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Speaker(s): Stuart Schulman (Conduent HR Services)
The United Nations Joint Staff Pension Fund (the "Fund") is a pension scheme that covers over 120,000 active employees and over 70,000 retirees and beneficiaries from twenty-two (22) agencies in the United Nations system.With the exception of return on assets/interest rate, rates of mortality represent the most important determinant of the liabilities and the funding ratios of the Fund.
For pension schemes sponsored by international organizations (such as the Fund), determining the appropriate rates of mortality to use in actuarial valuations is challenging, because the participants reside in nearly every country in the world, are a mixture of professional and nonprofessional labor, have greater access to health care during and after their terms of employment, and are on average better educated than similar populations in the world.Because of the international nature of the covered group and their mobility across borders during and after their careers, it is not appropriate to use a reference mortality table from a single country.In addition, due to the access to health care and education levels, rates of death are lighter than for comparable populations worldwide.For these and other reasons, for scheme of this nature that is of sufficient size, it is reasonable to construct mortality tables based on that scheme's own mortality experience.
This paper describes the methods used in constructing the current tables, given these unique characteristics of the Fund.