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Jersey Teachers Superannuation Fund's Statement of Investment Principles: Amendment

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.

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  • 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

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A decision made on 16 December 2020

Decision Reference: MD-TR-2020-0158

Decision Summary Title:

Amendment to the JTSF Statement of Investment Principles

Date of Decision Summary:

15th December 2020

Decision Summary Author:

Head of Treasury and Investment Management

Decision Summary:

Public or Exempt?

Exempt (Article 26)

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Amendment to the JTSF Statement of Investment Principles

Date of Written Report:

15th December 2020

Written Report Author:

Head of Treasury and Investment Management

Written Report :

Public or Exempt?

Exempt (Article 26)

Subject:

The amendment of the Jersey Teachers Superannuation Fund’s (JTSF) Statement of investment Principles (SIP).

Decision(s): 

The Minister approved the updated SIP.

Reason(s) for Decision:

Under the Teachers Superannuation (Administration) (Jersey) Order 2007, Article 8, (Paragraph 4), the Management Board with the agreement of the Minister for Treasury and Resource shall agree with each investment manager an investment strategy.

 

This paragraph has been interpreted that the Minister is required to approve the Investment strategy of the Fund which will govern the mix of underlying managers who in combination will fulfil the approved strategy. Accordingly, the Management Board has asked the Minister to consent to the adjustment to the investment strategy.

 

The Management Board decisions are based on advice from Aon, the JTSF Investment advisor.

 

The advice and oversight of the decision was supported by an appropriately qualified Officer of Treasury and Exchequer who attended the board meetings where the advice was scrutinised and approved by the management board.

 

Resource Implications: 

There are no resource implications from this decision. Any costs stemming from strategy changes will be met from sale proceeds and are expected to be minimal. The changes to strategy will be administered as part of the ongoing responsibilities within the Treasury & Investment Management Team.

 

Action required:

The Head of Financial Governance to advise the Head of Treasury and Investment Management when the decision has been signed. The Treasury and Investment Management Team will ensure the changes are implemented.

Signature:

 

 

Position:  Deputy S J  Pinel, Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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