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States of Jersey Public Employees Pension Fund (PEPF): 2017 Budget Approval

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 15 December 2016:

Decision Reference:  MD-TR-2016-0111

Decision Summary Title:

PEPF Budget

Date of Decision Summary:

12th December 2016

Decision Summary Author:

Head of Investment Management and Charitable Funds

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

PEPF Budget

Date of Written Report:

12th December 2016

Written Report Author:

Head of Investment Management and Charitable Funds

Written Report :

Public or Exempt?

Exempt

Article 33

Subject:

To approve the 2017 budget for the States of Jersey Public Employees’ Pension Fund (PEPF)

Decision(s):

The Minister decided to approve the 2017 budget for (PEPF)

Reason(s) for decision:  

Under the Public Employees (Pension Scheme) (Administration) (Jersey) Regulations 2015, regulation 9, (paragraph 1b), the Committee of Management must submit a draft budget for approval by the Minister for Treasury & Resources no later than the end of the financial year to which the budget relates. Accordingly the Committee of Management has asked the Minister to approve the budget.

 

The Committee of Management, at their meeting on 29th September 2016 approved the budget as detailed in the attached report. The total budget for 2017 is £2,539,973 excluding investment management fees. Investment Management fees are excluded as these fees are based on the net asset value of the invested funds which is not possible to forecast.

Resource Implications:

These costs will be paid from assets within PEPF so these costs will not be borne by the States of Jersey.

Action required:

The Head of Decision Support to advise the Head of Investment Management and Charitable Funds that this decision has been approved. The Head of Investment Management and Charitable Funds to inform the PEPF Committee of Management.

Signature:

 

 

 

Position:

Senator A J H Maclean,

Minister for Treasury and Resources

Date Signed:

Date of Decision:

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