States of Jersey Public Employees Pension Fund: 2018 Budget Approval

Information about the publication of Ministerial Decisions

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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
providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 15 December 2017:

Decision Reference: MD-TR-2017-0155
Decision Summary Title:	PEPF Budget		Date of Decision Summary:	13th December 2017
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:	13th December 2017
Written Report Author:	Head of Investment Management and Pensions		Written Report : Public or Exempt?	Exempt Article 33
Subject: To approve the 2018 budget for the States of Jersey Public Employees’ Pension Fund (PEPF).
Decision(s): The Minister approved the 2018 budget for (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 and 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 7th December 2017 approved the budget as detailed in the attached report. The total budget for 2018 is £2,703,854 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: Senator A J H Maclean, Minister for Treasury and Resources
Date Signed:		Date of Decision: