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Past Service Liability: Refinancing

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 30 May 2022

Decision Reference:  MD-TR-2022-419

Public

Subject: Past Service Liability refinancing

 

Report Title: Past Service Liability Refinancing

Exempt (Article 26)

Decision(s):

The Minister for Treasury and Resources  approved the refinancing of the past service pension liabilities of the Public Employees Contributory Retirement Scheme ('PECRS') and the Jersey Teachers Superannuation Fund (JTSF) from the Consolidated Fund in accordance with the approvals in the Government Plan (2022-25).  She also approved the application of income from the hedging arrangements linked to the bond issuance in accordance with the breakdown in the accompanying report and the transitional investment arrangements, which have been proposed by the Management Board and Committee of Management and are included as an appendix to the written report.

Reason for Decision(s):

In the Government Plan (2022-2025), the States Assembly agreed to approve the changes to approval for financing and borrowing for 2022.  Article 21 of the Public Finances (Jersey) Law 2019 relates to the power to allocate excess income.

Resource Implications: Income and Expenditure budgets within the Past Service Pension Liability Refinancing Head of Expenditure and the Financing Costs Head of Expenditure will increase.   £8.4 million of the above expenditure approval on the Past Service Pension Liability Refinancing Head of Expenditure will be used to supplement the bond proceeds to repay the past service liabilities.

 

Action Required: The Minister’s Private Secretary to advise the Head of Financial Planning and the Head of Finance Business Partnering for the respective Departments that this decision has been approved.  Payments to be made from the Consolidated Fund to the Public Employees Contributory Retirement Scheme ('PECRS') and the Jersey Teachers Superannuation Fund ('JTSF').

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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