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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

States of Jersey Public Employees Pension Fund: 2018 Budget Approval

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Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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A decision made 15 December 2017:

Decision Reference:  MD-TR-2017-0155

Decision Summary Title:

PEPF Budget

Date of Decision Summary:

13th December 2017

Decision Summary Author:

Head of Investment Management and Pensions

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

PEPF Budget

Date of Written Report:

13th December 2017

Written Report Author:

Head of Investment Management and Pensions

Written Report :

Public or Exempt?

Exempt

Article 33

Subject:

To approve the 2018 budget for the States of Jersey Public Employees’ Pension Fund (PEPF).

Decision(s):

The Minister approved the 2018 budget for (PEPF).

Reason(s) for decision:  

Under the Public Employees (Pension Scheme) (Administration) (Jersey) Regulations 2015, regulation 9, (paragraph 1b), the Committee of Management must submit a draft budget for approval by the Minister for Treasury and Resources no later than the end of the preceding financial year to which the budget relates. Accordingly the Committee of Management has asked the Minister to approve the budget.

 

The Committee of Management, at their meeting on 7th December 2017 approved the budget as detailed in the attached report. The total budget for 2018 is £2,703,854 excluding investment management fees. Investment Management fees are excluded as these fees are based on the net asset value of the invested funds which is not possible to forecast.

Resource Implications:

These costs will be paid from assets within PEPF so these costs will not be borne by the States of Jersey.

Action required:

The Head of Decision Support to advise the Head of Investment Management and Pensions that this decision has been approved. The Head of Investment Management and Pensions to inform the PEPF Committee of Management.

Signature:

 

 

 

Position:

Senator A J H Maclean,

Minister for Treasury and Resources

Date Signed:

Date of Decision:

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