Retirement FAQs

Yes, members of the UN community are always welcome to remain at UNFCU following relocation, separation, retirement, and other life events. Once a member, always a member.  

Your membership may only be closed if you withdraw all funds in your UNFCU account(s), including your Membership Share. If you move to a sanctioned country or are a national of certain sanctioned countries, your accounts may become subject to restrictions. These restrictions apply once you leave the UN for any reason other than retirement. If you know these sanctions apply to your country, please be sure to manage your accounts before separating from the UN prior to reaching full retirement age. 

No, you can keep your accounts wherever life may take you. If you move to a sanctioned country, your accounts may become subject to restrictions.  

Please remember to update your contact details using Digital Banking, if you relocate to another country. 

Please take a moment to update your profile with any new email address, mailing address, and/or telephone number(s). We use the information in your profile to send you important updates and to confirm your identity when you contact us. 

If you are retiring from the UN or an affiliated agency and have an outstanding balance on one or more UNFCU unsecured loans, please also complete the UN Separation Update form. This form allows you to confirm how you will be able to pay your remaining loan balance. To access this form: 

• Sign in to Digital Banking. 
• Under Online Forms, select UN Separation Update Form. 

As a UN retiree, your eligibility for specific UNFCU solutions will depend on a number of factors, including your country of residence. 

• Deposit accounts: You continue to have full access to open and maintain any of our deposit accounts, which include checking, savings, and share certificates. If you reside in a country subject to US sanctions, your account(s) may be restricted. 
• Loans & credit cards: You remain eligible to apply for UNFCU mortgages and unsecured loans (such as personal loans, home improvement loans, international home loans, and credit cards) if you are a UN retiree earning a pension in US dollars or other currencies that are stable against the US dollar. 
• Transfer services: You continue to be able to transfer money globally to support your life wherever you are. As with our deposit accounts, your ability to make transfers may be restricted if you reside in a country subject to US sanctions. 

Each person’s financial situation is unique. If you have any questions about eligibility requirements for a specific product or service, please contact us directly for personalized guidance. 

Saving in USD can offer stability and global accessibility. USD is widely used and accepted around the world, which can make it easier to access or transfer funds internationally. In some regions, holding USD may also help protect against local currency fluctuations. 

By saving at UNFCU specifically, you enjoy benefits including secure global access via Digital Banking, insurance on your account(s), and the opportunity to earn Member Loyalty Rewards. 

Yes. Explore secure transfer options available in Digital Banking.  

If you receive your severance package or final entitlements in euros or pounds sterling, you may be able to make deposits with no UNFCU fees using a foreign currency transfer ID. 

If you receive a pension, you can also set up automatic payroll deposits to your UNFCU checking or savings account.  

There are no fees or restrictions specifically associated with receiving pension income. You can continue to refer to our Membership & Accounts Agreement (PDF) and our Fees & Service Charges for information on your account(s). 

The timing of your pension disbursements depends on a review by the pension agency, such as the United Nations Joint Staff Pension Fund (UNJSPF). Once the pension agency has completed their review, you can provide them with your UNFCU account details for direct deposit. The time frame for funds to arrive depends on the transfer process and the banks used by your particular pension agency. 

If you are not a US taxpayer, continue to complete Form W-8BEN every three years. This form verifies that you are not subject to the annual withholding rules that apply to US taxpayers. 

If you are a US taxpayer, complete Form W-9. 

UNFCU does not provide tax advice. For guidance on how different pension scenarios may impact your US taxes, we recommend consulting a professional tax advisor. 

While everyone’s financial situation is unique, some helpful questions to ask yourself or address with a financial advisor include: 

• What is my vision for my retirement? For example, do I plan to relocate, travel frequently, work part-time, or pursue a hobby?
• What will my income sources be in retirement? 
• How much will my monthly expenses be?  
• Should I take my pension as a lump sum or periodic income payments?  
• Do I have a plan for unexpected events or emergencies?  

Though UNFCU does not provide investment services, we can direct you to a third party investment provider that offers managed investment portfolios or brokerage accounts globally. To connect with a third party investment provider:   

• Sign in to Digital Banking.  
• On the My Accounts page, scroll down to the Investments section.  
• Select Start here. 

Yes, as a retiree, you can invite members of your family to join UNFCU, including: 

• Spouse 
• Children, including adopted children and children for whom you are the legal guardian 
• Grandchildren 
• Siblings 

Individuals who reside in and share responsibility of a household with you are also eligible to apply for membership.  

UNFCU members who joined as family members are not permitted to invite additional family members to join. 

After a member has died, their surviving spouse remains eligible to apply for membership. Other family members are no longer eligible.  

Your spouse and grandchildren age 18 and older can apply to join UNFCU as members. If you like, you can add your spouse as a joint account holder with equal rights and access to your account(s). 

If you have grandchildren under the age of 18, you can open child/minor accounts for them. When your minor grandchildren become adults, they can become members of UNFCU. 

Surviving family members can view our guide for step-by-step instructions and FAQs.  

For deposit accounts where you are the sole account owner, upon your passing your accounts will be closed. The best way to ensure your loved ones have access to your money upon your passing is to designate them as beneficiaries. A beneficiary is the person, organization, or trust that receives the money available in your accounts upon your death. 

Otherwise, without a designated beneficiary, official legal documentation will be needed in order to claim the money available in your account. If it is not claimed within 36 months or the account remains inactive for 36 months, we must then transfer it to a US state institution. For more information on beneficiaries, view our beneficiaries FAQs.   

For joint accounts, if you were listed as the primary account holder, the account will be closed. This is to ensure proper tax reporting. The secondary account holder will have full access to the money.  

If you were the secondary account holder, your account may be subject to closure depending on what your US tax status was. Learn more. 

For individual retirement accounts (IRAs), please contact us for details. 

View the simple steps to designate beneficiaries in Digital Banking. 

If you become disabled but not deceased, a power of attorney (POA) allows someone you choose to manage your affairs without court involvement, provided you set it up while mentally competent. It is a good idea to consult a lawyer before submitting a POA.

Legal guardianship is a court-ordered process that appoints someone to make decisions for you only after you are declared legally incapacitated. Legal guardianship often involves more time and cost, and less personal control, than a power of attorney. 

While you remain mentally competent, you can either add a trusted person as a joint account holder or set up a power of attorney (POA): 

• A joint account holder has immediate access and can manage the account independently, but also shares full ownership and liability.  
• A POA allows your chosen agent to act on your behalf, including during incapacity, without giving them ownership.  

If neither option is in place, your trusted person may need to go through the legal guardianship process, which requires court approval and can be time-consuming. Planning ahead with either a joint account holder or a POA ensures smoother access and decision-making during emergencies. 

Your loan will remain active, and you will still be responsible for paying any outstanding balance. To reduce the amount you owe, we will apply some or all of your final entitlements to the loan balance, as you authorized at the start of your loan. Final entitlements include any annual leave due, termination indemnity, and any other additional payments due, but not your actual salary or your pension.  

If you have an outstanding balance on one or more UNFCU unsecured loans, please complete the UN Separation Update form:  

• Sign in to Digital Banking.  
• Under Online Forms, select UN Separation Update Form.  

This form allows you to confirm how you will be able to pay the remaining loan balance.  

We understand that changes in employment can be challenging. If you would like to discuss repayment options, please contact us directly at collections@unfcu.com. We are committed to helping you make the best decision for your financial situation. 

You are not required to pay off your loans at the time of your retirement. To reduce the amount you owe, we will apply some or all of your final entitlements to the loan balance, as you authorized at the start of your loan. Final entitlements include any annual leave due, termination indemnity, and any other additional payments due, but not your actual salary or your pension. After final entitlements have been applied, you can continue to make monthly payments on any remaining balance. 

Yes, it is your decision if you wish to transfer your pension to pay your outstanding loan amount. Please know that your pension remains fully under your control.