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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Public Employees' Pension Fund: 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.

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  • 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

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 14 December 2018

Decision Reference:  MD-TR-2018-0146

Decision Summary Title:

PEPF Budget

Date of Decision Summary:

12th December 2018

Decision Summary Author:

Head of Investment Management and Pensions

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 2018

Written Report Author:

Head of Investment Management and Pensions

Written Report :

Public or Exempt?

Exempt

Article 33

Subject:

To approve the 2019 budget for the States of Jersey Public Employees’ Pension Fund (PEPF).

Decision(s):

The Minister approved the 2019 budget for the States of Jersey Public Employees’ Pension Fund (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 preceding 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 6th December 2018 approved the budget as detailed in the attached report. The total budget for 2019 is £2,911,078 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 Pensions that this decision has been approved. The Head of Investment Management and Pensions to inform the PEPF Committee of Management.

Signature:

 

 

 

Position:

Deputy S Pinel,

Minister for Treasury and Resources

Date Signed:

Date of Decision:

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