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Public Employees Contributory Retirement Scheme (PECRS): Actuarial Valuation Report as at 31 December 2013

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 27 February 2015:

Ministerial decision reference    MD-C-2015-0031

Decision summary title   Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989

Decision summary author

Project Director, Pensions

Is the decision summary public or exempt?  

Public

Report title   Public Employees Contributory Retirement Scheme (PECRS) Actuarial Valuation Report as at 31 December 2013

Report author or name of

person giving report

Project Director, Pensions

Is the report public or exempt?

Public

Decision and reason for the decision

To lay before the States the Public Employees Contributory Retirement Scheme (PECRS) Actuarial Valuation at 31 December 2013.

  1. Under article 3 (3) of the Public Employees (Retirement) (Jersey) Law, 1967, an actuary, appointed by the Committee of Management of the Public Employees’ Contributory Retirement Scheme (PECRS) has to regularly review the operation of the fund and make a report to that Committee (who will then pass a copy to the Chief Minister) on the financial condition of the fund and the adequacy or otherwise of the contributions payable to support the pensions and other benefits payable under the Scheme.
  2. A copy of every report produced under article 3 (3) must be laid before the States as soon as may be after it is made (Article 3 (5) of the Law).
  3. The report was signed by the Scheme Actuary on 31st October 2014 and the Chief Minister is now able to lay the report before the States.
  4. In addition to the Scheme Actuary’s report, the States Employment Board’s Actuarial advisor was asked to comment on the PECRS 2013 Valuation results and this report is also included.

Resource implications

There are no financial or staffing implications.

Action required

The Project Director – Pensions is requested to arrange with the States Greffe for the Report to be laid before the States at the earliest possible date.

Signature

 

 

 

 

Position

 

Senator I J Gorst

Chief Minister

 

 

 

Date signed

Effective date of the decision

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