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Public Employees Contributory Retirement Scheme (PECRS): Pre-1987 Debt: Delay in accelerated payment and return of allocated funding to Consolidated Fund

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A decision made 26 May 2015:

Decision Reference:  MD-TR-2015-0061

Decision Summary Title:

PECRS delay in repayments of Pre-1987 Debt  – return of allocated funding to the Consolidated Fund

Date of Decision Summary:

15th  May 2015

Decision Summary Author:

Finance Manager - Corporate Group

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

PECRS delay in repayments of Pre-1987 Debt – return of allocated funding to the Consolidated Fund

Date of Written Report:

15th  May 2015

Written Report Author:

Finance Manager - Corporate Group

Written Report :

Public or Exempt?

Public

Subject:  

Delay in the accelerated payment of the PECRS Pre-1987 debt and return of allocated funding to the Consolidated Fund.

Decision(s): 

The Treasury and Resources Minister approved a non-recurring return of allocated funding of £2 million from the Treasury and Resources (T&R) revenue head of expenditure to the Consolidated Fund as part of the measures balancing the Consolidated Fund in 2015.

Reason(s) for Decision: 

During the States debate of the 2015 Budget (P.129/2014) the States approved proposed measures to manage the balancing of the Consolidated Fund which included a delay in the accelerated payment of the PECRS Pre-1987 debt.

Resource Implications:  

Upon approval by the Treasury and Resources Minister, the T&R revenue head of expenditure to decrease by £2 million and the Consolidated Fund to increase by an identical amount in 2015. 

Action required:  

Head of Decision Support to notify the Finance Manager - Corporate Group, Head of Financial Planning and Head of Financial Performance that this decision has been approved.

Signature:

 

 

 

Position:  

Senator A J H Maclean

Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

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