– 69 – (2.3 – Pensions) 2.3 Pensions R 440 Investments of funds of the ITU staff superannuation and benevolent funds (C-1960) The Council, considering a) that apart from being morally responsible for the funds which in 1960 still remain entrusted to the Management Board (after transfer to the United Nations Joint Staff Pension Fund), the ITU has given its financial guarantee to the staff as regards the retirement and other pensions to be paid from the funds kept in the Staff Superannuation and Benevolent Funds (Articles 1, 2 and 84 of the Regulations for the Staff Superannuation and Benevolent Funds, 7th edition); b) that the debts of the Staff Superannuation and Benevolent Funds are expressed in Swiss francs; c) that the actuarial calculation are based on 3% interest, but that the current accounts in Swiss francs conceded to the Union by the Swiss Confederation, and the Swiss franc debentures backed by the Swiss Confederation, bear interest at more than 3%, recommends that the Management Board keep the funds of the Staff Superannuation and Benevolent Funds from which retirement and other pensions are liable to be paid, in current account with the Swiss Confederation or in the form of debentures backed by the Swiss Confederation, and abstain from any investments which do not offer the same degree of security. Ref.: Document 2499/CA15 (1960). R 463 Actuarial bases for the ITU Staff Superannuation and Benevolent Funds (C-1961) The Council, in view of the proposal of the Management Board of the ITU Staff Superannuation and Benevolent Funds submitted by the Secretary-General (Document 2634/CA16), considering that the present actuarial bases used for the calculations of the Funds are out of date, and that the actuary, consulted by the Management Board, approved the adoption of the proposed revised bases, resolves that, as from 1 July 1961, the actuarial bases EVK/1960, Collection A, of the Federal Insurance Fund of the Swiss Confederation shall be used for the calculations of the Funds. Ref.: Document 2710/CA16 (1961).