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Social Security Reserve Fund: Transfers for 2022

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 26 September 2022

Decision Reference:  MD-SOSEC-2022-598

Public

Subject: Social Security reserve fund transfers for 2022

 

Report Title: Social Security reserve fund transfers for 2022

Public

Decision(s):

The Minister for Social Security decided to approve the transfer of up to £81.255 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2022, in accordance with Article 31 - Social Security (Reserve) Fund of the Social Security (Jersey) Law 1974.

Reason for Decision(s):

These transfers are required to enable effective cashflow management of the Social Security Fund, following the decisions to remove the States grant in 2022 and temporarily reduce and defer contributions, in response to Covid response and the Cost of living measures.

Resource Implications: The resources held by the Social Security Reserve Fund will be reduced by up to £81.255 million during 2022 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:

 

 

Signed By: Minister for Social Security

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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