Actuarial matters

Actuarial situation

ACTUARIAL MATTERS

Actuarial consulting services

III. ACTUARIAL MATTERS . 14 47 4

Actuarial value of accrued benefit entitlements

223. The Commission considered that the actuarial analysis had been carried out competently and in accordance with normal actuarial practices.

The intention of the reserving State was the crucial issue.

The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

The result of the actuarial valuation as of 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

There would, of course, be no actuarial implications.

The parties appointed the tribunal with Tugu reserving the right to challenge jurisdiction.

Actuarial sufficiency of the Fund as at 31 December 1997

Actuarial position of the Fund as at 31 December 1997

The remaining actuarial assumptions, which are of a demographic nature, were derived on the basis of the emerging experience of the Fund, in accordance with sound actuarial principles.

However, it requires planning and reserving the necessary propellant resources to effect the manoeuvre.

Under no circumstances should such bodies take decisions that were binding on reserving States.

A. Actuarial valuation of the Fund as at 31 December 1997

(f) Actuarial implications of the proposed UN UNJSPF cost sharing arrangements

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

Article 119 Insurance companies engaging in insurance of persons must appoint and employ actuarial professionals recognized by the financial supervision and regulation department and establish an actuarial reporting system.

The responsibility for taking action on an inadmissible reservation should rest with the reserving State.

It must also be borne in mind that States objecting to reservations did not wish to sever treaty relations with the reserving State, but rather to try to keep the reserving State a party to the treaty.

D. Accounting standards for actuarial valuations of the Fund . 103 105 24

IV. STATEMENT OF ACTUARIAL SUFFICIENCY AS AT 31 DECEMBER 1997 OF THE

Statement of actuarial position of the Fund as at 31 December 1997

Most importantly, the accumulation of such objections might induce the reserving State to withdraw the reservation.

Come now, you've never read an actuarial table in your life, have you?

They would thus allow the reserving State to take the necessary steps to satisfy its treaty obligations.

Figure 4 United Nations Joint Staff Pension Fund evolution of actuarial situation since 1990

V. STATEMENT OF ACTUARIAL POSITION OF THE FUND AS AT 31 DECEMBER 1997 113

quot the actuarial value of the assets exceeds the actuarial value of all accrued benefit entitlements under the Fund, based on our understanding of the Regulations of the Fund in effect on the valuation date.

The Commission considered that the actuarial analysis had been carried out competently and in accordance with normal actuarial practices, and has included its conclusions on that analysis in its report to the General Assembly.5

It was noted that retention of the current interest rate of 6.5 per cent, in lieu of the real rate of return assumption used in actuarial valuations, resulted in an actuarial gain to the Fund of approximately 1.23 per cent of pensionable remuneration therefore, lowering the interest rate would reduce or eliminate that actuarial benefit to the Fund.

In such cases, the other parties to the treaty could not be sure of the extent of the reserving State's commitment to the treaty, and they might even have misgivings about the future development of the domestic law of the reserving State.

It could simply raise an objection without accusing the reserving State of leaving the treaty devoid of substance.

Purchase orders and contracts were sometimes issued without first raising requisitions and reserving necessary funds in the accounts.

(d) The actuarial analysis took into account the indexation provisions of UNJSPF and local plans.

In any event, the level of the inflation assumption was inconsequential in an actuarial analysis.

Whether any such reaction amounts to a mere comment, a mere reserving of position, a rejection merely of the particular reservation or a wholesale rejection of any mutual relations with the reserving State under the treaty consequently depends on the intention of the State concerned.

The question arose as to the ability of the monitoring body to press its view on a reserving State.

This would be preferable to actuarial projection techniques and would simplify the review of the calculations

The specific combinations included in the actuarial valuations as at 31 December 1997 were as follows

The actuarial report will show required contributions and imbalances, an analysis of gains and losses, calculations of the actuarial value of accrued benefits, hypothetical projection results over 30 years and the results of monitoring of the two track system.

It follows that the Government of France is still reserving to itself the right to carry out atmospheric nuclear tests.