Actuarial matters

Actuarial situation

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

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

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.

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

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

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.

The United Nations Joint Staff Pension Board approved their statement on the actuarial position of the Fund.

People of all countries in the world should uphold the concept of one world, understand each other, seek common grounds while reserving differences,

The Board of Auditors has repeatedly reported this issue, with no result so far other than an improved actuarial computation.

His delegation was pleased that the Fund's value had increased substantially and that actuarial valuations had shown surpluses since 1997.

UNODC has now received information on the actuarial valuation, which shows that the potential liability will substantially exceed available reserves.

that seek common ground while reserving differences, respect one another, and learn from each other's experiences on the basis of a new type of international relations.

3. Notes that the Board approved the recommendation of the Working Group to eliminate the 1.5 percentage point reduction in the first consumer price index adjustment due to existing and future beneficiaries, subject to an actuarial surplus being revealed in the actuarial valuation to be performed as at 31 December 2003

(a) Preparation of an actuarial valuation to be performed in 2006, on the basis of data as at 31 December 2005, including production of the formal report and preparation of various papers for the Committee of Actuaries and United Nations Joint Staff Pension Board pertaining to the regular actuarial valuation work.

Once accepted, the study would be conducted by a specialized consulting firm and carried out concurrently with the next actuarial valuation.

The actuarial valuation of the post retirement health insurance benefits of UNDP and the United Nations Secretariat is carried out jointly.

Emphasizes its support of the efforts channeled by Azerbaijan at regional and international levels aimed at protecting and reserving the Islamic cultural values in the territories occupied by Armenia.

I should now like to make some brief comments on the various chapters of the report, while reserving the right to go into these in greater detail at a later time.

Creation of such a post would mitigate risk by improving the quality of the actuarial valuation and related projections, particularly in relation to demographic trends.

Such an objection could put strong pressure on the reserving State to withdraw its reservation or to amend it to bring it into line with the object and purpose of the treaty.

The prohibition of such reservations should be categorical only if the reserving State, by modifying the legal effect of such a provision, intended to introduce a rule that was contrary to jus cogens.

In any case, the reserving State could always withdraw or modify an incompatible reservation, or withdraw from the actual treaty if its consent to be bound by that treaty depended on the reservation.

Ontario has also introduced the Ontario Domestic Assault Risk Assessment (ODARA), an actuarial risk assessment tool used by frontline police officers in cases involving male on female assault.

According to the administrating Power, it gives a large measure of self government and control over internal affairs to elected Ministers of the Government of Anguilla, while reserving certain responsibilities and powers for the Government of the United Kingdom through the Governor.

The Tribunal continues to work with the Department of Management on issues relating to after service health insurance benefits (a recent actuarial report has been issued) and it will continue to monitor and take appropriate action.

A reservation to a treaty provision which sets forth a customary norm does not affect the binding nature of the customary norm in question in relations between the reserving State or international organization and other States or international organizations which are bound by that norm.

2. Expresses its appreciation to the Secretary General and to the members of the Investments Committee for the investment performances of the Fund, which contributed significantly to the actuarial surplus of the Fund as at 31 December 1999

Actuarial valuations are in the process of being made in respect of pensions of judges and surviving spouses, and recommendations will be presented for the consideration of the General Assembly in the context of the 2008 2009 proposed budget.

The financial obligation of the organization to the Pension Fund consists of its mandated contribution at the rate established by the General Assembly together with any share of any actuarial deficiency payments under article 26 of the Regulations of the Fund.

It was pointed out that the Commission ought to approach draft guideline 3.1.7 from the standpoint of procedure and ask whether a reservation drafted in vague, general terms sought to exclude or modify the legal effect of certain provisions of the treaty in their application to the reserving State.

(c) The benefit may be commuted by the participant into a lump sum if the rate of the benefit at the normal retirement age is less than 300 dollars. Such commutation shall be equivalent to the full actuarial value of the benefit.

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.

In paragraph 56 of its report, the Board recommended that UNICEF (a) promulgate its instruction on monthly reporting on medical insurance plan expenditure by field offices and (b) review the accuracy of data submitted by field offices that are used in actuarial valuation.

The financial obligations of the organization to the UNJSPF consist of its mandated contribution at the rate established by the General Assembly, together with any share of any actuarial deficiency payments under Article 26 of the regulations and rules of the Fund.

A powerful argument for reserving capital punishment for murders is marginal deterrence. If assault were punished with execution, perpetrators would have an incentive to kill their victims to avoid discovery (which is a major reason why the severity of punishments more generally should be matched to the severity of crimes).

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,

Such deficiency payments are payable only if and when the General Assembly has invoked the provision of article 26, following determination that there is a requirement for deficiency payments based on an assessment of the actuarial sufficiency of the Fund as of the valuation date.

Actuarial valuations for the Fund are undertaken every two years to determine whether the present and estimated future assets of the Fund will be sufficient to meet its present and estimated future liabilities, using various sets of assumptions as to future economic and demographic developments.

This represents a yearly real rate of return of 4.1 per cent for the same period, after adjustment based on the United States consumer price index, and compares favourably with the 3.5 per cent long term real rate of return assumed in the actuarial calculation.

Asset allocation normally requires the use of an asset and liability model effectively, multiple actuarial valuations into the future over a variety of time horizons and economic scenarios which explore the impact of following different asset allocation strategies in terms of expected returns and risk.

Such deficiency payments are payable only if and when the General Assembly has invoked the provision of Article 26, following determination that there is a requirement for deficiency payments based on an assessment of the actuarial sufficiency of the Fund as of the valuation date.

The financial obligation of the Organization to the United Nations Joint Staff Pension Fund consists of its mandated contribution at the rate established by the United Nations General Assembly, together with any share of any actuarial deficiency payments under Article 26 of the Regulations of the Fund.

Such deficiency payments are only payable if and when the United Nations General Assembly has invoked the provision of Article 26, following determination that there is a requirement for deficiency payments based on an assessment of the actuarial sufficiency of the Fund as of the valuation date.