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Contribution to Public Employees Contributory Retirement Scheme (PECRS) pre 1987 debt repayment

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made (29.03.06) to transfer an amount to the Chief Minister's Department in order to ring fence the funds required to enable the repayment and servicing of the PECRS pre 1987 debt.

Subject:

contribution to the Public Employees Contributory Retirement Scheme (PECRS) pre 1987 Debt Repayment

Decision Reference:

MD-ESC-2006-0017

Exempt clause(s):

none

Type of Report (oral or written):

Written

Person Giving Report (if oral):

n/a

Telephone or

e-mail Meeting?

n/a

Report

File ref:

 

Written Report –

Title:

As subject

Written report – Author:

Liz Middleton – Assistant Director, Resources

Decision(s):

To transfer £235,000, equivalent to 2% of the pay of members of the Scheme, to the Chief Minister’s Department in order to ring fence the funds required to enable the repayment and servicing of the PECRS pre 1987 debt.

Reason(s) for decision:

· A valuation of the PECRS at 31 December 2001 placed a value on the States’ share of the pre 1987 debt at £177.5 million.

· On 27 September 2005 the States approved amendments to the PECRS in order to address the pre 1987 deficit (P189/2005 and P190/2005).

· A framework for dealing with the debt, approved by the former Policy and Resources Committee and the Committee of Management, agreed to increase the employers contribution to the scheme to 15.6% of which a repayment equivalent to 2% of members’ pay would be made over 82 years from 1 January 2002.

Action required:

  Provide financial codes for the budget transfer to the Treasury and Resources Department.

Signature:

Date of Decision:

 

 

 

 

 

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