The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

The result of the actuarial valuation as of 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

2. Expresses its appreciation for the assessment and views of the Consulting Actuary and the Committee of Actuaries on the results of the actuarial valuation as at 31 December 1997

a Five year moving average market value, as adopted by the Pension Board for determining the actuarial value of the assets.

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.

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

The records were insufficient for an exact value of the loss to be calculated.

The Consulting Actuary stated further that a 15 per cent decline in the value of the equity component of the assets would result in approximately a 23.7 per cent required rate of contribution, after the decline had been fully reflected in the actuarial asset value, and assuming constancy until the next valuation in the market value of assets after the decline and in all other economic variables.

(b) Determination by the Fund apos s Consulting Actuary of the actuarial costs of the proposed agreement, based on the final list of persons to be covered

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The Secretary of the Board provided frequent updates on the liability profile of the Fund in addition, information on the actuarial valuations and the assumptions used therein was provided to the Investments Committee periodically by the Rapporteur of the Committee of Actuaries and the Fund apos s Consulting Actuary.

Price precision

Price Precision

15. With respect to the administrative expenses, the Committee of Actuaries agreed with the determination made by the Consulting Actuary that the reductive factor should be 0.13 per cent per annum.

Actuarial matters

ACTUARIAL MATTERS

(a) Actuarial implications (considered not significant by the Committee of Actuaries)

Actuarial situation

III. ACTUARIAL MATTERS . 14 47 4

Methods should be developed for assessing the value of unremunerated work outside national accounts.

When the election becomes effective, the benefit payable to the former participant shall be reduced in accordance with actuarial factors to be determined by the Fund s Consulting Actuary.

When the election becomes effective, the benefit payable to the former participant shall be reduced in accordance with actuarial factors to be determined by the Fund apos s Consulting Actuary.

The statement of actuarial sufficiency prepared by the Consulting Actuary and approved by the Committee of Actuaries is reproduced in annex IV to the present report.

The statement on the actuarial position of the Fund, adopted by the Committee of Actuaries, is reproduced in annex V. In that statement, the Committee of Actuaries indicates that it had

26. The various technical aspects of the process of determining the proportionate share were the subject of discussions involving the Fund apos s Consulting Actuary, the Rapporteur of the Committee of Actuaries, the Consulting Actuary to WTO and the Secretary of the Board.

As was done in the last five valuations, the actuarial value of the assets as at 31 December 1997 was determined on the basis of a five year moving market average method, subject to a limiting range of 15 per cent below and above the market value of the assets as at 31 December 1997.

High precision calculator

Experimental validation of calculation accuracy.

Actuarial consulting services

Article 12 of the Fund apos s Regulations provides that quot the Board shall have an actuarial valuation made of the Fund at least once every three years by the consulting actuary quot .1 The primary purpose of the actuarial valuation is to determine whether the present and estimated future assets of the Fund will be sufficient to meet its liabilities.

The Committee noted, however, that inflation rates continued to be low and the gains in the value of the assets of the Fund were not yet fully recognized in the actuarial asset value.

2. At its meetings in June 1998, the Committee of Actuaries reviewed the results of the actuarial valuation as at 31 December 1997, which was carried out by the Consulting Actuary.

In particular, actuarial costings were prepared of various options that had been explored prior to the formulation of the proposed agreement, followed by separate costings of the proposed agreement under two implementation dates (1 January 1996 and 1 January 1997). These actuarial assessments were carried out by the Fund apos s Consulting Actuary at the expense of the Fund.

The Consulting Actuary recommended that the reductive factor be between 0.5 and 1 per cent per annum.

They recalled that actuarial studies were not an exact science and that their results were heavily dependent on the assumptions used.

quot reviewed the results of the actuarial valuation as of 31 December 1997, which was carried out by the Consulting Actuary.

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The date of foreign exchange applicable will be specified by the Customs General Administration.

It's only worth it if the price is right.

(a) Preparation of an actuarial valuation to be performed in 2006, on the basis of data as at 31 December 2005, including production of the formal report and preparation of various papers for the Committee of Actuaries and United Nations Joint Staff Pension Board pertaining to the regular actuarial valuation work.

These technical arrangements were the subject of discussions involving the Fund s Consulting Actuary, the Rapporteur of the Committee of Actuaries, the Consulting Actuary to WTO and the Secretary of the Board.

The Committee of Actuaries indicated its intention to review the demographic and economic experience of the Fund over a number of years, for the purpose of formulating the assumptions to be recommended for use in the actuarial valuation of the Fund as at 31 December 1999.

Such deficiency payments are payable only if and when the General Assembly has invoked the provision of Article 26, following determination that there is a requirement for deficiency payments based on an assessment of the actuarial sufficiency of the Fund as of the valuation date.

However, the introduction of new evaluation elements other than quality and price would represent a major departure from the spirit of the Financial Regulations and the established procurement procedures.

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