Public Employees Pension Fund (PEPF): Actuarial Valuation 2018

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A decision made on 7 January 2020

Decision Reference: MD-C-2019-0151
Decision Summary Title:	Public Employees Pension Fund (PEPF) Actuarial Valuation 2018		Date of Decision Summary:	13th November 2019
Decision Summary Author:	Head of Shared Services		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Public Employees Pension Fund (PEPF) Actuarial Valuation 2018		Date of Written Report:	13th November 2019
Written Report Author:	Head of Shared Services		Written Report : Public or Exempt?	Public
Subject: Public Employees Pension Fund (PEPF) Actuarial Valuation 2018
Decision(s): The Minister decided to agree the recommendation of the Scheme Actuary that no adjustments are required to PECRS (Final Salary scheme) benefits and that the Public Employees Pensions Fund (PEPF) Actuarial Valuation at 31 December 2018 should be presented to the States Assembly for information.
Reason(s) for Decision: Under Article 3(3) of the Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015 the valuation must be presented to the (Chief) Minister by the Committee before the expiry of 15 months after the valuation date, and the Minister shall lay a copy of the valuation before the States as soon as practicable thereafter. Under Article 17(4) of the Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015 the Committee shall seek the (Chief) Minister’s agreement that no adjustment is required to benefits when the Actuary certifies the schemes are operating within the maximum (105%) and minimum (95%) funding levels. At the valuation date, 31st December 2018, PECRS had a funding ratio of 99.95% and was within the maximum and minimum funding levels.
Resource Implications: There are no financial implications for the Government of Jersey.
Action required: The Head of Financial Governance to request the Greffier of the States for the signed actuarial valuation report to be laid before the States at the earliest possible date.
Signature:		Position: Chief Minister
Date Signed:		Date of Decision: