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Public Employees Pension Fund: Actuarial Valuation 31 December 2016

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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A decision made 9 March 2018:

Ministerial decision reference:   MD-C-2018-0051 

Decision summary title:  Public Employees Pension Fund (PEPF) Actuarial Valuation as at 31 December 2016

Decision summary author

Director of Accounting Services

States Treasury

Is the decision summary public or exempt?  

Public

Report title:  Public Employees Pension Fund (PEPF) Actuarial Valuation Report as at 31 December 2016

Report author or name of

person giving report

Director of Accounting Services

States Treasury

Is the report public or exempt?

Public

Decision and reason for the decision

  • Under Article 3(3) of the Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015 the valuation must be presented to the (Chief) Minister by the Committee before the expiry of 15 months after the valuation date, and the Minister shall lay a copy of the valuation before the States as soon as practicable thereafter.

 

  • Under Article 17(4) of the Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015 the Committee shall seek the (Chief) Minister’s agreement that no adjustment is required to benefits when the Actuary certifies the schemes are operating within the maximum (105%) and minimum (95%) funding levels.

 

  • At the valuation date, 31st December 2016, PECRS had a funding ratio of 97% and was within the maximum and minimum funding levels. The funding ratio of PECRS is estimated to have improved to around 100% at the date the Scheme Actuary signed the valuation in February 2018.

 

  • The Chief Minister agreed the recommendation of the Scheme Actuary that no adjustments are required to PECRS benefits and agreed to present the Public Employees Pension Fund (PEPF) Actuarial Valuation at 31st December 2016 to the States

 

Resource implications

There are no resource implications of this decision.

Action required

To request the Greffier of the States to arrange for the Report to be presented to the States for their information at the earliest possible date.

Signature

 

 

 

 

Position

 

Senator Ian Gorst

Chief Minister

 

 

Date signed

 

Effective date of the decision

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