UN STAFF NEWS
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New information shared with UN staff unions by the pension fund shows that since the start of the year its own fixed-income portfolio has actually outperformed the Wall Street benchmark.
This means that had the fund outsourced our money, it would have made a loss and would have had to pay millions in unnecessary fees.
This news is significant as it corrects earlier claims that the pension fund’s internal team was underperforming.
It also confirms our belief in the importance of properly empowering and trusting the investment officers of the pension fund and of having addressed the managerial issues in the fixed-income team, highlighted by OIOS, that were at the heart of its earlier problems.
This situation is likely to further improve as new staff join the fund and a new strategic asset allocation is implemented. A letter was sent in this regard to the Secretary-General.
While the plan to outsource has been paused, we don’t think that this issue is over. UN staff unions will continue through CCISUA to oppose any attempt to outsource our Pension Fund.
If you haven’t signed the staff union petition please take a minute to do so.
