
ef089c7813c1e4e8729a1afe3ca994ec.ppt
- Количество слайдов: 88
UNITED NATIONS JOINT STAFF PENSION FUND – POST-RETIREMENT PRESENTATION FFOA – Rome – May 2013
Presentation Goals To share information with you about. . . ØReminder/Refresher of what the Fund is ØActuarial Valuation of the Fund ØProspects ØMain Part: Q&A with UN Retirees 1
UNJSPF: The System Investment Income Contributions Pension Fund Administration Benefit Expenditure 2
Nature of the Fund UNJSPF is a “Defined Benefit” (DB) scheme, namely one where: • assets are pooled (if funded scheme) • the benefit is a function of time served and final salary • the employer bears the market risk. • The Fund is a US Dollar Scheme • Beneficiary’s money will not “run out”. 3
Actuarial Valuation 4
Actuarial Valuation 5
Actuarial Valuation 6
Prospects Ø Change in Normal Retirement Age Ø Improved Investments – Value of Assets reached an all time high Ø The principal of the Fund’s investment portfolio will not be utilized to cover the contributions/benefit gap until 2047 (in 34 years). Ø Even in a “catastrophic” scenario if the real return on investments is only 2% the principal will not start to be utilized until 2037 (in 24 years). 7
A “RENDEZ-VOUS” WITH A PENSION FUND RETIREE 8
Topics Covered Ø Ø Ø Monthly Payment of Pensions Currency of Payment Certificate of Entitlement (CE) Quarterly Notification Attestations Moving and Changing address Change of Bank or Account Number Two-Track Survivor’s Benefit Web Access How to reach us 9
Monthly Payment of Pensions Q: When can I expect to receive my monthly pension? A: Our payments are made at the following value dates for the Fund: § Cheques: 1 st day of the month (01 June 2013) § USD payments to USA: Last Business day of the month (31 May 2013) § All other payments: The day before the last Business day of the month (30 May 2013) Some banks may credit your account at value date + 1 or 2 days Ø Euros to Italy and other SEPA (Single Euro Payment Area) countries are credited the same 10 day as value date Ø
Currency of Payment Q: In which currency can I have my pension paid? A: Our monthly pensions are paid in the 15 following currencies in the country of your choice*: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. US Dollar Euro Swiss Franc Pound Sterling Canadian Dollar Australian Dollar New Zealand Dollar Singapore Dollar Japanese Yen Danish Krone Norwegian Krone Swedish Krone Indian Rupee Pakistani Rupee CFA Franc § *Related consequences to be discussed in changing of payment instructions 11
Certificate of Entitlement (CE) 12
Certificat de Droit à Prestation (CE) Q: I am a new retiree and would like to know when I should expect my Certificate of Entitlement (CE) A: If your monthly pension started after the month of May, you will not receive a CE for the current year. Otherwise, the CE is sent at the end of October (2013) with a reminder the following January (2014). If the CE is not received, the June (2014) pension is suspended. Q: For me, I have just received the CE, but how do I fill it? A: You just need to date and sign at the indicated fields as shown the following slides 13
RETIREMENT NUMBER DATE NAME YOUR CERTIFICATE OF ENTITLEMENT SIGN HERE DATE HERE TYPE OF BENEFIT AND COUNTRY OF RESIDENCE FOR TWO-TRACK
Certificat de Droit à Prestation (CE) Q: For me, I received the CE, but because of my age or medical condition, I cannot sign it, what should I do? A: You can affix your thumbprint at the indicated field and have it witnessed by a UN system Official, attending doctor or Local Government Authorities. The person witnessing the thumbprint must state his/her name, title and Official Seal in the indicated fields. For the first time thumbprint is used instead of signature, a Medical Certificate should be enclosed to explain the Medical Certificate condition preventing the retiree from signing. 15
RETIREMENT NUMBER DATE NAME Your Certificate of TYPE OF BENEFIT AND COUNTRY FOR RESIDENCE FOR TWO-TRACK Entitlement (CE) DATE HERE Name of witness Title of witness Retiree’s Thumbprint Here Signature and Official Seal of Witness
Quarterly Notification 17
Quarterly Notifications Q: I receive a statement full of numbers from time to time. What is it? A: A notification is sent to retirees whenever there is a change in their gross pension amount (without the insurance (ASHI) deduction). If you are on the USD Track and your pension is paid in USD, the gross payable amount will not change unless there is cost of living adjustment in the USA. The last change and therefore your last statement is dated April 2012. 18
NOM Your Notification : USD Track and payment in USD without ASHI DATE TYPE DE PENSION DATEZ ICI
NOM Your Notification : USD Track and payment in USD with ASHI DATE TYPE DE PENSION DATEZ ICI
Quarterly Notifications Q: What if I am on the USD Track but choose to be paid in another currency? A: If you are on the USD Dollar Track but request to be paid in a currency other than US Dollar, your payable amount will change every quarter depending on the UN Quarterly Exchange Rate. You will receive a Quarterly Notification If your net payable amount changes within the quarter, it is usually due to a change in your After-Service Health Insurance Premium 21
NOM Your Notification : USD Track and payment in another currency without ASHI SIGNEZ ICI DATE TYPE DE PENSION
NOM Your Notification : USD Track and payment in another currency with ASHI SIGNEZ ICI DATE TYPE DE PENSION
Quarterly Notifications Q: Why does it reach me so late while it is always dated on the 24 th of the month? A: The Fund generates about 22 000 statements per quarter The Statements are printed by our office in New York and sent to UN Distribution Section for folding and inserting and then sent to UN Postal Office for mailing. Delays and insertion errors are beyond the control of the Fund. The Fund have been notified and has discussed the matter with these UN Departments. We remind you that they are available on our website at the end of the month preceding the new quarter. For the Quarter of April-June 2013, month preceding the new quarter they were available on: 24 March 2013 for those who are paid in advance 24 April 2013 for those who are paid in arrears 24 Note: The October 2012 Notifications were destroyed by Hurricane Sandy and were reprinted
Quarterly Notifications Q: But why do I have friends who always get it before me? A: The statements are generated depending on when the pensions are due For the Quarter starting January 2013 form example: For the pensions paid in advance (Separations before 31/12/1984), the paid in advance January 2013 pension, due on 01 January 2013 was paid on 28 December 2012. The statement was then generated on 24 December 2012 For the pensions paid in arrears (Separations on or after 31/12/1984), the paid in arrears January 2013 pension, due on 01 February 2013 was paid on 30 January 2013. The statement was then generated on 24 January 2013 Conclusion: The retirees paid in advance will always get the statement 25 one month before those who are paid in arrears
Attestations 26
Attestations Q: How can justify my status of UN Retiree A: We can provide you three types of attestations for this purpose: Benefit Attestation with or without amount Annual Attestation (Benefit Statement) showing that amounts paid during a fiscal year 3. Attestation of your period of contributory Service with or without the amount of your contributions and interest and the contributions from your employing organization. 1. 2. 27
Benefit Attestation (Monthly benefit) Ø We provide a monthly benefit attestation (EN or FR) at the request (oral or written) of the retiree. It can be picked up at our offices or mailed to the address in our records. Ø It’s prepared with or without amount at the request of the retiree Ø If it’s requested with the amount, the stated amount is the current gross payable monthly amount (including children benefit) in the paid currency at the time of the attestation. Ø It can include the payment destination (Bank name and account) at the request of the retiree, but we cannot state that the instruction is irrevocable. 28
Attestation with or without amount (FR or EN) 29
Benefit Statement a. k. a Tax Statement (Annual) A benefit Statement indicating the payments of pensions dues during the fiscal year is sent at the request (oral or written) of the retiree with 15 working days of the first request to the address on our records. It is sent automatically thereafter at the end of January each year. Ø All amounts paid during the fiscal year, including lump sum, retroactivity and adjustments, are mentioned. Ø The amounts indicated are those of the currency paid. The amounts are gross, ie they do not take into account deductions for health insurance premiums. Beneficiaries should contact their insurance section for an attestation covering these deductions. Ø The amount of a child benefit, if any, is given separately but cannot be omitted. Ø All annual attestations are issued on the basis of the conditions enumerated above, without exceptions. 30
Benefit Statement a. k. a Tax Statement (Annual) PAYMENTS INCLUDED IN THE 2012 ATTESTATIONS For retirees paid in advance (Separation before 31/12/84), their attestations for 2012 consist of 12 monthly benefits from January 2012, due in January 2012 (but paid on 29 December 2011) up to and including that of December 2012, due in December 2012 (but paid on 29 November 2012). For retirees paid in arrears (Separation on or after 31/12/84), the attestations for the fiscal year 2012 consist of the 12 monthly benefits from December 2011, due in January 2012 (but paid on 29 December 2011) up to and including that of November 2012, due in December 2012 (but paid on 29 November 2012). These attestations are generated based on Section J. 2 b) of the Regulations and Rules of the Fund 31
Tax Attestation: How it looks outside 32
Tax Attestation: How it looks inside 33
Attestations of Contributory Service and Contributions The Fund can provide an attestation of contributory service at the request of the retirees (normally due to requests for National Pension Offices) The statement can also include the total contributions and interest from the retiree during his/her participation and the Organization’s contributions for the same period. 34
Attestations of Contributory Service and Contributions 35
MOVING 36
Moving Q: I am changing my address. Should I inform the Fund? If yes, how? A : If you are changing your address, even in the same country, you need to inform the Fund by filling out our PF 23 M form and sending it to the Fund in Original by mail or diplomatic pouch. Documents received by email (including PDF attachments), photocopies and faxes are not accepted. 37
CHANGE OF ADDRESS - Please fill the form for our website if possible before printing and signing in order to avoid misinterpretations of letters and numbers Ø The completed form bearing ORIGINAL SIGNATURE must be submitted to the Fund: No faxes, photocopies or emails will be accepted 38
Change of Payment Instructions 39
Change of Payment Instructions Q: I am changing my bank account, how do I inform the Fund? A: If you are changing your bank account , even in the same country, you need to inform the Fund by filling out our PF 23 Change of payment instructions form and sending it to the Fund in Original by mail or diplomatic pouch. If your bank informs you that your bank codes (IBAN or SWIFT) have changed, please inform the Fund through the same method. Documents received by email (including PDF attachments), photocopies and faxes are not accepted. 40
Change of Payment Instructions - Timing Q: How long does it take the Fund to make the change? A: It depends on when we receive the request. We close the payroll around the 10 th of the month for the pensions due at the end of the month. (Example: Payroll closing on 10 May 2013 for payments due on 30 May 2013) So, instructions received after the 7 th of the month are normally processed for the following month’s payroll. Beneficiaries should NOT close their previous account until they receive our confirmation letter informing that the change in payment instructions has been done 41
CHANGEMENT D’INSTRUCTIONS DE PAIEMENT Ø Please fill the form for our website if possible before printing and signing in order to avoid misinterpretations of letters and numbers Ø The completed form bearing ORIGINAL SIGNATURE must be submitted to the Fund: No faxes, photocopies or emails will be accepted Ø Please include a document from your bank showing your account details 42
PAYMENT INSTRUCTIONS NOTIFICATION Ø Payments are made at the end of the month preceding the month stated on the notification Ø Please verify the instructions to ensure that they are what you requested Ø In extraordinary circumstances, we can change the instructions prior to the expiration of the on year 43
Change of Payment Instructions – Choice of Currency Q: So what are the possible consequences for my choice of currency of payment? A: Your choice of currency has two possible consequences: Unlimited Payment fluctuations and Bank Charges To avoid unlimited payment fluctuations (up or down), the Track currency has to be the same as Payment Currency. Track USD USD Local Italy (EUR) Locale Italy (EUR) Payment Currency Consequences USD No payment fluctuation CHF Unlimited Quarterly Fluctuation USD-CHF EURO Unlimited Quarterly Fluctuation USD-EUR EURO Limited payment fluctuation (between min-max) USD Unlimited Quarterly Fluctuation EUR-USD CHF Unlimited Quarterly Double fluctuation: EUR-USD, and USD-CHF 44
Change of Payment Instructions – Choice of Currency Q: So what are the possible consequences for my choice of currency of payment? A: Your choice of currency has two possible consequences: Unlimited Payment fluctuations and Bank Charges The Fund pays a fee to send pensions, but does not absorb fees related to the receipt of pensions To avoid bank charges, the payment destination must be in the currency zone. Currency USD EURO CHF Other Payroll currencies Destination USA Other countries SEPA Zone (32 countries) Outside SEPA Zone Switzerland Outside Switzerland In their zones Outside their zones Bank Charges (yes, no, possible) No Yes for most, with a few exceptions No YES NO YES 45
PENSION ADJUSTMENT SYSTEM Adjustment of Pensions due to Cost of Living Adjustments Two-Track 46
Pension Adjustment System: Basics Q: What is the Pension Adjustment System and why do you have it? Ø A: The Pension Adjustment System (PAS) is a way of indexing pensions on the Consumer Price Index (CPI). It is designed to protect the purchasing power of a pension from inflation and where applicable from currency fluctuations. Ø All periodic pensions are adjusted annually if the CPI has moved by at least 2% from last adjustment Ø All pensions are calculated initially on the US Dollar Track. Beneficiaries have the option to add a second track called Local Track, that why it is called Two-Track. 47
Pension Adjustment System: Two-Track Q: What is the benefit of the two-track? Ø A: The Two-Track: § Provides stability of the pension amount in the currency of your country of residence (the fluctuation been limited between your local track amount and the maximum amount 120/110%) § Maintains the purchasing power of pensions by indexing pensions based on Consumer Price Index in your Country of Residence. 48
Pension Adjustment System: How do I know the Track Q: How do I know if I am already on the two-track? Ø A: Take a look at your notification, you will see that there are two columns: § On your left the US Dollar Track and on your right the Local Track (2 nd track of the two-track). § If the right column is empty, you are only on the US Dollar Track 49
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Two-Track: Is it good for me Q: Being on the USD Track, how do I know if the two-track is good for me? Ø A: Please request an estimate from the Fund. If you have separated after 1992, you can run the estimate from the Web if you are registered and have your PIN number Ø At this moment, retirement benefits before 1992 as well as disability and survivor’s benefit cannot be estimated in the local track on the website. Please make the request to the Fund and the estimate will be provided within 15 working days. 52
Two-Track: How do I apply Q: How do I apply for the two-track? A: Please read the instructions on pages 1 to 4 and fill out page 5 of our PENS E/10 « Declaration of Country of Residence » Please enclose a document to show proof of residence in the country you are requesting the local track 53
PENS/E 10 FORM Form to be signed when requesting the two-track for the first time. 54
SAMPLE CERTIFICATE OF RESIDENCE This document was accepted recently as proof of residence for Italy 55
Two-Track: Change of country of residence Q: I am on the two-track and I am changing my country of residence, what should I do? A: Once you opt for the two-track and change your country of residence, you need to inform the Fund within six months of your arrival to the new country. Ø You must fill out and send our PENS E/11 « Change of Country of Residence » with proof of residence in the new country as well as proof of the date of arrival to the new country. Ø Your pension will be then calculated under the local track of the new country with effective date the quarter following the receipt of the PENS E/11 form Ø 56
PENS/E 11 FORM To be filled out when changing country of residence while on the two-track Proof of arrival is required if the arrival date is not mentioned on the Certificate of Residence (Passport with Immigration stamp, Boarding Pass, Tickets etc. ) 57
Two-Track: Return to the US Dollar Track Q: I am on the two-track, can I revert to the USD Track Only? Ø A: You normally revert to the USD Track only when you change your country of residence to the USA or to another country where the local track is NOT applicable Ø Exceptions are reviewed on a case to case basis. 58
Survivor’s Benefits 59
Right to a pension Q: If I pass away, will my spouse have a right to a pension? Ø A: A survivor’s benefit is payable to surviving your spouse if you have the right to a monthly pension, and if the surviving spouse has been married to you prior to your separation from service and remained married to you until death. 60
Right to a Pension Q: Under which circumstances would my spouse not be entitled to a benefit? Ø A: A widow/widower’s benefit would not be payable if you have separated from service prior to 01 April 2001 and opted for a deferred retirement benefit with Lump Sum. Or Ø If the marriage was contracted after Separation from Service and that no annuity has been purchased under Article 35 ter. 61
Administrative Procedures Q: Upon death, what will the spouse need to do to establish the survivor’s benefit? A - The Fund reviews the file to see what documents are already with the Fund, among the checklist below. All pension forms are needed in Original while the Fund accept copies of other documents. 62
Required Documents ✓ Death Certificate ✓ Marriage Certificate ✓ Divorce decree(s) if any ✓ Birth Certificate for each beneficary (spouse and children under 21) ✓ Original Payment Instructions (Pens. E/2 form) signed by the spouse and authenticated by a UN Official or a Government Authority. ✓ Copy of an official Picture ID of each beneficiary containing signature (such as National ID or Passport) 63
PENS. E/2 – Page 1 FORM Ø Please fill the form for our website if possible before printing and signing in order to avoid misinterpretations of letters and numbers Ø The completed form bearing ORIGINAL SIGNATURE must be submitted to the Fund: No faxes, photocopies or emails will be accepted Ø Please include a document from your bank showing your account details Ø 64 Please check the right box
PENS. E/2 – Page FORM Ø Please fill the form for our website if possible before printing and signing in order to avoid misinterpretations of letters and numbers Ø The completed form bearing ORIGINAL SIGNATURE must be submitted to the Fund: No faxes, photocopies or emails will be accepted Ø Please include a document from your bank showing your account details Ø Please check the right box 65
Witness of Signature Q: Who can witness my spouse signature? A: 1. 2. 3. The UN Pension Fund if the spouse brings the documents to our offices. Officials of the United Nations System (UN, FAO/WFP, IFAD, WHO, etc. ) Local Government Authorities (City Hall), Consular Authorities 66
Amount Q: How much will my spouse receive as widow’s benefit? A: Ø In general, the amount equals half of the retiree’s full pension (before any lump sum commutation) Ø This amount is payable for life and is adjusted for cost of living adjustment. 67
Transition from Retiree to Survivor Q: If the date of death is in mid-month, do I have the right the full month’s benefit? Ø A: Yes, the retiree has the right to the full amount of the month of death. The spouse has the right of the pension on the first day of the month following the death. Q: How long would my spouse have to wait to receiving her survivor’s pension after my death? Ø A: If the Fund receives the required documents in good order, we establish the survivor’s benefit within 15 working days. It is possible depending on when all documents are received to stop the retiree’s pension and establish the survivor’s pension 68 right away.
Survivor’s benefit: Two-Track Q: I am on the two-track, will it be automatically given to my spouse? Ø A: No it will be established under the US Dollar Track, unless your spouse submits an E/10 form (ref two-track section) with the Payment Instructions. Ø But when we contact the spouse to request the documents, we do inform about the two-track. Ø Some spouses may wish to change their residence after the spouse’s death, so it is better to start with the US Dollar Track. 69
Survivor’s Benefit: Recommendation Q: What can I do to facilitate the establishment of my spouse pension after my death? Ø A: Please establish a pension file for your spouse where you can pre-fill out the Pens. E/2 form. § If you have a joint account and your bank agrees not to close it after your death, you can already fill the account number on Page 2 of the Pens. E/2 form. § Keep the Pens. E/2 and a bank document in the Pension File § Please send right now to the Fund a copy of your marriage certificate and a copy of your spouse Official ID (passport or ID card) 70
Internet Access 71
WWW. UNJSPF. ORG 72
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After receipt of the PIN code, login to www. unjspf. org, click on Welcome then on Beneficiary, then click on Login at the Beneficiary’s Portal Home Screen 76
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After login, you can access your Quarterly Notification, confirm our receipt of your Certificate of Entitlement and run Two-Track Estimates 78
In the unsecured part of our site, you will find important categories such as Forms, Publications and documents (where you can find the bookets), and UN exchange rates CPI and Contacting Us 79
SOME BOOKLETS THAT COULD BE OF INTEREST TO YOU 80
To Contact Us 81
UNJSPF HQ P. O. Box 5036 New York, NY 10017 USA Tel: +1 -212 -9636931 Fax: +1 -212 -9633146 E-mail: unjspf@un. org UNJSPF GVA UNJSPF NY How to contact us. . . UNJSPF GVA Office Palais des Nations 1211 Geneva 10 Tel: +41 -22 -9288800 Skype ID: unjspf. geneva Fax: +41 -22 -928 9099 E-mail: unjspf. gva@unjspf. org Office: Du. Pont de Nemours Building Ch. du Pavillon 2, 1218 Grand-Saconnex Switzerland Open Hours: Monday-Friday 08: 30 to 17: 00 with or without Appointment
UNJSPF GVA How to contact us. . . At the “PERMANENCE” Office: PALAIS DES NATIONS Geneva AAFI-AFICS Office, Door 15 Office No: A 265 Open Hours: Tuesdays and Fridays 12: 00 to 14: 30 with or without appt
How to call us free with Skype Q: I heard you have Skype, how can I use it to call you for free? R: Please install Then go to Add a Contact and add unjspf. geneva You will be accepted automatically and our ID is always online. Ø Ø Select the UNJSPF GVA contact and click on 84
How to call us free with Skype To be able to choose the option given on our phone system, please show the Dial Pad after having initiated the call, by clicking on Call and then Show Dial Pad 85
How to call us free with Skype After having clicked on Show Dial Pad, the Dial Pad becomes visible and you can select the option you wish to access on our phone system (for example 1 for beneficiary or 2 for participant) 86
OTHER QUESTIONS 87