# International Monetary Fund Retirement Plan

International Monetary Fund Retirement Plan is a Pension Fund based in Arlington, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Arlington, United States
- **Region:** North America
- **Address:** Arlington, DC, United States
- **Founded:** 1960
- **Assets under management:** Undisclosed
- **Website:** imf.org
- **LinkedIn:** https://www.linkedin.com/company/international-monetary-fund

## Regulatory record

- **Reports private funds:** No

## About

The International Monetary Fund Retirement Plan was established in 1960 as the primary pension vehicle for IMF employees. It operates as a hybrid system, offering a final-salary defined-benefit plan alongside a defined-contribution component and additional voluntary savings options, with portability agreements allowing staff to transfer pension rights to and from other international organizations. The plan's investment activities are directed by the IMF Investment Office, led by Chief Investment Officer Derek Bills with support from Senior Investment Officer Pascal Farahmand. Although total assets are not publicly disclosed, known portfolio positions reveal a global real estate allocation spanning the United States, China, and the United Kingdom, including stakes in the KBS Real Estate Investment Trust, the LaSalle Investment Management Shanghai Fund, and Rockspring Property Investment Managers' London Fund. A key differentiator is its possession of a Renminbi Qualified Foreign Institutional Investor license, granting direct access to China's onshore capital markets — a structural advantage uncommon among peer international pension plans. The plan also holds exposure to global commercial property through the Fidelity Global Real Estate Fund. Governance is shaped by an advisory committee whose membership has included capital-markets veterans such as David I. Fisher of Capital Group, former Robeco Group CIO Jacob Johan van Duijn, and economist Henry Kaufman. The IMF itself functions as a specialized agency of the United Nations, reinforcing the retirement plan's institutional ties within the Bretton Woods system and its shared history with the World Bank. The plan's structural distinction lies in its sovereign-linked liability profile and the resulting investment flexibility. As a pension fund backed by a treaty-based institution rather than a single government or corporate sponsor, it navigates a unique blend of diplomatic immunity, multilateral governance, and the long-duration obligations of a globally mobile workforce. This positioning enables the fund to hold niche licenses—such as the RQFII quota—that remain out of reach for most institutional peers.

## Sectors

- Real Estate
- Hedge Funds
- Private Credit

## People

- Derek Bills — Head and Chief Investment Officer, IMF Investment Office
- Pascal Farahmand — Senior Investment Officer, IMF Retirement Plan

## Questions

### Who runs investment decisions at the IMF Retirement Plan?

The IMF Investment Office manages the plan's assets, led by Head and Chief Investment Officer Derek Bills. Senior Investment Officer Pascal Farahmand is also named in publicly available records. An advisory committee provides governance oversight, with past members including Capital Group's David I. Fisher and former Robeco CIO Jacob Johan van Duijn.

### How is the IMF Retirement Plan structured?

It is a hybrid pension plan combining a final-salary defined-benefit component, a defined-contribution plan, and voluntary retirement savings options. The plan also maintains agreements with other international organizations to facilitate the transfer of accrued pension rights for mobile staff.

### Does the plan invest directly in China?

Yes. The plan holds a Renminbi Qualified Foreign Institutional Investor license, permitting direct investment in China's onshore equity and bond markets. It has deployed capital into a LaSalle Investment Management Shanghai Fund, distinguishing it from many Western institutional peers that access China only through offshore channels.

### What is the plan's exposure to real estate?

Real estate forms a visible part of the portfolio, with positions including the KBS Real Estate Investment Trust in the United States, the Fidelity Global Real Estate Fund, a Rockspring Property Investment Managers fund focused on London, and the LaSalle-managed vehicle in Shanghai.

### How does the IMF Retirement Plan relate to the World Bank?

While operationally distinct, the IMF and World Bank were created together under the Bretton Woods system. The two institutions share a joint library and have a long history of institutional cooperation, though their respective retirement plans are separately managed.

## Related profiles

- [International Management Advisors](https://altss.com/profile/international-management-advisors)
- [International Paper Company Pension Fund (US)](https://altss.com/profile/international-paper-company-pension-fund-us)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/international-monetary-fund-retirement-plan

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology