Jersey Teachers Superannuation Fund Valuation as at 31 December 2001

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A decision made (24.04.06) to note the results of the Actuarial Valuation as at 31 December 2001 of the Jersey Teachers Superannuation Fund.

Subject:	Jersey Teachers Superannuation Fund (JTSF) Valuation as at 31st December 2001
Decision Reference:	MD-ESC-2006-0028	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:		ESC/G/MD/MR/JTSF Valuation as at 31 December 2001
Written Report – Title:	As title	Written report – Author:		Assistant Director, Resources
Decision(s): (i) noted the results of the Actuarial Valuation of the JTSF as at 31st December 2001 undertaken by the Government Actuary’s Department. (ii) agreed the attached report for presentation to the States at the earliest opportunity.
Reason(s) for decision: Article 3 (11) of the Teachers’ Superannuation (Jersey) Law 1979 requires that ‘an Actuary, appointed for the purpose by the Committee, shall review the operation of the Fund……….. during the period ending with 31st December in every fifth or earlier year…………..the actuary shall make a report to the Committee on the financial condition of the Fund and the adequacy or otherwise of the contributions payable under this Law to support the pensions and other benefits payable thereunder’. Article 3 (12) provides that ‘a copy of every report under paragraph (11) shall be laid before the States as soon as may be after it is made’ The final valuation report was not signed by the Government Actuary until 22 December 2005 as detailed work was being undertaken to consider the transfer of membership into the Public Employees Contributory Scheme (PECRS). The Council of Ministers has confirmed that an amount of £1.3 million will be added to ESC’s cash limit from 2007 to meet the additional cost of the employer’s contribution so it is now an appropriate time to present the attached to the States in accordance with Article 3 (12) of the Teachers’ Superannuation (Jersey) Law 1979.
Action required:  Provide Teacher Representatives with copies of the attached report to the States and Valuation as at 31/12/01.
Signature:			Date of Decision: