Public Employees Pension Fund (FOI)

Request

How much of the Public Employees Contributory Retirement Scheme (PECRS) pension fund has been drawn in the past five years and what’s the fund worth?

Are taxpayers going to have make this up?

Is it sustainable?

Response

The Public Employees Pension Fund (PEPF) is not subject to Freedom of Information Legislation in Jersey. However, information on the Fund, including the benefits paid out and the value of the fund, is available in the PEPF Annual Reports which are available at:

Public service pension annual reports and newsletters

The PEPF Annual Report for the year ended 31 December 2017 will be published by the end of May 2018.

The Fund undergoes an actuarial valuation every three years. The 2016 actuarial valuation was signed in February 2018 and is available at:

Public Employees Pension Fund: Actuarial Valuation

On the date of signing of the 2016 actuarial valuation the Scheme Actuary estimated the funding ratio for Public Employees Contributory Retirement Scheme (PECRS) was around 100%, which means there were sufficient assets to pay the future benefits expected.

The scheme has arrangements, defined within regulations, outlining how scheme member benefits can be changed to ensure the scheme continues to be sustainable. If, in the future, the scheme is determined to have a past service deficit, pension increases below the Jersey Retail Price Index (RPI) can be awarded to ensure the scheme remains sustainable. There is a cap on the employer contribution into the fund and scheme members are responsible for any past service deficits.