The Pension Fund Advisory Board (PFAB) was set up by the CIPM in its decision CIPM/104-33 of 16 October 2015. The PFAB takes over the responsibilities of the CIPM Sub-Committee on the BIPM Pension and Provident Fund and Health Insurance (PF&HI) relating to pensions.
The decision stems from Resolution 3 (2014), On the Pension and Provident Fund of the BIPM, adopted by the CGPM on 20 November 2014.
Terms of reference:
The Advisory Board advises the CIPM on the long term sustainability of the Fund, and submits advisory opinions to the CIPM, in particular on:
- the investment policy of the Fund;
- the Fund's financial statements;
- the actuarial studies;
- the Fund's resources;
- the review and modification of rules and regulations within the remit of the CIPM that are related to the Fund; and
- any other appropriate task as decided by the CIPM.
For this purpose, the Advisory Board formulates recommendations to the CIPM when provided for by applicable provisions, upon request by the CIPM or when the Board considers it necessary.
In addition, the BIPM Director informs the Advisory Board of any development of importance related to the Fund.