Public Employees Contributory Retirement Scheme payment holidays (FOI)
Public Employees Contributory Retirement Scheme payment holidays (FOI)Produced by the Freedom of Information office
Authored by States of Jersey and published on 18 October 2016.
Following the debacle of the BHS pension scheme not having enough funds for the pensioners following repeated pension holidays, I would like to know if over the last 10 years the managers of the States and incorporated companies have taken any payment holidays.
Specifically by departments or States owned company such JT and Jersey Post for each of the last 10 years.
If this has been the case, why has the dedicated pension unit not notified those PECRS members concerned as it is stated by them that they will communicate transparently with all stakeholders?
Who and or which management team decided not to notify the PECRS members of the pension scheme?
Why if the pension holiday was taken were the employees not also provided with a pension holiday?
With the latest release of positive information regarding the investments held by the PECRS performing well, what guarantees are there in place to ensure that a secret holiday is not going to be taken by the employers without notifying the employees who will still be paying their full payments?
What if any mechanism, policy or procedure is in place to decide on when the employer can take a pension payment holiday, again if these have been taken who has made these decision on the team and who has been involved at a political level?
A to F
No payment holiday has been taken by the States of Jersey or the Admitted Bodies in the last 10 years.
The Public Employees Contributory Retirement Scheme (PECRS) is governed by regulations which specify the employer contributions which must be made by the States of Jersey. Admitted Bodies with ring-fenced funds are required to pay employer contributions in accordance with the rates and adjustments certificate produced and signed by the Scheme Actuary. Throughout the last 10 years Admitted Bodies have paid the employer contributions deemed appropriate and required of them by the Scheme Actuary’s rates and adjustments certificate.
The PECRS Committee of Management is required to administer the scheme in accordance with the Regulations and this includes ensuring that employer and employee contributions are received at the levels defined in the Regulations and outlined in the Scheme Actuary’s rates and adjustments certificate.
The Public Employees (Pension Scheme) (Funding & Valuation) (Jersey) Regulations 2015 define the employer contributions payable and the process for setting employer and employee contribution rates for the future. Amendments to the Regulations would need to be approved by the States Assembly to allow a payments holiday.