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Jersey Teachers' Superannuation Fund (JTSF): Actuarial Valuation 2018

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

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 7 January 2020

Decision Reference:  MD-C-2019-0152

Decision Summary Title:

Jersey Teachers’ Superannuation Fund (JTSF) Actuarial Valuation 2018

Date of Decision Summary:

6th December 2019

Decision Summary Author:

Head of Shared Services

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Jersey Teachers’ Superannuation Fund (JTSF)  Actuarial Valuation 2018

Date of Written Report:

6th December 2019

Written Report Author:

Head of Shared Services

Written Report :

Public or Exempt?

Public

Subject: Jersey Teachers Superannuation Fund (JTSF) Actuarial Valuation 2018

Decision(s): The Minister decided to agree the recommendation of the Scheme Actuary that the surplus is carried forward, and that the Jersey Teachers Superannuation Fund (JTSF) Valuation as at 31st December 2018 should be presented to the States Assembly for information.

Reason(s) for Decision:

Under Article 13 (3) of the Law, on each actuarial review under paragraph (12), the Actuary shall make a report to the Minister, the Minister for Treasury and Resources and the Management Board on;-

 

a)           the financial condition of the Fund; and

b)           the adequacy or otherwise of the contributions payable under this Law to support the pensions and other benefits payable under this Law.

 

A copy of every report produced under paragraph (13) shall be laid by the Minister before the States as soon as is practicable after it is made. 

 

At the valuation date, 31st December 2018, JTSF had a funding ratio of 107.8% and a surplus of £45.8 million.

Resource Implications: There are no financial implications for the Government of Jersey.

Action required: The Head of Financial Governance to request the Greffier of the States for the signed actuarial valuation report to be laid before the States at the earliest possible date.

Signature:

Position:  Chief Minister

Date Signed:

Date of Decision:

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