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Social Security Reserve Fund: Transfers for 2021

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 March 2021

Decision Reference:  MD-S-2021-0031

Decision Summary Title :

DS - SS reserve fund transfers for 2021

Date of Decision Summary:

24 March 2021

Decision Summary Author:

Senior policy officer

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

NA

Written Report

Title :

WR – SS reserve fund transfers for 2021

Date of Written Report:

24 March 2021

Written Report Author:

Head of Finance Business Partnering – CLS

Written Report:

Public or Exempt?

 

Public

Subject: SS reserve fund transfers for 2021

Decision(s): Under the Social Security (Jersey) Law 1974, the Minister for Social Security has decided to approve the transfer of up to £94.9 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2021.

Reason(s) for Decision:  

These transfers are required to enable effective cashflow management of the Social Security Fund, following the decisions to remove the States grant in 2021 and temporarily reduce and defer contributions, in response to the Coronavirus pandemic.

Resource Implications:

The resources held by the Social Security Reserve Fund will be reduced by up to £94.9m during 2021 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:

 

 

 

 

 

 

Deputy J A Martin

Position:

Minister for Social Security

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

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