UN appoints Minister of Finance, Kemi Adeosun, into Pension Fund investment committee

The United Nations has appointed Nigeria's Minister of Finance, Kemi Adeosun into the Investments Committee of the United Nations Joint Staff Pension Fund (UNJSPF). A statement signed and released today by Adeosun’s Special Adviser, Media and Communication, Oluyinka Akintunde, says she would serve a one-year term effective from January 1th, 2018.

According to the statement, UN Under-Secretary-General, Jan Beagle, in a letter said that the appointment was ratified at the 55th plenary meeting of the 77th session of the General Assembly.

“The General Assembly decided to appoint you as an ad-hoc member of the Investment Committee for a one-year term of office, beginning from 1st January 2018. I would like to take this opportunity to congratulate you on your appointment and wish you success in your work,” he said.

The representative of the UN Secretary-General on the Investments Committee, Ms Carolyn Boykin, congratulated the minister on her appointment and welcomed her to the committee.

Boykin said that the purpose of the investments was to secure the pension entitlements of the international civil servants participating in the Fund.

“The fiduciary responsibility is to all parties concerned and it is the responsibility of the Secretary-General to ensure that those investments are managed to preserve the capital of the Fund. And to also obtain a long-term real rate of investment return that is in line with the actuarial assumptions, without jeopardising the capital of the Fund by taking excessive risks,” she said.

The UNJSPF provides pension, death, disability and the other related benefits for staff of the United Nations and other organizations admitted to membership in the Fund. It is a multiple employer defined benefit plan governed by the United Nations Joint Staff Pension Board, the Staff Pension Committee for each member organization, and a secretariat.

The Fund was established through UN General Assembly resolution 248 (III), passed in December 1948 and came into effect on January 23, 1949, as a permanent retirement scheme.

It currently serves 23 member organizations, with 128, 262 active participants and approximately 75,000 retirees in nearly 200 countries.

According to the statement, Adeosun has accepted her appointment into the UN committee.