memberorganization shallbemetbythatorganization." 114.Pursuant toarticle 15(E),theBoardsubmits revised estimates for1985 amounting to$7,614,100 (annexIV,table1)andestimates ofexpenses forthe biennium 1986-1987 intheamountof$16,995,700 (annexIV,tables 2and3).These expenses areachargeentirely ontheFund'anddonotinanywayinvolve thebudget oftheUnitedNations orthatofanyothermemberorganization oftheFund. 115.The1986-1987 estimates ofadministrative costs(asdistinct toinvestment costs) amounttoapproximately 0.16percentoftheestimated 1986-1987 pensionable remuneration, andarethusabovethe 0.1~percentlimitlaiddownbythePension Review Groupin1960.InitsreporttotheGeneral Assembly atitsthirty-ninth se~sion theBoardhadindicated thatthecorresponding percentage for1985hadbeen 0.148.21/Theestimates fo~1983and1984hadbeen0.121and0.133respectively. 116.Inreporting onthisauestion in1984theBoardhadindicated' thatthe increase inthepercentage wasattributable tothefactthatwhileadministrative costshadcontinued torise,totalpensionable remuneration hadbeenvirtually static. 22/Acomparison between thedataintheactuarial valuations asat 31December 1982and1984showsthattotalpensionable remuneration forthe Professional andhighercategories wasactually lowerasat1January 1985thanit hadbeentwoyearspreviously. Thedecline wasattributable tothedecrease inthe numberofparticipants inthosecategories andtotheintroductio~ ofagenerally lowerscaleofpensionable remuneration asat1January 1985.AsfortheGeneral Service category, theincrease intotalpensionable remuneration overthetwo-year period waslessthanitwouldhavebeen,haditnotbeenforthestrength ofthe UnitedStatesdollar. Thechanges between 31December 1982and31December 1984 aresummarized inthefollowing table: -30-Beca and un1i admi the actu Boar 117. thir cost reti sess whic woul reti toi rise abou 31D aues deve coul areu expe 0.18 and 118. admi reau costActuarial valuation asat 31December 1984 31December 1982Increase/ (decrease) Total Total Total pensionable pensionable pensionable Category Number remune.:ation Number remuneration Number remuneration (indollars) (indollars) (indollars) Pandabove 19014 1178m19185 1185m (171) (7m) GSandother categories 34190 589m31781 545m2409!LID Total 53204 1767m50966 1730m2238lL.!!- Because ofdevelopments asregards pensionable remuneration fortheProfessional andhighercategories (seeparas. 76-82above)totalpensionable remuneration is unlikely toincrease verymuchoverthenexttwoyears. Bycontrast, administrative costshaveriseninrecentyears: thetwomainreasons havebeen thehighersalaries forGeneral Service staffinNewYorkandthegrowing volumeof actuarial workrequired inconnection withrequests bytheGeneral Assembly andthe Boarditself. 117.Asforeshadowed intheBoard's reporttotheGeneral Assembly atits thirty-ninth session, 23/theQuestion oftheappropriate levelofadministrative costsinrelation tothecurrent si~eoftheFund.andthenumberofactive and retired participants wasconsidered bytheCommittee ofActuaries atits1985 session. Itwasrecalled inthatconnection thatthe1960Pension ReviewGroup, whichhadlaiddownthe0.14percentlimit,hadforeseen thatadministrative costs wouldriseslowlytoabout0.18percent.l!/Itwasalsonotedthatthenumberof retired. participants andtheratioofretired toactiveparticipants hadcontinued toincrease (thetotalnumberofretired participants andtheirbeneficiaries had risenfrom19,178asat31December 1982to22,170asat31December 1984,i.e.by about16percent1theincrease overthethree-year period 31December 1981to 31December 1984wasnearly 28percent). Onthebasisofitsexamination ofthe auestion, theCommittee ofActuaries advised thePension Boardthat,whilethe developments summarized aboveandthegrowing complexity ofthepension system couldbeheldtojustify anincrease intheproportion ofadministrative coststo about0.20percentoftotalpensionable remuneration, thelimitforadministrative expenses (otherthaninvestment costs)should besetforthetimebeingat 0.18percentoftotalpensionable remuneration, asaspurtofinancial stringency andefficiency inthecentral secretariat. 118.TheBoardreserved itsposition ontheQuestion oftheappropriate levelof administrative costsasapercentage oftotalpensionable remuneration, andit
**Analysis**
The text appears to be related to the management of a pension fund, discussing administrative costs, pensionable remuneration, and the Pension Review Group's guidelines. It seems to be focused on the financial and administrative aspects of the fund, rather than any specific economic, natural, or social issue.

**Category**
Employment, Finance