Social Security (Jersey) Law 1974: Transfers from the Social Security Reserve Fund for 2020

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A decision made on 27 May 2020

Decision Reference: MD-S-2020-0030
Decision Summary Title :	DS - SS reserve fund transfers for 2020		Date of Decision Summary:	7 May 2020
Decision Summary Author:	Senior policy officer		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	NA
Written Report Title :	WR - SS reserve fund transfers for 2020		Date of Written Report:	7 May 2020
Written Report Author:	Head of Finance Business Partnering – CLS		Written Report : Public or Exempt?	Public
Subject: SS reserve fund transfers for 2020
Decision(s): Under the Social Security (Jersey) Law 1974, the Minister for Social Security has decided to: Approve the transfer of up to £150 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2020. Direct that an initial transfer of £55 million should be made as soon as practicable. Delegate the decision regarding the timing of future transfers to either of the Assistant Ministers for Social Security, up to the limit of £150 million, should the Minister be unavailable for any reason.
Reason(s) for Decision: These transfers are required to enable effective cashflow management of the Social Security Fund, following the two previous decisions (deferral of contributions and removal of the States grant in 2020) in response to the Coronavirus pandemic.
Resource Implications: The resources held by the Social Security Reserve Fund will be reduced by up to £150m during 2020, and transferred to the Social Security Fund.
Action required: Head of Treasury and Investment Management to carry out the first transfer between the Social Security Funds.
Signature:		Position: Minister for Social Security
Date Signed:		Date of Decision (If different from Date Signed):