Public Employees Contributory Retirement Scheme

Information about the publication of Ministerial Decisions

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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 (07/08/2009) regarding: Public Employees Contributory Retirement Scheme - Actuarial Valuation.

Decision Reference: MD-C-2009-0055
Decision Summary Title :	Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989		Date of Decision Summary:	4 August 2009
Decision Summary Author:	Head of Employee Relations		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Public Employees Contributory Retirement Scheme (PECRS) Actuarial Valuation Report as at 31 December 2007		Date of Written Report:	24 July 2009
Written Report Author:	Senior HR Manager - Pensions		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989 – Actuarial Valuation
Decision(s): The Chief Minister agreed to present to the States the Public Employees Contributory Retirement Scheme (PECRS) Actuarial Valuation as at 31 December 2007.
Reason(s) for Decision: Under article 3 (3) of the Public Employees (Retirement) (Jersey) Law, 1967, an actuary, appointed by the Committee of Management of the Public Employees’ Contributory Retirement Scheme (PECRS) has to regularly review the operation of the fund and make a report to that Committee (who will then pass a copy to the Chief Minister) on the financial condition of the fund and the adequacy or otherwise of the contributions payable to support the pensions and other benefits payable under the Scheme. A copy of every report produced under article 3 (3) must be laid before the States as soon as may be after it is made (Article 3 (5) of the Law). The report was signed by the Scheme Actuary on 2 July 2009 and the Chief Minister is now able to lay the report before the States.
Resource Implications: None
Action required: Senior HR Manager – Pensions is requested to arrange with the States Greffe for the Report to be presented to the States at the earliest possible date.
Signature:		Position:
Date Signed:		Date of Decision (If different from Date Signed):