Public Employees Pension Fund: Assumptions for the 2018 Actuarial Valuation

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A decision made 6 September 2019

Decision Reference: MD-TR-2019-0079
Decision Summary Title:	Public Employees Pension Fund (PEPF) assumptions for the 2018 Actuarial Valuation		Date of Decision Summary:	30th August 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) assumptions for the 2018 Actuarial Valuation		Date of Written Report:	30th August 2019
Written Report Author:	Head of Shared Services		Written Report : Public or Exempt?	Exempt Article 26
Subject: Approval of the actuarial assumptions for the Public Employees Pension Fund (PEPF) Actuarial Valuation 2018
Decision(s): The Minister decided to approve the proposed actuarial assumptions for the Public Employees Pension Fund (PEPF) Actuarial Valuation 2018
Reason(s) for Decision: Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015, regulation 4, requires the Scheme Actuary to, following consultation, determine the prudent assumptions to be applied in respect of a valuation of the Career Average Scheme (the “Public Employees Pension Scheme” [PEPS]) and gain the agreement of the Minister for Treasury and Resources to these assumptions. The Scheme Actuary must also following consultation aim to reach agreement on the assumptions for the actuarial valuation of the Final Salary Scheme (the “Public Employees Contributory Retirement Scheme” [PECRS]) with the Minister for Treasury and Resources. The Employers Actuary has reviewed the proposed actuarial assumptions and confirmed they are not unreasonable.
Resource Implications: Any financial implications from the agreement of actuarial valuation assumptions will not be known until completion of the actuarial valuation. Under the Regulations the employer contribution rate cannot be changed until 2024. There are no staffing implications.
Action required: The Head of Financial Governance to notify the Head of Shared Services once the decision has been signed.
Signature:		Position: Deputy S J Pinel, Minister for Treasury and Resources
Date Signed:		Date of Decision: