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Social Security Reserve Fund: Transfer to Social Security Fund

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 February 2023:

Decision Reference:  MD-SOSEC-2023-78

Public

Subject: Transfer from the Social Security Reserve Fund to the Social Security Fund

 

Report Title: Transfer from the Social Security Reserve Fund to the Social Security Fund

Public

Decision(s):

The Minister decided to approve the transfer of up to £89 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2023 to manage the cash shortfall.

Reason for Decision(s):

The transfer from the Social Security Reserve Fund would ensure sufficient cash resource to fund anticipated benefit payments for the remainder of 2023, as detailed in the accompanying report.

Resource Implications: The resources held by the Social Security Reserve Fund will be reduced by up to £89 million during 2023 due to transfers to the Social Security Fund being actioned.  The recommendation does not in itself have material resource implications as it is to transfer resources to compensate the Social Security Fund for other decisions.

 

Action Required: Private Secretary to confirm with Director General and Finance Business Partner once Ministerial Decision is approved, in order for transfer to be made.

Signature:

 

 

Signed By: Minister for Social Security

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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