Actuarial Value of Accrued

Actuarial Value of Assets1

Actuarial Value of Assets (1)

Actuarial Value of Accrued Benefit Entitlements

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.

(1) 5 year Moving Average Market Value, as adopted by the Pension Board for determining the actuarial value of the assets.

1 5 Year Moving Average Market Value, as adopted by the Pension Board for determining the actuarial value of the assets.

6. As indicated in the table above, the actuarial value of 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.

As indicated in the table above, the actuarial value of assets exceeds the actuarial value of all accrued benefit entitlements under the Fund, based on the understanding of the Consulting Actuary, of the Regulations of the Fund in effect on the valuation date.

Actuarial matters

Actuarial situation

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

All actuarial results will be shown under several sets of actuarial assumptions

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.

Actuarial sufficiency of the Fund

Statement of actuarial position of

III. ACTUARIAL MATTERS . 17 95 4

Comparative effect of alternative economic actuarial assumptions

In 1991, ILO provided the services of an actuarial consultant to undertake the first actuarial valuation of the Social Security Scheme.

The auditors had requested that the results of the actuarial valuation of the Fund be presented 94 41654 (E) 031194 ... in dollar terms and provide information on the net assets available for benefits, the changes in net assets and an actuarial present value of promised retirement benefits. 3

(c) Net effect of changes in actuarial assumptions

Presentation of results of the 1990 actuarial valuation

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

Statement of actuarial position as at 31 December 1993

Actuarial cost (saving) as a percentage of pensionable remuneration

ANL 84 003 Actuarial Review of the Social Security Scheme

(ii) Financial and actuarial report on the Social Security Scheme

Statement of the actuarial sufficiency as at 31 December 1993

Actuarial position of the Fund as at 31 December 1993

On the basis of the 31 December 1993 actuarial valuation, the Consulting Actuary estimated the actuarial implications of possible higher and lower future interest rates as follows

A. Actuarial valuation of the Fund as at 31 December 1993

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.

The proposed agreements with ADB and EBRD were of the quot outer circle quot type and therefore provided for the transfer of the actuarial equivalent value of a participant apos s accrued pension benefits.

Under this methodology, the accrued entitlements of active participants were measured on the basis of their selecting the benefit of highest actuarial value available to them, assuming termination of employment on the valuation date.

(a) The actuarial value of the assets used as the starting point in the valuation ( 11,740.3 million), determined according to the five year moving average method, was approximately 1,062 million, or 8.3 per cent, lower than the market value of the assets as at 31 December 1993 ( 12,802.3 million)

A new trust fund project on actuarial valuation in Kuwait was approved.

The valuation results were therefore highly dependent upon the actuarial assumptions used.

ACTUARIAL MATTERS Recalling section II of resolutions 47 203 and 48 225,

Risks, he wrote, were supposed to be capable of an exact actuarial computation.

Results of 22nd actuarial valuation of the Fund as at 31 December 1993

Come on, you never read an actuarial table in your life, have you?

7. Notes that the Fund has transferred to the Social Security Fund of the former Union of Soviet Socialist Republics the actuarial value of the pension rights accrued by individual former participants, as required under the Agreements

(a) For participants with less than five years of service, the quot equivalent actuarial value quot was transferred, subject to the withdrawal settlement serving as a minimum and twice the participant apos s own contributions as a maximum

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

A. Actuarial valuation of the Fund as at 31 December 1993 . 17 55 4