The Committee of Management are required to request the scheme actuary to undertake an actuarial valuation of the fund every three years.
Pension benefits are dependent on the financial position of the fund remaining satisfactory. The actuarial valuation determines the financial position of the fund every 3 years.
Employer contributions into the fund are capped at 16.5% of pensionable earnings. If the Fund is in deficit and the benefits package is unaffordable within the contributions paid by the employer and employee then:
- pensions in payment and deferment for the final salary scheme and the career average scheme may be increased by less than Jersey Retail Prices Index.
- Career Average Scheme pensions accrued whilst in employment may be increased by less than Jersey Retail Prices Index + 1%.
- employee contribution rates may be increased for both the final salary and career average scheme
- the rate at which future career average scheme benefits are accrued may be reduced
Funding Strategy Statement
This statement sets out the funding strategy for Public Employees Pension Fund. Email the Public Employees Pension Team for a copy of the statement.
PECRS 2007 valuation report published July 2009 on States Assembly website
PECRS 2010 valuation report published July 2012 on States Assembly website
PECRS 2013 valuation report published March 2015 on States Assembly website
Public Employees Pension Fund valuation report published December 2016 on States Assembly website
Public Employees Pension Fund valuation report published December 2018 on States Assembly website