The statement on the actuarial position of the Fund, adopted by the Committee of Actuaries, is reproduced in annex V. In that statement, the Committee of Actuaries indicates that it had

These technical arrangements were the subject of discussions involving the Fund s Consulting Actuary, the Rapporteur of the Committee of Actuaries, the Consulting Actuary to WTO and the Secretary of the Board.

XII. MEMBERSHIP OF THE COMMITTEE OF ACTUARIES . 132

The membership of the Committee is as follows

The methodology recommended by the Committee of Actuaries and endorsed by the Board was accepted by WTO at the special sessions of the Committee of Actuaries and of the Board (A 53 9 Add.1, paras. 7 and 8).

(a) Actuarial implications (considered not significant by the Committee of Actuaries)

4. Takes note of the Board's approval of the terms of reference for the Committee of Actuaries, and notes that the Standing Committee of the Board will consider in 2005 provisions that would allow for the possible appointment of ad hoc members to the Committee of Actuaries

The statement of actuarial sufficiency prepared by the Consulting Actuary and approved by the Committee of Actuaries is reproduced in annex IV to the present report.

2. Expresses its appreciation for the assessment and views of the Consulting Actuary and the Committee of Actuaries on the results of the actuarial valuation as at 31 December 1997

The Board concurred with the following conclusions of the Committee of Actuaries, noting with satisfaction the manner in which this difficult technical subject had been handled by the Consulting Actuary and the Committee of Actuaries

2. At its meetings in June 1998, the Committee of Actuaries reviewed the results of the actuarial valuation as at 31 December 1997, which was carried out by the Consulting Actuary.

The Committee of Actuaries and the Administration are satisfied with the services and the fees charged by the Consulting Actuary.

15. With respect to the administrative expenses, the Committee of Actuaries agreed with the determination made by the Consulting Actuary that the reductive factor should be 0.13 per cent per annum.

26. The various technical aspects of the process of determining the proportionate share were the subject of discussions involving the Fund apos s Consulting Actuary, the Rapporteur of the Committee of Actuaries, the Consulting Actuary to WTO and the Secretary of the Board.

The Secretary of the Board provided frequent updates on the liability profile of the Fund in addition, information on the actuarial valuations and the assumptions used therein was provided to the Investments Committee periodically by the Rapporteur of the Committee of Actuaries and the Fund apos s Consulting Actuary.

Upon inquiry, the Committee was informed that such cost reimbursement would also include the costs associated with the special meeting of the Committee of Actuaries.

Based on the results of the most recent actuarial valuation, the Committee of Actuaries and the Fund's Consulting Actuary were of the opinion that the present contribution rate of 23.70 per cent was sufficient to meet the benefit requirements under the Plan.

The Consulting Actuary submitted to the Board the report on the twenty fourth actuarial valuation of the Fund as at 31 December 1997 the previous valuation had been as at 31 December 1995 and its results had been reported to the General Assembly at its fifty first session in 1996.2 The Board also had before it the observations of the Committee of Actuaries, which had examined the valuation report prior to its submission to the Board.

As they have in the past, the Consulting Actuary and the Committee of Actuaries stressed that great care must be taken when considering the dollar amounts of valuation results.

Both the Consulting Actuary and the Committee of Actuaries pointed out an actuarial surplus or deficit, when expressed in dollar terms, should only be considered in relation to the magnitude of the liabilities and not in absolute terms.

Having considered the results of the actuarial valuation of the United Nations Joint Staff Pension Fund as at 31 December 2003 and the observations thereon by the Consulting Actuary of the Fund, the Committee of Actuaries and the United Nations Joint Staff Pension Board,

Services include all meetings with the secretariat in connection with the review and the analysis performed

The Committee of Actuaries, which advises the Board and or the Standing Committee on actuarial matters, meets annually in New York for three or four days.

The Fund apos s Consulting Actuary and the Committee of Actuaries took the view that the real rate of return assumption used in the actuarial valuations of the Fund would not be the appropriate interest rate, as it reflected an assumed average long term real interest rate.

(a) Administrative costs, which include the cost of salaries, related staff costs and operational costs of the Fund secretariat, the fees charged by the Consulting Actuary to the Fund for actuarial valuations and other services, and costs related to meetings of the Committee of Actuaries

Having considered the results of the valuation of the United Nations Joint Staff Pension Fund as at 31 December 1997 and the observations thereon of the Consulting Actuary of the Fund, the Committee of Actuaries and the Board,

R. United Nations Joint Staff Pension Board, Standing Committee and Committee of Actuaries

5. Takes note of the decision of the Board to amend the rules of procedure of the Fund to provide for the appointment of ad hoc members to the Committee of Actuaries as well as to the Investments Committee

3. The Advisory Committee notes from paragraph 18 of the current report that the Pension Board approved the actuarial assumptions recommended by the Committee of Actuaries to serve as the basis for the twenty fourth actuarial valuation, prepared as at 31 December 1997.

9. The Advisory Committee was informed that, as requested by the Pension Board, the Secretary of the Board, with the assistance of the Consulting Actuary, would review all changes made in the pension system since 1983, when measures were approved by the General Assembly to redress the past actuarial deficit of the Fund.

The estimates prepared in 1997 were based on the methodology recommended by the Committee of Actuaries.

4. All calculations were performed by the Consulting Actuary in accordance with established actuarial principles and practices.

2. Also takes note of the Board's agreement with the recommendation of the Committee of Actuaries that most of the surplus should be retained

quot reviewed the results of the actuarial valuation as of 31 December 1997, which was carried out by the Consulting Actuary.

The Board therefore reiterates its recommendation that a formal agreement be concluded with the Consulting Actuary. ANNEX IV

The results of the review would be submitted to the Standing Committee of the Board in 1999, together with the views of the Committee of Actuaries.

4. Notes that the Board intends to review, with the assistance of the Consulting Actuary and the Committee of Actuaries, the changes that have been made in the United Nations pension system since 1983 as part of the measures approved by the General Assembly to redress the past actuarial deficit of the Fund, in the first instance by the Standing Committee in 1999 and then by the Board in 2000 in the light of the results of the actuarial valuation of the Fund as at 31 December 1999

3. Takes note further that the Board intends to review, with the assistance of the Consulting Actuary and the Committee of Actuaries, the changes that had been made in the United Nations pension system since 1983 as part of the measures approved by the General Assembly to redress the past actuarial deficit of the Fund, in the first instance by the Standing Committee in 1999 and then by the Board in 2000 in the light of the results of the actuarial valuation of the Fund as at 31 December 1999

Having considered the results of the valuation of the United Nations Joint Staff Pension Fund, which revealed a fifth consecutive actuarial surplus as at 31 December 2005, and the observations thereon by the consulting actuary of the Fund, the Committee of Actuaries and the United Nations Joint Staff Pension Board,

8. At the special sessions of the Committee of Actuaries and the Board, WTO indicated its acceptance of the use of this methodology.

32. The Committee was informed that, if WTO submits a formal application for withdrawal, there would be need for a special meeting of the Committee of Actuaries during the first part of November 1998, probably in Geneva, followed by a special session of the Pension Board to act on the recommendations of the Committee of Actuaries and, accordingly, make recommendations to the General Assembly at its fifty third session.

(b) Preparations for and attendance at meetings of the Pension Board, the Standing Committee and the annual meetings of the Committee of Actuaries

In this connection, ACABQ noted that the Committee of Actuaries would be reviewing the level of administrative costs (including audit costs) to be reflected in future actuarial valuations of the Fund.

Having considered the results of the valuation of the United Nations Joint Staff Pension Fund as at 31 December 2001 and the observations thereon by the Consulting Actuary of the Fund, the Committee of Actuaries and the United Nations Joint Staff Pension Board,

Having considered the results of the valuation of the United Nations Joint Staff Pension Fund as at 31 December 1997 and the observations thereon of the Consulting Actuary of the Fund, the Committee of Actuaries and the United Nations Joint Staff Pension Board,