Contribution to Public Employees Contributory Retirement Scheme (PECRS) pre 1987 debt repayment

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A decision made (29.03.06) to transfer an amount to the Chief Minister's Department in order to ring fence the funds required to enable the repayment and servicing of the PECRS pre 1987 debt.

Subject:	contribution to the Public Employees Contributory Retirement Scheme (PECRS) pre 1987 Debt Repayment
Decision Reference:	MD-ESC-2006-0017	Exempt clause(s):		none
Type of Report (oral or written):	Written	Person Giving Report (if oral):		n/a
Telephone or e-mail Meeting?	n/a	Report File ref:
Written Report – Title:	As subject	Written report – Author:		Liz Middleton – Assistant Director, Resources
Decision(s): To transfer £235,000, equivalent to 2% of the pay of members of the Scheme, to the Chief Minister’s Department in order to ring fence the funds required to enable the repayment and servicing of the PECRS pre 1987 debt.
Reason(s) for decision: · A valuation of the PECRS at 31 December 2001 placed a value on the States’ share of the pre 1987 debt at £177.5 million. · On 27 September 2005 the States approved amendments to the PECRS in order to address the pre 1987 deficit (P189/2005 and P190/2005). · A framework for dealing with the debt, approved by the former Policy and Resources Committee and the Committee of Management, agreed to increase the employers contribution to the scheme to 15.6% of which a repayment equivalent to 2% of members’ pay would be made over 82 years from 1 January 2002.
Action required:  Provide financial codes for the budget transfer to the Treasury and Resources Department.
Signature:			Date of Decision: