The Pension Board is a subsidiary organ of the United Nations General Assembly. The Pension Board has the ultimate responsibility for the administration of the United Nations Joint Staff Pension Fund and it protects the best interest of the participants and beneficiaries of the Fund by setting strategic goals and policies, providing general oversight and monitoring.

The Pension Board reports to the General Assembly of the United Nations on strategic questions and policy matters regarding the management of the Fund. The Board formulates recommendations for approval by the General Assembly including budget, changes to the Regulations and Rules, and governance. It also reports on the long-term solvency (30 or more years) of the Fund and makes observations and suggestions on the investment policy from time to time.

In order to make fully informed decisions, to attain sufficient expertise, and to fulfil its responsibilities, the Pension Board has formed subcommittees who meet more frequently and report annually to the Board.

Under the overall authority of the United Nations General Assembly and pursuant to Article 4 of the UNJSPF Regulations, the United Nations Joint Staff Pension Fund is administered by the Pension Board, a Staff Pension Committee (SPC) for each member organization and a secretariat to each such committee.

Board Members are appointed by the United Nations Staff Pension Committee and the staff pension committees of the other member organizations in accordance with the Rules of Procedure of the Fund defined in Article 5 of the UNJSPF Regulations.

The Pension Board has 33 members, reflecting a participatory governance structure: its tri-partite membership includes representatives of:

(i) 11 members appointed by the member organization governing bodies;

(ii) 11 members appointed by the chief administrative officers of the member organizations executive heads, including the United Nations Secretary-General; and

(iii) 11 members elected by the member organization participants in service.

In accordance with the same Article 5 of the UNJSPF Regulations, alternate members may also be appointed by each staff pension committee.

In addition, there are 4 (four) non-voting representatives of the retirees and other beneficiaries from the Federation of Associations of Former International Civil Servants (FAFICS) on the Pension Board.

This structure ensures equity and inclusiveness of those who are affected by the Board’s decisions and actions, e.g., staff in active service, retirees and beneficiaries, member organizations, Member States and other stakeholders

Board members are appointed by the body of the member organization, comprising the governing body, its chief administrative officer, and its participants in service. Their start date and end date are generally determined by the organization they are part of.

Per the Regulations, Rules and Pension Adjustment System of the United Nations Joint Staff Pension Fund, Board Members are appointed by the United Nations Staff Pension Committee (UNSPC) and the staff pension committees of the other member organizations. Article 5 (a) of the UNJSPF Regulations states:

“5 (a)  The United Nations Joint Staff Pension Board shall consist of:

(i) 12 members appointed by the United Nations Staff Pension Committee, four of whom shall be from the members and alternate members elected by the General Assembly, four from those appointed by the Secretary-General, and four from those elected by the participants in service in the United Nations; and

(ii) 21 members appointed by the staff pension committees of the other member organizations in accordance with the Rules of Procedure of the Fund, seven of whom shall be from the members and alternate members chosen by the bodies of the member organizations corresponding to the General Assembly, seven from those appointed by the chief administrative officers of the member organizations and seven from those chosen by the participants in service.”

Board members and alternate of the United Nations Staff Pension Committees (UN SPCs) are elected by the General Assembly for a term of four years and eligible of re-election. Article 6 (b) of the UNJSPF Regulations states:

“6 (b) The elected members and alternate members of the United Nations Staff Pension Committee shall hold office for four years or until the election of their successors, and they shall be eligible for re-election; in the event that such an elected member or alternate member ceases to be a member of the Committee, another member or alternate member may be elected to hold office during the remainder of the term.”

Board members and alternate of the other member organizations are appointed by its governing body of the organization corresponding to the General Assembly, its chief administrative officer, and its participants in service. Article 6 (c) of the UNJSPF Regulations states:

“6 (c) The staff pension committees of the other member organizations shall consist of members and alternate members chosen by the body of the organization corresponding to the General Assembly, its chief administrative officer, and its participants in service, in such a manner that the number representing each shall be equal and, in the case of the participants, that the members and alternate members shall themselves be participants in the service of the organization. Each member organization shall make rules for the election or appointment of the members and alternate members of its staff pension committee.”

The Rules of procedure of the United Nations Joint Staff Pension Board can be found in Annex III of the UNJSPF Regulations.

The attendance of each member to the board is recorded in the sessional report. See the Report of the United Nations Joint Staff Pension Board to the General Assembly, Seventy-second session:  A/77/9, Annex II.B.

The membership of each member of the sub-committees is recorded in the Board report :  A/77/9, Annex II.B. pp. 59-65

• The attendance of the members of the sub-committees is recorded in the summary of each Committee meeting. The summary of the meetings are restricted documents that are provided to the Board but are not published.

* FAO: Food and Agriculture Organization, FAFICS: Federation of Associations of Former International Civil Servants, IAEA: The International Atomic Energy Agency, ICAO: The International Civil Aviation Organization, ICGEB: International Centre for Genetic Engineering and Biotechnology,  IFAD: International Fund for Agricultural Development,  ILO: The International Labor Organization, IMO: The International Maritime Organization, IOM: The International Organization for Migration, ITLOS: International Tribunal for the Law of the Sea, ITU: The International Telecommunication Union, UNIDO: United Nations Industrial Development Organization,  UNSECO: United Nations Educational, Scientific and Cultural Organization, WA: Wassenaar Arrangement, WFP: The World Food Programme, WHO: World Health Organization, WIPO: The World Intellectual Property Organization, WMO: The World Meteorological Organization

[1] General Assembly members alternates participate in their full capacity.

[2] Effective 24 August 2023.

Introductory orientation is provided each year in February and/or in April or as needed. All information sessions are provided in-house or with the help of internal-external actors.  Training material is also available on the Board’s SharePoint site for Board members to use at their convenience.

Before the July Board session, additional onboarding/orientation session may be held for Board members on topics relevant to decision items on the agenda related to investments, Pension Fund Regulations, actuarial matters or any other matters pertinent to the administration of the Fund and its assets. All orientation and training sessions are held virtually.

Pension Board Members shall, inter alia:

a)Demonstrate commitment and contribute to the work of the Board in the interest of ensuring proper governance of the Fund

b)Demonstrate fiduciary responsibility by acting in the best interest of the Fund, its participants and beneficiaries as a whole, and its sustainability

c)Contribute  to  the  administration  of  the  Fund  in  accordance  with  its  Regulations  and Administrative Rules, including Financial Rules for the operation of the Fund, in an impartial, prudent, responsible and honest manner

d) Observe the highest ethical standards and abide by obligations under the Code of Conduct and Ethics Policy

e) Respect the Board’s decisions and support the role of the Chair

f) Acquaint themselves with  the  Regulations  and  Rules  governing  the  Pension  Fund  and  the broader legislative framework

g) Keep abreast of developments in the Fund and prepare for Board sessions

h) Develop general knowledge of risk management and financial principles related to the Fund and the investment of its assets, through attending training offered to Board members and other learning opportunities

i) Respect diversity and act in a spirit of dialogue, in particular through consultation with other Board members  and  representatives  from  other  groups,  and  making  best  efforts  to  reach agreement

j) Contribute to the work of committees and working groups of the Board, as appropriate

k) Not seek employment in the secretariat or the Office of Investment Management of the Fund, within a period of one year after the end of their term on the Board or upon resignation from the Board

l) Respect the tripartite nature of the Board  and  the role of the  spokespersons of the three constituent groups, while maintaining the right to express individual views

Apendix 10

Furthermore, all members, alternate members, representatives and  observers attending  each  regular  or  special Board session shall sign a declaration on  confidentiality and conflict of  interest before  the start of  the session*

Annex III

There were no changes to the governance process and structure of the board in 2022.

Furthermore, governance matters are annual items on the agenda of the Pension Board and the discussions and decisions thereon are reflected in the report of the Board to the United Nations General Assembly. Governance matters has remained high on the agendas of both the Pension Board and the General Assembly. The Board had approved a governance reform plan following the conclusions of its (special) session in February 2021 following the relevant guidance and resolutions from the General Assembly, including on:

• the size and composition of the Board;
• the establishment of an ethics policy that would implement its code of conduct; and
• updating the terms of reference for the Chair and responsibilities of Board members.

The governance reform plan also established a framework on the frequency of meetings and an annual Board cycle was developed. The Board now holds annual virtual meetings in February and April, which focus on organizational and preparatory matters relating to plan design/update of Regulations. The two virtual sessions are followed by one in-person/hybrid Board session in July that considers all important and critical issues under its purview.

In its resolution 77/258 adopted in December 2022 the Assembly welcomed the continued implementation by the Pension Board of the governance reform plan as adopted by the Board and endorsed by the Assembly in 2021. The Assembly also acknowledged that the governance reform plan had started to contribute to improving efficiency and effective decision-making of the Board. See the Report of the United Nations Joint Staff Pension Board, Seventy-second session (Chapter. VI. Governance Matters) here.

The Pension Board approved its first self-evaluation survey in 2010 which has since evolved, including evaluation of areas of expertise or competency that needed improvement. Survey results are normally discussed annually by the Board at its organizational session in February that addresses governance improvements, the overall effectiveness of the Board as a whole, including whether any education and training is needed to be properly equipped to fulfill their roles. The performance of Board committees and leadership are also evaluated. The relevant terms of reference, including any board values or governance principles, as well as competencies and codes of conduct serve as a reference point for the evaluation.  

*See the Report of the United Nations Joint Staff Pension Board, Seventy second session (Chapter. VI. Governance Matters), Section D here.

Board Members

There is no compensation provided for being a member of the Pension Board. Some Board members are staff members of the United Nations system, and their salary is determined by the United Nations rules and policies.

UNJSPF Executive Management

UNJSPF executive management are staff members of the United Nations, and their salary is defined by the United Nations per the salary scale below (as of 1 January 2023). There is no variable or extra compensation for UNJSPF executive Management.

The complete list of executive management can be found here: Leadership - UNJSPF

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 an annual report to the Board.

The Audit Committee Terms of Reference can be found here.

Click here to read the Internal Audit Charter. 

Membership of the UNJSPB Audit Committee as of February 2023

In accordance with Article 9 of the Fund’s Regulations, a Committee of Actuaries was created to provide advice to the Pension Board on actuarial matters arising from the operation of the Fund. This includes consideration of the assumptions used in the biennial actuarial valuation of the Fund, review of the actuarial valuation results and consideration, advice, and recommendations regarding pension benefit design. The Committee consists of 5 regular members and 3 Ad Hoc members, representing the 5 regions around the world. Committee members are approved by the Pension Board and appointed by the Secretary-General and serve 3 or 2 year terms for Regular and Ad Hoc members, respectively. Committee members may not serve longer than 15 years.

Membership as of February 2023

The Fund Solvency and Assets and Liabilities Monitoring Committee (FSALM Committee) assists the Pension Board in carrying out its responsibility for the overall management of the Fund. The FSALM 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.

Membership as of February 2023:

H. E. Mr. Philip R. O. Owade (UNGA)

Mr. Nasser Okoth Opilo (UNESCO GB)

Mr. Jeffery Kobza (WHO EH)

Ms. Maria Costa (UN EH)

Ms. Kathrin Bruchmann (WHO Participants)

Mr. Christian Castelli (UN Participants) (Chair)

Ms. Suzanne Bishopric (FAFICS)

The Standing Committee of the United Nations Joint Staff Pension Board is appointed under Article 4 of the Fund’s Regulations and has the power to act on behalf of the Board when it is not in session. Pursuant to Section K of the Administrative Rules, the Standing Committee reviews decisions of the Secretary of the Board and of Staff Pension Committees arising out of the application of the Regulations, Administrative Rules and Pension Adjustment System.

The Pension Board has established the Budget Committee as an advisory  committee of the  Pension  Board  to  review, provide  advice  and make recommendations to the Board on:

• The Fund’s budget proposal on the administrative expenses to the General Assembly
• The Fund’s budget performance and revised budget estimates
• The Fund’s budget methodology

The Budget Committee has eight members. It will be comprised of six members designated by the Board from amongst members of Staff Pension Committees, two from each of the three constituent groups of the Board, as well as two additional members designated by the Federation of Associations of Former  International  Civil Servants (FAFICS).  Members of the Budget Committee shall serve for a minimum term of three years, which can be renewed once.

Full description of Terms of Reference of the Budget Committee can be found here.