UN JOINT STAFF PENSION FUND

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UN JOINT STAFF PENSION FUND

• UNDP, MONROVIA, LIBERIA
• OCTOBER 2005

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UNJSPF

• A Fund established by the General Assembly in
  1949 to provide retirement, death, disability and
  related benefits for staff of the UN and other
  organizations which have been admitted to the
  Fund.

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A Participant

• Any staff member who is actively contributing a
  percentage of their pensionable remuneration
  towards the Fund.
• Participants contribution 7.9
• Organizations contribution 15.8

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Participation

• Every full time staff member may become a
  participant upon accepting or commencing an
  appointment of at least six months or upon
  completing six months in an organization without
  an interruption of thirty days.
• Staff members have to undergo a medical
  examination before commencement of participation.

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Participation (contd.)

• Participation with the Fund ceases when a staff
  member ceases to be employed by the member
  organization or upon death.

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Beneficiary

• A former participant who has separated and is
  entitled to the periodic benefits from the Fund.
• A spouse, child or secondary dependent who by
  virtue of the formers participation in the Fund
  is entitled to a periodic benefit.

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Retirement Age

• The normal retirement age (NRA) is 60 years for
  those who joined Pension Fund before 1.1. 1990
  and 62 for those who joined the PF thereafter.
• Early retirement age is between 55 and the NRA.

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BENEFITS

• Retirement Benefit Payable to a participant
  who separates at age 60/62 with at least five
  years of contributory service.
• Early Retirement Benefit Payable to a
  participant who separates at age 55 or later and
  has at least five years of contributory service.

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Benefits (contd.)

• Deferred Retirement Benefit Payable to a
  participant whose age on separation is less than
  the NRA but has at least five years of
  contributory service.
• Withdrawal Settlement Payable to a participant
  whose age on separation is either less than the
  NRA or is the NRA but is not entitled to a
  retirement benefit.

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Benefits (contd.)

• Disability Payable to a participant who is
  found to be incapacitated by the Board for
  further service with the Organization.
• Surviving Spouses benefit Payable to a female
  or male spouse of a participant . In case there
  are two surviving spouses the benefit shall be
  divided equally.

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Benefits (contd.)

• Divorced Surviving Spouse A benefit introduced
  on 1 April 1999 - payable in accordance with
  conditions set out by the Board.
• Child Payable to a child under 21 years of a
  participant entitled to a retirement/early
  retirement/disability benefit or who has died in
  service.

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Benefits (contd.)

• Secondary Dependent Payable to only one
  secondary dependent (mother, father, unmarried
  sister or brother) of a participant who was
  entitled to a benefit at the time of death.
  Benefit will not be payable where a benefit was
  payable to a child or surviving spouse.

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Benefits (contd.)

• Residual Settlement Payable to a designated
  person or persons upon the death of a participant
  and exhaustion of any entitlements due to the
  survivors.

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Forfeiture of Benefits

• Failure to submit Payment Instructions
• Failure/delay to submit original signed
  Certificate of Entitlement will suspend payment
  of benefits

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Forms

• Designation of a Recipient of a Residual
  Settlement (PENS.A/2) Used for designating a
  person or persons who will receive benefits at
  the time of death provided there are no survivors
  i.e. spouse, child or secondary dependent.

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Forms (contd.)

• Notice of Election to Validate Prior
  Non-contributory Service (PENS.B/1) Contributory
  Service (PENS.C/1) For making contributory the
  period of service staff member was not eligible
  for participation.
• Notice of Election to Restore Prior Contributory
  Service (PENS.C/1) For restoring prior
  contributory the period of service after staff
  member rejoining the Fund.

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Forms (contd.)

• Instructions for Payment of Benefits (PENS.E/6 or
  PENS.E/7) For processing benefits of a staff
  member who ceases to be a participant.
• Instructions for Payment of Benefits (PENS.E/2)
  For processing the following benefits
  Disability, Widow, Widower, Divorced Surviving
  Spouse, Child, Secondary Dependent and Residual
  Settlement.

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Forms (contd.)

• Change of Mailing Address (PF.23M) Inform the
  Fund of the change in mailing address.
• Change of Payment Instructions (PF.23) Inform
  the Fund of any changes to the financial
  institution, bank account number or currency of
  payment.

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Forms (contd.)

• Certificate of Entitlement Used by the Fund to
  verify benefit entitlement.
• Request for Estimate (Form L) For requesting
  benefit estimate.
• Request for Estimate of Disability Benefit (Form
  L-4) For requesting disability benefit
  estimate.

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ANNUAL STATEMENT

• Annual Pension Fund Statements available
  electronically from the Pension Fund Website.

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CONTACTS

• New York
• Email unjspf_at_un.org
• Fax [phone]
• Tel [phone]
• Geneva
• Email jspfgva_at_unog.ch
• Fax [phone]
• Tel [phone]

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Way Forward

• For any information on Pension Fund matters
  please visit the Fund website at
• http//www.unjspf.org