Thursday, April 16, 2020

Letter from the UN Secretary-General to UNJSPF participants, retirees and beneficiaries, 14 April 2020

Letter from the UN Secretary-General to UNJSPF participants, retirees and beneficiaries


Excerpt:

"It is undeniable that the present volatile state of the financial markets, triggered by the global Coronavirus pandemic, has affected the value of the Fund ‘s assets. After a positive performance in 2019, we entered this year with an 18.68 percent annual return helped by rising equity markets which saw the portfolio reach a level of $72 billion. With the market downturn in the first quarter of 2020, the changes in the value of our portfolio are consistent with the trend observed in the markets more generally, with a decrease of approximately 10 percent. It is important to recognize, however, that changes in the valuation of the underlying assets of the Fund do not mean that the Fund incurred actual losses where such assets have not been sold.
Given that the COVID-19 pandemic is still unfolding, we expect the volatility in the markets to persist in the weeks to come. Yet we do not foresee any disruption for beneficiaries as the Fund ‘s liquidity is strong.  I can assure you that all pensions will continue to be paid in full."

Read full letter here:


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