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.

4. All calculations were performed by the Consulting Actuary in accordance with established actuarial principles and practices.

Actuarial matters

Actuarial situation

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

Actuarial Value of Accrued

Actuarial Value of Assets1

Actuarial Value of Assets (1)

Actuarial sufficiency of the Fund

Statement of actuarial position of

III. ACTUARIAL MATTERS . 17 95 4

Actuarial Value of Accrued Benefit Entitlements

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.

(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

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?

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

V. STATEMENT OF ACTUARIAL POSITION OF THE FUND AS AT 31 DECEMBER 1993 103

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.

At the time of the present report, the General Assembly has not invoked this provision. The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

Also being funded under this project is the Third Actuarial Review of the Social Security Scheme.

The current rate of 6.5 per cent has produced an actuarial gain for the Fund quot .

The Consulting Actuary calculated the actuarial sufficiency as at 31 December 1993 on the following basis.

It was further noted that new mortality assumptions, reflecting increased longevity world wide, had been used in the actuarial valuation as at 31 December 1993, which had a large negative impact on the Fund apos s actuarial situation.

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.

47. Actuarial matters were referred to in paragraphs 105 to 129 of the report (A 48 9).

B. Actions taken by the General Assembly on the Pension Fund apos s actuarial situation, 1982 1989

2. The report of the Pension Board deals with actuarial matters in paragraphs 17 to 95, including in particular the results of the twenty second actuarial valuation of the Fund as at 31 December 1993 presented in paragraphs 17 to 55.