The United Nations Joint Staff Pension Fund (UNJSPF) has released its audited financial statements for the year ending 31 December 2023. The Fund reported significant achievements, underscoring its commitment to providing retirement and related benefits for staff of the UN and other member organizations.

Financial Highlights

• Net assets: the UNJSPF's net assets available for benefits increased to US$88.24 billion in 2023, a 13.2% rise from US$77.92 billion in 2022, attributed to substantial investment income recovery.

• Investment growth: the total investment value reached US$87.60 billion, marking a US$10.16 billion increase from the previous year, mainly driven by market recovery and a 13.1% increase in the value of the assets.

• Pension contributions: contributions grew to US$3.41 billion, reflecting a rising participant base with 149,848 accounts as of year-end in 2023.

• Benefit payments: the Fund distributed US$3.66 billion in benefits, up from US$3.13 billion in 2022, supporting over 86,000 beneficiaries globally across 190 countries.

Key Figures for 2023

Investment Portfolio

The Fund’s investment portfolio, valued at US$87.60 billion, reflects a diverse allocation aimed at stability and growth:

• Equities: US$45.26 billion, or 51.23% of total assets.

• Fixed income: US$27.54 billion, making up 31.18%.

• Real assets and alternatives: a combined US$14.8 billion, diversified across various geographies, with 75.85% invested in North America.

Actuarial Valuation

The UNJSPF underwent an actuarial valuation as part of its ongoing commitment to sustainability and financial health. As of 31 December 2023, the actuarial review confirmed the Fund’s capacity to meet its obligations, with a sound funding position. Actuarial valuation is viewed under three different perspectives:

• Open Group valuation: The required contribution rate remains stable, with current rates projected to meet future obligations. As at 31 December 2023, the required contribution rate was 23.02% of the pensionable remuneration, equating to an actuarial surplus of 0.68% of pensionable remunerations.

• Closed group termination: The valuation resulted in US$83.2 billion million accrued benefit liabilities, as compared with an actuarial value of assets of US$92.3 billion equal to a funding ratio of 111% for 2023, underscoring the Fund’s long-term financial sustainability and ability to provide secure retirement benefits for participants.

• Promised benefits: The actuarial present value of accumulated plan benefits equal to US$90.9 billion, with an increase due to the inclusion of future increase in pensionable remuneration.

The UNJSPF financial statements for 2023 are available here.