Editorial

Watch out !

  Our pension fund is in pretty good shape, but our pensions are in poor health!
In 1995 there was 15 billion dollars in our Pension Fund, today there's twice as much, or $29,288,575,000 to be precise. The actuarial deficit of 1995 is long forgotten. In fact, the Fund is enjoying a substantial actuarial surplus for the sixth year running.
Having said that, our pensions have not kept up with this positive trend. In Geneva pensions are even shrinking. Why? Essentially for two reasons: the stubbornness of certain Member States and the decline of the dollar.
As a matter of principle, the Member States do not want UN staff, be they still serving or retired, to get one penny more. "If there's too much money in the Fund, let's cut our contributions" is what their motto. Like all autocratic bosses they do not need any arguments to impose their views.
As for the decline of the dollar, well, in New York no one cares, because there people are paid in dollars, they contribute in dollars and they receive their pensions in dollars.
Colleagues in New York don't really care whether retirees in Geneva get 2 francs, 1 franc or 50 cents for their greenback. You'd think that some still believe the dollar is the universal currency it was in the 1950s, when the Fund was set up. Some people even question the “double track” system, which allows retirees to opt for a pension in dollars or in their local currency.
If we don't act now, tomorrow we'll have to pay our rent with this funny money.
So on 15 and 16 March remember to vote for your representatives to the Pension Fund Committee!