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FICSA was invited to participate in the PSI Forum on Pensions, which gathered participants from Africa, Asia, Europe and the Americas. The purpose of the forum was to table key pension issues and to share experiences in light of the impact of the financial crisis on pension schemes. It should be noted that all pension schemes presented were defined contribution schemes as opposed to the UN Joint Staff Pension Fund (UNJSPF), which is a defined benefits scheme.

Regional experiences from industrialized countries as well as from developing countries including Central and Eastern Europe were shared in the Forum. The ILO Social Security Unit presented its concerns about the country experiences. This presentation was followed by a Panel on Union pension investment issues.

Finally, it should be noted that all national pension funds had experienced the same issues that had been discussed during our own pension board meetings: governance issues, and the impact of financial turmoil. However, private pensions are more vulnerable that those provided by the UNJSPF, because they are defined contribution pensions and, as such, their value declines when there is a decline in investments.