Decides that it is desirable to replace the temporary system of adjustment of pensions after their award provided in General Assembly resolution 1799 (XVII) of 11 December 1962 by a system under which variations in the cost of living shall be reflected in the level of pensions, annuities and deferred annuities to the same extent as they are reflected in the final average remuneration of serving staff; to this end, and in substitution for the measure contained in the abovementioned resolution:
a
Pensions, annuities in payment and deferred annuities, other than benefits resulting from voluntary contributions under article XVIII of the Regulations of the United Nations Joint Staff Pension Fund, shall with effect from 1 March 1965 be adjusted in accordance with sub-paragraphs ( b), ( c) and ( d) below, save that:
( i) The maximum amounts of retirement benefits under article IV.I (b) of the Regulations and of widows' or disabled widowers' benefits under article VII.4, or of benefits derived therefrom, shall be the amounts which would have been payable had such benefits been determined under articles IV.I (b) (i) and VII.4 (a)
respectively and had no adjustment been applied; where, however, a greater amount would be yielded after adjustment if such benefit were
determined under articles IV .1 (a) or VII .1 or 2 as the case may be, the amount payable shall be such greater amount ;
ii
The minimum and maximum amounts of children's benefits under article VIII, paragraphs 2 and 3. shal1 continue to apply;
( b) Benefits to which this measure is applicable shall be adjusted on 1 March 1965 in accordance with the following schedule :
Date of separation Adjustment in benefit Prior to 1 January 1960 Plus 8 per cent 1 January-31 December 1960 Plus 7 per cent 1 January-31 December 1961 Plus 6 per cent I January-31 December 1962 Plus 5 per cent 1 J anuary-31 December 1963 Plus 3 per cent 1 J anuary-31 December 1964 Plus 1 per cent
c
On 1 January of each year subsequent to 1965, benefits shall, subject to sub-paragraph ( d) below, be
further adjusted by a percentage corresponding to the increase or decrease, if any, during the preceding year, in a pension adjustment index consisting of the average of the index values at 1 January in each of the preceding five years of the post adjustment element in the
pensionable remuneration of professional staff from 1 January 1956 onwards; all computati?ns necessary to establish such percentage shall be earned out to the nearest integer ;
( d) Benefits shall not, in terms of sub-paragraph ( c) above, be decreased below the amounts established without the application of this resolution, nor shall any increase which may become due on or after 1 January 1967 be applied without the prior approval of the General Assembly ;
II
Resolves that articles III, IV, VI and paragraphs 3 and 7 of article VII of the Regulations of the United Nations Joint Staff Pension Fund shall, with effect from 1 March 1965, be amended in accordance with annex V to the report of the United Nations Joint Staff Pension Board to the General Assembly and to member organizations of the Fund for 1964 ;38 the amended texts are annexed to the present resolution.
21 December 1965.
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