Paul Dooley
Deputy CEO
June 2018
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2
Background
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✓ In 2018, the Fund is in a good financial position
✓ The Fund is processing 80% of cases within the same month it receives
them.
✓ Many new initiatives have been implemented: Call center, new member
self-service and dashboard, liaison office in Nairobi, expanded outreach
activities, increased processing rates, agile approach, new website, etc.
Progress since 2005
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Solvency
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Historical differences between required and actual contribution rates
Negative trend Reversed by technical actions
Working Group on Sustainability. NAR 65. ALM Committee. Committee of Actuaries “triggers”, etc.
• Actuarial valuation as of 31 December 2017 under way. Results will be presented
to the Board in July.
• Good investment performance in 2017 is expected to have a positive impact.
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Operational Overview
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Participant, retirees and
beneficiaries growth
• The UNJSPF population reached 205,000 in 2017 (127K participants and 78K retirees and
beneficiaries)
• Retirees/Beneficiaries increased by 86% since 1998, Active participants increased by 76% since
1998
• Number of actives per retiree declined from 3.12 to 1.60 from 1980 to 2017, meaning that the
Fund is maturing. Investment performance above 3.5% real is key to remain solvent.
• Retirees/beneficiaries require more resources to service than active participants.
68,9
35
74,4
32
80,0
82
82,7
15
85,2
45
88,3
56
93,6
83
98,4
31
106,5
66
112,8
04
117,5
80
121,1
38
120,7
74
121,0
98
120,2
94
122,7
59
126,8
92
128,2
62
126,7
36
46,1
99
48,0
69
49,4
16
51,0
28
52,4
96
53,8
79
55,1
40
56,7
18
58,0
84
59,9
45
61,8
40
63,8
30
65,3
87
67,6
77
69,9
80
72,3
67
71,4
74
74,7
88
78,2
47
0
50,000
100,000
150,000
200,000
250,000
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Growth in participants, retirees and other beneficiaries since 1998
Active Retirees and Beneficiaries
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Progress in benefit processing
Since October 2017, resources allocated to: i) processing initial separations; ii) processing other types of cases, including revisions and recalculations; iii) review of cases with issues or missing documents; and iv) year-end review.
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Benefit Processing Benchmark Target: 75% initial separations benefits processed within 15 business days from receipt of documentation
<=15 days Aug-Dec 2015 2016 2017 2016-2017
Cumulative 13.5% 27.2% 58.6.1% 42.2%
Progress in benefit processing
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Monthly benefit processing time
Note: Includes initial separation benefits only.
32
4243
41
49
55
59
5049
52
42
27
34
30
28
21
16
19
14 14 14
109
109
10
8
10
12
5
15
25
35
45
55
65
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Benchmark 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15
Median* 32 42 43 41 49 55 59 50 49 52 42 27 34 30 28 21 16 19 14 14 14 10 9 10 9 10 8 10 12
UNJSPF Benefit Processing Time Benchmark Monthly (Median) Aug 2015 - Dec 2017
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Enhanced client servicing
The Fund enhanced and introduced new client services
mechanisms to ensure client queries are addressed in a
timely fashion.
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Enhanced client servicing
Current Status
Walk-ins 100% walk-ins served
Telephone
calls
80% telephone calls answered
100% of death-related calls addressed
Emails
answered
Immediate automated response to all emails
New online Contact Form - Emails buckets (categorization)
80% emails handled within 15 business days
Enhanced
Member
Self-service
Launched August 2016
89,187 registered users:
64,434 participants
24,753 beneficiaries
Estimates, separation documents, real time updates on account,
address updates online for retirees/beneficiaries on two track,
annual CE can be downloaded for non two-track cases and its
receipt tracked
Website New, more user friendly website – launched August 2016
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Enhanced client servicing
In person Outreach 2016/17: Africa (ONCUI, UNMIL, etc.), Middle and
Far East (UNAMA, UNMIL, Kuwait RSSC, Jordan), Haiti, Budapest
(GSSC UNICEF), etc. 2018 Vienna, Paris
Pension Focal Point Training
Pension Fund Liaison Office in Nairobi
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General Assembly Decisions 2017(resolution 72/262 of 24 December 2017)
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General Assembly Resolution
A/RES/72/262
Most Pension Board’s recommendations supported by the
General Assembly, except some requested posts in Client
Services and Communications.
Approved four new posts and reduced non-post resources by
5%.
Noted Board of Auditors unqualified opinion on 2016 financial
statements, and stressed the need to implement audit
recommendations.
Noted progress in processing of benefits and stressed the
need to address delays for some beneficiaries.
Welcomed pilot service center in Nairobi and regional service
center in Asia.
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General Assembly Resolution
A/RES/72/262
Requested OIOS to conduct audit of the governance structure
of the Pension Board, including checks and balances
between Board and the Fund’s leadership, and report at its
73rd session.
OIOS audit has started.
Draft results of the audit will be shared with the Chair of the
Pension Board, the CEO and the RSG.
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65th session of United Nations Joint Staff
Pension Board
26 July to 3 August 2018, Rome
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UNJSPB 65th session
Actuarial Matters
Results of the actuarial valuation as of 31 December 2017
Membership of the Committee of Actuaries
Investments
Management of Investments
Membership of the Investments Committee
IMD ICT Strategy
Medical Matters
Financial Statements for the year 2017
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UNJSPB 65th session
Administrative Matters
Lessons learned from the end-to-end review
Status of ICT systems and initiatives
Status report of the Emergency Fund
Audit
Report of the Audit Committee
Membership of the Audit Committee
OIOS report
BOA report
Governance audit
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UNJSPB 65th session
Governance Matters
Report of the ALM Committee
Membership of the ALM Committee
2016-2017 Strategic Framework – Update on indicators
Terms of Reference of Officers of the Board
Appointment of the Deputy CEO
Appointment and Terms of Reference of the CEO Search
Committee
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UNJSPB 65th session
Benefit System
Impact of currency fluctuations on UNJSPF pension
benefits
Application of paragraph 26 of the Pension Adjustment
System
ICSC Study of Pensionable Remuneration
Restoration of deferred retirement benefits
Deadlines for requests and claims under the UNJSPF
Regulations and Administrative Rules
Changes to UNJSPF Regulations and Administrative Rules
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UNJSPB 65th session
Other Matters
UNAT Judgements of interest to the Board
Report of the two hundredth meeting of the Standing
Committee
Selection of the members of the Budget Working Group for
the review of the 2020 Budget to be presented at the
Board’s 2019 session
Application for membership in UNJSPF
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Update on the end-to-end review
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Review looked at the way the process from separation
to entitlements can be streamlined.
Joint initiative UN (DM, DFS), UNICEF, WHO,
FAO/WFP.
Outcome: detailed individual reports for all participating
organizations and executive summary to the Board.
Conclusion: Overall process works but opportunities for
improvement exist, mainly related to the period for
completing HR and payroll processes, systems
stabilization and integration across organizations, and
detrimental impact of changes to historic data.
Background
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THANK YOU!
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