Funding the Public Employees Pension Fund

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

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.

Funding strategy statement