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Retirement age?

Posted: 09 Sep 2018, 09:18
by FromKadugli
I'm confused as to what is the retirement age in the UN? I have seen different numbers from "no retirement age exists" over 67, 65 all the way down to 62 and even 55 - does anybody know this?

Thanks!

Re: Retirement age?

Posted: 12 Sep 2018, 09:04
by Sebastian
FromKadugli wrote:
09 Sep 2018, 09:18
I'm confused as to what is the retirement age in the UN? I have seen different numbers from "no retirement age exists" over 67, 65 all the way down to 62 and even 55 - does anybody know this?

Thanks!
Hello,

indeed - retirement ages are different depending on when you joined the UN and what kind of HR contract you are on. I'm certainly not an expert - so I would appreciate if somebody knowledgeable chimes in, but in principle there is the following:
  • Contracts with UN Pension (typically Staff contracts)
  • Contracts without UN Pension (typically non-staff contracts
If there is a pension included, it is typically the UN Joint Staff Pension Fund (UNJSPF). https://www.unjspf.org/

Once you joined the UNJSPF there are different options on when to start your pension: The earliest is (as far as I know) 55 years (early retirement). But depending on when you joined the UN the mandatory age of separation (i.e. the time when you really have to retire) is either 62 or 65 years.

Re: Retirement age?

Posted: 29 Sep 2018, 14:04
by UN linguist
As Sebastian said, it depends on when you joined the organization and it is very complicated. I’m just an ordinary staff member who attended a pension briefing recently, not an expert, but from what I know, if you joined before 1990, the mandatory age of separation (i.e. what we would think of as the normal retirement age) is 60. If you joined between then and a few years ago, it’s 62, although you can choose to work till 65 if you want to, and if you have joined in the past few years or join now, it’s 67.

However... if you joined young, have worked 30 years and contributed to the pension fund for all that time, you can take early retirement from 55 onwards.

So that’s why you will have seen 55, 60, 62, 65 and 67 cited as UN retirement ages! It probably won’t be long before the mandatory age of separation is raised to 70, either...

Re: Retirement age?

Posted: 06 Oct 2018, 15:20
by Sebastian
Cheers @UN linguist! To make things even more complicated: once you officially retire you can continue to work on any non-staff modality if you make sure not to violate time/financial limits (you can't work full-time).

Re: Retirement age?

Posted: 09 Dec 2018, 16:47
by atmonarman
...but I suppose like at other intergovernmental organisations, you can take an early retirement (for example at EU Agencies it is up to 7 years before the obligatory date of sepparation), but then earning only a reduced amount than the applicable one if you had retired at 67. Isn´t it ??

Re: Retirement age?

Posted: 09 Dec 2018, 17:03
by atmonarman
atmonarman wrote:
09 Dec 2018, 16:47
...but I suppose like at other intergovernmental organisations, you can take an early retirement (for example at EU Agencies it is up to 7 years before the obligatory date of sepparation), but then earning only a reduced amount than the applicable one if you had retired at 67. Isn´t it ??
Extracted from the ICSC Pension website ( https://www.unjspf.org/early-retirement-age/): "If you entered or re-entered the Fund on or after 01 January 2014 an early retirement benefit shall be payable to you as of the age of 58."

Re: Retirement age?

Posted: 15 Dec 2018, 11:15
by Sebastian
atmonarman wrote:
09 Dec 2018, 17:03
atmonarman wrote:
09 Dec 2018, 16:47
...but I suppose like at other intergovernmental organisations, you can take an early retirement (for example at EU Agencies it is up to 7 years before the obligatory date of sepparation), but then earning only a reduced amount than the applicable one if you had retired at 67. Isn´t it ??
Extracted from the ICSC Pension website ( https://www.unjspf.org/early-retirement-age/): "If you entered or re-entered the Fund on or after 01 January 2014 an early retirement benefit shall be payable to you as of the age of 58."
Thanks for the update! Indeed, Early Retirement is possible. If this is attractive or not depends on your specific circumstance. I was wondering if anybody could share the considerations one should go through in determining early retirement / lump-sum vs. pension etc.?