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UNITED NATIONS JOINT STAFF PENSION FUND

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Title: UNITED NATIONS JOINT STAFF PENSION FUND


1
UNITED NATIONS JOINT STAFF PENSION FUND
POST-RETIREMENT PRESENTATIONFFOA Rome May
2013
2
Presentation Goals
  • To share information with you about . . .
  • Reminder/Refresher of what the Fund is
  • Actuarial Valuation of the Fund
  • Prospects
  • Main Part QA with UN Retirees

3
UNJSPF The System
Investment Income
Pension Fund
Contributions
Administration
Benefit Expenditure
4
Nature of the Fund
  • UNJSPF is a Defined Benefit (DB) scheme, namely
    one where
  • assets are pooled (if funded scheme)
  • the benefit is a function of time served and
    final salary
  • the employer bears the market risk.
  • The Fund is a US Dollar Scheme
  • Beneficiarys money will not run out.

5
Actuarial Valuation
6
Actuarial Valuation
7
Actuarial Valuation
8
Prospects
  • Change in Normal Retirement Age
  • Improved Investments Value of Assets reached an
    all time high
  • The principal of the Funds investment portfolio
    will not be utilized to cover the
    contributions/benefit gap until 2047 (in 34
    years).
  • Even in a catastrophic scenario if the real
    return on investments is only 2 the principal
    will not start to be utilized until 2037 (in 24
    years).

9
  • A RENDEZ-VOUS WITH A PENSION FUND RETIREE

10
Topics Covered
  • Monthly Payment of Pensions
  • Currency of Payment
  • Certificate of Entitlement (CE)
  • Quarterly Notification
  • Attestations
  • Moving and Changing address
  • Change of Bank or Account Number
  • Two-Track
  • Survivors Benefit
  • Web Access
  • How to reach us

11
Monthly Payment of Pensions
  • Q When can I expect to receive my monthly
    pension?
  • A Our payments are made at the following value
    dates for the Fund
  • Cheques 1st day of the month (01 June 2013)
  • USD payments to USA Last Business day of the
    month (31 May 2013)
  • All other payments The day before the last
    Business day of the month (30 May 2013)
  • Some banks may credit your account at value date
    1 or 2 days
  • Euros to Italy and other SEPA (Single Euro
    Payment Area) countries are credited the same day
    as value date

12
Currency of Payment
  • Q In which currency can I have my pension paid?
  • A Our monthly pensions are paid in the 15
    following currencies in the country of your
    choice
  • US Dollar
  • Euro
  • Swiss Franc
  • Pound Sterling
  • Canadian Dollar
  • Australian Dollar
  • New Zealand Dollar
  • Singapore Dollar
  • Japanese Yen
  • Danish Krone
  • Norwegian Krone
  • Swedish Krone
  • Indian Rupee
  • Pakistani Rupee
  • CFA Franc
  • Related consequences to be discussed in changing
    of payment instructions

13
  • Certificate of Entitlement (CE)

14
Certificat de Droit à Prestation (CE)
  • Q I am a new retiree and would like to know when
    I should expect my Certificate of Entitlement
    (CE)
  • A If your monthly pension started after the
    month of May, you will not receive a CE for the
    current year.
  • Otherwise, the CE is sent at the end of October
    (2013) with a reminder the following January
    (2014). If the CE is not received, the June
    (2014) pension is suspended.
  • Q For me, I have just received the CE, but how
    do I fill it?
  • A You just need to date and sign at the
    indicated fields as shown the following slides

15
YOUR CERTIFICATE OF ENTITLEMENT
RETIREMENT NUMBER
DATE
NAME
TYPE OF BENEFIT AND COUNTRY OF RESIDENCE FOR
TWO-TRACK
SIGN HERE
DATE HERE
16
Certificat de Droit à Prestation (CE)
  • Q For me, I received the CE, but because of my
    age or medical condition, I cannot sign it, what
    should I do?
  • A You can affix your thumbprint at the indicated
    field and have it witnessed by a UN system
    Official, attending doctor or Local Government
    Authorities.
  • The person witnessing the thumbprint must state
    his/her name, title and Official Seal in the
    indicated fields.
  • For the first time the thumbprint is used
    instead of signature, a Medical Certificate
    should be enclosed to explain the condition
    preventing the retiree from signing.

17
Your Certificate of Entitlement(CE)
RETIREMENT NUMBER
DATE
NAME
TYPE OF BENEFIT AND COUNTRY FOR RESIDENCE FOR
TWO-TRACK
DATE HERE
Name of witness
Retirees Thumbprint Here
Title of witness
Signature and Official Seal of Witness
18
  • Quarterly Notification

19
Quarterly Notifications
  • Q I receive a statement full of numbers from
    time to time. What is it?
  • A A notification is sent to retirees whenever
    there is a change in their gross pension amount
    (without the insurance (ASHI) deduction).
  • If you are on the USD Track and your pension is
    paid in USD, the gross payable amount will not
    change unless there is cost of living adjustment
    in the USA. The last change and therefore your
    last statement is dated April 2012.

20
Your Notification USD Track and payment in USD
without ASHI
NOM
DATE
TYPE DE PENSION
DATEZ ICI
21
Your Notification USD Track and payment in USD
with ASHI
NOM
DATE
TYPE DE PENSION
DATEZ ICI
22
Quarterly Notifications
  • Q What if I am on the USD Track but choose to be
    paid in another currency?
  • A If you are on the USD Dollar Track but request
    to be paid in a currency other than US Dollar,
    your payable amount will change every quarter
    depending on the UN Quarterly Exchange Rate. You
    will receive a Quarterly Notification
  • If your net payable amount changes within the
    quarter, it is usually due to a change in your
    After-Service Health Insurance Premium

23
Your Notification USD Track and payment in
another currency without ASHI
NOM
DATE
TYPE DE PENSION
SIGNEZ ICI
DATEZ ICI
24
Your Notification USD Track and payment in
another currency with ASHI
NOM
DATE
TYPE DE PENSION
SIGNEZ ICI
DATEZ ICI
25
Quarterly Notifications
  • Q Why does it reach me so late while it is
    always dated on the 24th of the month?
  • A The Fund generates about 22 000 statements per
    quarter. The Statements are printed by our office
    in New York and sent to UN Distribution Section
    for folding and inserting and then sent to UN
    Postal Office for mailing. Delays and insertion
    errors are beyond the control of the Fund. The
    Fund have been notified and has discussed the
    matter with these UN Departments.
  • We remind you that they are available on our
    website at the end of the month preceding the new
    quarter. For the Quarter of April-June 2013, they
    were available on
  • 24 March 2013 for those who are paid in advance
  • 24 April 2013 for those who are paid in
    arrears
  • Note The October 2012 Notifications were
    destroyed by Hurricane Sandy and were reprinted

26
Quarterly Notifications
  • Q But why do I have friends who always get it
    before me?
  • A The statements are generated depending on when
    the pensions are due
  • For the Quarter starting January 2013 form
    example
  • For the pensions paid in advance (Separations
    before 31/12/1984), the January 2013 pension, due
    on 01 January 2013 was paid on 28 December 2012.
    The statement was then generated on 24 December
    2012
  • For the pensions paid in arrears (Separations on
    or after 31/12/1984), the January 2013 pension,
    due on 01 February 2013 was paid on 30 January
    2013. The statement was then generated on 24
    January 2013
  • Conclusion The retirees paid in advance will
    always get the statement one month before those
    who are paid in arrears

27
  • Attestations

28
Attestations
  • Q How can justify my status of UN Retiree
  • A We can provide you three types of attestations
    for this purpose
  • Benefit Attestation with or without amount
  • Annual Attestation (Benefit Statement) showing
    that amounts paid during a fiscal year
  • Attestation of your period of contributory
    Service with or without the amount of your
    contributions and interest and the contributions
    from your employing organization.

29
Benefit Attestation (Monthly benefit)
  • We provide a monthly benefit attestation (EN or
    FR) at the request (oral or written) of the
    retiree. It can be picked up at our offices or
    mailed to the address in our records.
  • Its prepared with or without amount at the
    request of the retiree
  • If its requested with the amount, the stated
    amount is the current gross payable monthly
    amount (including children benefit) in the paid
    currency at the time of the attestation.
  • It can include the payment destination (Bank name
    and account) at the request of the retiree, but
    we cannot state that the instruction is
    irrevocable.

30
Attestation with or without amount (FR or EN)
31
Benefit Statement a.k.a Tax Statement(Annual)
  • A benefit Statement indicating the payments of
    pensions dues during the fiscal year is sent at
    the request (oral or written) of the retiree with
    15 working days of the first request to the
    address on our records. It is sent automatically
    thereafter at the end of January each year.
  • All amounts paid during the fiscal year,
    including lump sum, retroactivity and
    adjustments, are mentioned.
  •  The amounts indicated are those of the currency
    paid. The amounts are gross, ie they do not take
    into account deductions for health insurance
    premiums. Beneficiaries should contact their
    insurance section for an attestation covering
    these deductions.
  •  The amount of a child benefit, if any, is given
    separately but cannot be omitted.
  •  All annual attestations are issued on the basis
    of the conditions enumerated above, without
    exceptions.

32
Benefit Statement a.k.a Tax Statement(Annual)
  • PAYMENTS INCLUDED IN THE 2012 ATTESTATIONS
  • For retirees paid in advance (Separation before
    31/12/84), their attestations for 2012 consist of
    12 monthly benefits from January 2012, due in
    January 2012 (but paid on 29 December 2011) up to
    and including that of December 2012, due in
    December 2012 (but paid on 29 November 2012).
  • For retirees paid in arrears (Separation on or
    after 31/12/84), the attestations for the fiscal
    year 2012 consist of the 12 monthly benefits from
    December 2011, due in January 2012 (but paid on
    29 December 2011) up to and including that of
    November 2012, due in December 2012 (but paid on
    29 November 2012).
  • These attestations are generated based on Section
    J.2 b) of the Regulations and Rules of the Fund

33
Tax Attestation How it looks outside
34
Tax Attestation How it looks inside
35
Attestations of Contributory Service and
Contributions
  • The Fund can provide an attestation of
    contributory service at the request of the
    retirees (normally due to requests for National
    Pension Offices)
  • The statement can also include the total
    contributions and interest from the retiree
    during his/her participation and the
    Organizations contributions for the same period.

36
Attestations of Contributory Service and
Contributions
37
  • MOVING

38
Moving
  • Q I am changing my address. Should I inform the
    Fund? If yes, how?
  • A If you are changing your address, even in the
    same country, you need to inform the Fund by
    filling out our PF23M form and sending it to the
    Fund in Original by mail or diplomatic pouch.
  • Documents received by email (including PDF
    attachments), photocopies and faxes are not
    accepted.

39
  • CHANGE OF ADDRESS
  • Please fill the form for our website if possible
    before printing and signing in order to avoid
    misinterpretations of letters and numbers
  • The completed form bearing ORIGINAL SIGNATURE
    must be submitted to the Fund No faxes,
    photocopies or emails will be accepted

40
  • Change of Payment Instructions

41
Change of Payment Instructions
  • Q I am changing my bank account, how do I inform
    the Fund?
  • A If you are changing your bank account , even
    in the same country, you need to inform the Fund
    by filling out our PF23 Change of payment
    instructions form and sending it to the Fund in
    Original by mail or diplomatic pouch.
  • If your bank informs you that your bank codes
    (IBAN or SWIFT) have changed, please inform the
    Fund through the same method.
  • Documents received by email (including PDF
    attachments), photocopies and faxes are not
    accepted.

42
Change of Payment Instructions - Timing
  • Q How long does it take the Fund to make the
    change?
  • A It depends on when we receive the request. We
    close the payroll around the 10th of the month
    for the pensions due at the end of the month.
  • (Example Payroll closing on 10 May 2013 for
    payments due on 30 May 2013)
  • So, instructions received after the 7th of the
    month are normally processed for the following
    months payroll.
  • Beneficiaries should NOT close their previous
    account until they receive our confirmation
    letter informing that the change in payment
    instructions has been done

43
  • CHANGEMENT DINSTRUCTIONS DE PAIEMENT
  • Please fill the form for our website if possible
    before printing and signing in order to avoid
    misinterpretations of letters and numbers
  • The completed form bearing ORIGINAL SIGNATURE
    must be submitted to the Fund No faxes,
    photocopies or emails will be accepted
  • Please include a document from your bank showing
    your account details

44
  • PAYMENT INSTRUCTIONS NOTIFICATION
  • Payments are made at the end of the month
    preceding the month stated on the notification
  • Please verify the instructions to ensure that
    they are what you requested
  • In extraordinary circumstances, we can change the
    instructions prior to the expiration of the on
    year

45
Change of Payment Instructions Choice of
Currency
  • Q So what are the possible consequences for my
    choice of currency of payment?
  • A Your choice of currency has two possible
    consequences Unlimited Payment fluctuations and
    Bank Charges
  • To avoid unlimited payment fluctuations (up or
    down), the Track currency has to be the same as
    Payment Currency.
  • Track Payment Currency Consequences
  • USD USD No payment fluctuation
  • USD CHF Unlimited Quarterly Fluctuation
    USD-CHF
  • USD EURO Unlimited Quarterly Fluctuation
    USD-EUR
  • Local Italy (EUR) EURO Limited payment
    fluctuation (between min-max)
  • Locale Italy (EUR) USD Unlimited Quarterly
    Fluctuation EUR-USD
  • Locale Italy (EUR) CHF Unlimited Quarterly Double
    fluctuation EUR-USD, and USD-CHF

46
Change of Payment Instructions Choice of
Currency
  • Q So what are the possible consequences for my
    choice of currency of payment?
  • A Your choice of currency has two possible
    consequences Unlimited Payment fluctuations and
    Bank Charges
  • The Fund pays a fee to send pensions, but does
    not absorb fees related to the receipt of
    pensions
  • To avoid bank charges, the payment destination
    must be in the currency zone.
  • Currency Destination Bank Charges (yes, no,
    possible)
  • USD USA No
  • USD Other countries Yes for most, with a few
    exceptions
  • EURO SEPA Zone (32 countries) No
  • EURO Outside SEPA Zone Yes for most, with a
    few exceptions
  • CHF Switzerland No
  • CHF Outside Switzerland YES
  • Other Payroll currencies In their zones NO
  • Other Payroll currencies Outside their zones YES

47
PENSION ADJUSTMENT SYSTEM
  • Adjustment of Pensions due to Cost of Living
    Adjustments
  • Two-Track

48
Pension Adjustment System Basics
  • Q What is the Pension Adjustment System and why
    do you have it?
  • A The Pension Adjustment System (PAS) is a way
    of indexing pensions on the Consumer Price Index
    (CPI). It is designed to protect the purchasing
    power of a pension from inflation and where
    applicable from currency fluctuations.
  • All periodic pensions are adjusted annually if
    the CPI has moved by at least 2 from last
    adjustment
  • All pensions are calculated initially on the US
    Dollar Track. Beneficiaries have the option to
    add a second track called Local Track, that why
    it is called Two-Track.

49
Pension Adjustment System Two-Track
  • Q What is the benefit of the two-track?
  • A The Two-Track
  • Provides stability of the pension amount in the
    currency of your country of residence (the
    fluctuation been limited between your local track
    amount and the maximum amount 120/110)
  • Maintains the purchasing power of pensions by
    indexing pensions based on Consumer Price Index
    in your Country of Residence.

50
Pension Adjustment System How do I know the Track
  • Q How do I know if I am already on the
    two-track?
  • A Take a look at your notification, you will see
    that there are two columns
  • On your left the US Dollar Track and on your
    right the Local Track (2nd track of the
    two-track).
  • If the right column is empty, you are only on
    the US Dollar Track

51
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53
Two-Track Is it good for me
  • Q Being on the USD Track, how do I know if the
    two-track is good for me?
  • A Please request an estimate from the Fund. If
    you have separated after 1992, you can run the
    estimate from the Web if you are registered and
    have your PIN number
  • At this moment, retirement benefits before 1992
    as well as disability and survivors benefit
    cannot be estimated in the local track on the
    website. Please make the request to the Fund and
    the estimate will be provided within 15 working
    days.

54
Two-Track How do I apply
  • Q How do I apply for the two-track?
  • A Please read the instructions on pages 1 to 4
    and fill out page 5 of our PENS E/10
     Declaration of Country of Residence 
  • Please enclose a document to show proof of
    residence in the country you are requesting the
    local track

55
  • PENS/E10
  • FORM
  • Form to be signed when requesting the two-track
    for the first time.

56
  • SAMPLE CERTIFICATE OF RESIDENCE
  • This document was accepted recently as proof of
    residence for Italy

57
Two-Track Change of country of residence
  • Q I am on the two-track and I am changing my
    country of residence, what should I do?
  • A Once you opt for the two-track and change your
    country of residence, you need to inform the Fund
    within six months of your arrival to the new
    country.
  • You must fill out and send our PENS E/11  Change
    of Country of Residence  with proof of residence
    in the new country as well as proof of the date
    of arrival to the new country.
  • Your pension will be then calculated under the
    local track of the new country with effective
    date the quarter following the receipt of the
    PENS E/11 form

58
  • PENS/E11
  • FORM
  • To be filled out when changing country of
    residence while on the two-track
  • Proof of arrival is required if the arrival date
    is not mentioned on the Certificate of Residence
    (Passport with Immigration stamp, Boarding Pass,
    Tickets etc.)

59
Two-Track Return to the US Dollar Track
  • Q I am on the two-track, can I revert to the USD
    Track Only?
  • A You normally revert to the USD Track only
    when you change your country of residence to the
    USA or to another country where the local track
    is NOT applicable
  • Exceptions are reviewed on a case to case basis.

60
  • Survivors Benefits

61
Right to a pension
  • Q If I pass away, will my spouse have a right to
    a pension?
  • A A survivors benefit is payable to surviving
    your spouse if you have the right to a monthly
    pension, and if the surviving spouse has been
    married to you prior to your separation from
    service and remained married to you until death.

62
Right to a Pension
  • Q Under which circumstances would my spouse not
    be entitled to a benefit?
  • A A widow/widowers benefit would not be payable
    if you have separated from service prior to 01
    April 2001 and opted for a deferred retirement
    benefit with Lump Sum.
  • Or
  • If the marriage was contracted after Separation
    from Service and that no annuity has been
    purchased under Article 35 ter.

63
Administrative Procedures
  • Q Upon death, what will the spouse need to do to
    establish the survivors benefit?
  • A - The Fund reviews the file to see what
    documents are already with the Fund, among the
    checklist below. All pension forms are needed in
    Original while the Fund accept copies of other
    documents.

64
Required Documents
  • ? Death Certificate
  • ? Marriage Certificate
  • ? Divorce decree(s) if any
  • ? Birth Certificate for each beneficary (spouse
    and children under 21)
  • ? Original Payment Instructions (Pens. E/2 form)
    signed by the spouse and authenticated by a UN
    Official or a Government Authority.
  • ? Copy of an official Picture ID of each
    beneficiary containing signature (such as
    National ID or Passport)

65
  • PENS.E/2 Page 1
  • FORM
  • Please fill the form for our website if possible
    before printing and signing in order to avoid
    misinterpretations of letters and numbers
  • The completed form bearing ORIGINAL SIGNATURE
    must be submitted to the Fund No faxes,
    photocopies or emails will be accepted
  • Please include a document from your bank showing
    your account details
  • Please check the right box

66
  • PENS.E/2 Page FORM
  • Please fill the form for our website if possible
    before printing and signing in order to avoid
    misinterpretations of letters and numbers
  • The completed form bearing ORIGINAL SIGNATURE
    must be submitted to the Fund No faxes,
    photocopies or emails will be accepted
  • Please include a document from your bank showing
    your account details
  • Please check the right box

67
Witness of Signature
  • Q Who can witness my spouse signature?
  • A
  • The UN Pension Fund if the spouse brings the
    documents to our offices.
  • Officials of the United Nations System (UN,
    FAO/WFP, IFAD, WHO, etc.)
  • Local Government Authorities (City Hall),
    Consular Authorities

68
Amount
  • Q How much will my spouse receive as widows
    benefit?
  • A
  • In general, the amount equals half of the
    retirees full pension (before any lump sum
    commutation)
  • This amount is payable for life and is adjusted
    for cost of living adjustment.

69
Transition from Retiree to Survivor
  • Q If the date of death is in mid-month, do I
    have the right the full months benefit?
  • A Yes, the retiree has the right to the full
    amount of the month of death. The spouse has the
    right of the pension on the first day of the
    month following the death.
  • Q How long would my spouse have to wait to
    receiving her survivors pension after my death?
  • A If the Fund receives the required documents in
    good order, we establish the survivors benefit
    within 15 working days. It is possible depending
    on when all documents are received to stop the
    retirees pension and establish the survivors
    pension right away.

70
Survivors benefit Two-Track
  • Q I am on the two-track, will it be
    automatically given to my spouse?
  • A No it will be established under the US Dollar
    Track, unless your spouse submits an E/10 form
    (ref two-track section) with the Payment
    Instructions.
  • But when we contact the spouse to request the
    documents, we do inform about the two-track.
  • Some spouses may wish to change their residence
    after the spouses death, so it is better to
    start with the US Dollar Track.

71
Survivors Benefit Recommendation
  • Q What can I do to facilitate the establishment
    of my spouse pension after my death?
  • A Please establish a pension file for your
    spouse where you can pre-fill out the Pens. E/2
    form.
  • If you have a joint account and your bank agrees
    not to close it after your death, you can already
    fill the account number on Page 2 of the Pens.
    E/2 form.
  • Keep the Pens. E/2 and a bank document in the
    Pension File
  • Please send right now to the Fund a copy of your
    marriage certificate and a copy of your spouse
    Official ID (passport or ID card)

72
  • Internet Access

73
WWW.UNJSPF.ORG
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77
  • After receipt of the PIN code, login to
    www.unjspf.org, click on Welcome then on
    Beneficiary, then click on Login at the
    Beneficiarys Portal Home Screen

78
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79
After login, you can access your Quarterly
Notification, confirm our receipt of your
Certificate of Entitlement and run Two-Track
Estimates
80
In the unsecured part of our site, you will find
important categories such as Forms, Publications
and documents (where you can find the bookets),
and UN exchange rates CPI and Contacting Us
81
SOME BOOKLETS THAT COULD BE OF INTEREST TO YOU
82
  • To Contact Us

83
How to contact us. . .
UNJSPF GVA Office Palais des Nations 1211 Geneva
10 Tel 41-22-9288800 Skype ID
unjspf.geneva Fax 41-22-928 9099 E-mail
unjspf.gva_at_unjspf.org Office DuPont de Nemours
Building Ch. du Pavillon 2,1218
Grand-Saconnex Switzerland Open
Hours Monday-Friday 0830 to 1700 with or
without Appointment
84
How to contact us. . .At the PERMANENCE
Office PALAIS DES NATIONS Geneva AAFI-AFICS
Office, Door 15 Office No A265 Open
Hours Tuesdays and Fridays 1200 to 1430 with
or without appt
85
How to call us free with Skype
  • Q I heard you have Skype, how can I use it to
    call you for free?
  • R Please install
  • Then go to Add a Contact and add unjspf.geneva
  • You will be accepted automatically and our ID is
    always online.

Select the UNJSPF GVA contact and click on
86
How to call us free with Skype
  • To be able to choose the option given on our
    phone system, please show the Dial Pad after
    having initiated the call, by clicking on Call
    and then Show Dial Pad

87
How to call us free with Skype
  • After having clicked on Show Dial Pad, the Dial
    Pad becomes visible and you can select the option
    you wish to access on our phone system (for
    example 1 for beneficiary or 2 for participant)

88
OTHERQUESTIONS
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