Jersey Teachers' Superannuation Fund: Commitment to Opportunities Pool

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A decision made 13 April 2018:

Decision Reference: MD-TR-2018-0054
Decision Summary Title:	JTSF commitment to opportunities pool		Date of Decision Summary:	11 April 2018
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:	JTSF commitment to opportunities pool		Date of Written Report:	11 April 2018
Written Report Author:	Head of Investment Management and Pensions		Written Report : Public or Exempt?	Public
Subject: Increase of the Jersey Teachers’ Superannuation Fund’s (the Fund’s) commitment to the opportunities pool.
Decision(s): The Minister decided to increase the Fund’s commitment to the opportunities pool to £45 million. The allocation is in line with the approved Investment Strategy.
Reason(s) for Decision: Under the Teachers’ Superannuation (Administration) (Jersey) Order 2007, Article 9, paragraph (2) (a) the Management Board shall in exercising its functions under paragraph (1), have regard to the need for diversification of investments of the assets of the Fund. Ministerial Decision MD-TR-2017-0064 approved the delegation of the responsibility for the appointment, termination and monthly operational monitoring of investment managers for the Fund from the JTSF Management Board (“the Board”) to the Treasurer of the States of Jersey. The Board retained other investment powers such as the ability to allocate assets to a CIF pool. The Board approved a total commitment to the opportunities pool of up to £45 million following advice from the investment advisor Aon at their meeting on 28th March 2018. The allocation is in line with the approved Investment Strategy of the Fund.
Resource Implications: There are no staffing or financial implications. The above decision will be actioned by the existing staff in Treasury Operations.
Action required: The Head of Investment Management and Pensions to send a copy of the decision to the Head of Treasury and Investment Management as evidence of this decision to enable the additional commitment to occur.
Signature:		Position: Senator A J H Maclean, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Jersey Teachers' Superannuation Fund: Commitment to Opportunities Pool

Treasury and Resources

Ministerial Decision Report

JTSF commitment to opportunities pool

Purpose of Report

To increase the Jersey Teachers’ Superannuation Fund’s (the Fund’s) commitment to the opportunities pool.

Background

The Board approved a total commitment to the opportunities pool of up to £45 million following advice from the investment advisor Aon at their meeting on 28th March 2018. The allocation is in line with the approved Investment Strategy of the Fund.

Recommendation

The Minister is recommended to increase the Fund’s commitment to opportunities pool to £45 million. The allocation is in line with the approved Investment Strategy.

Reason for decision

Under the Teacher’s Superannuation (Administration) (Jersey) Order 2007, Article 9, paragraph (2) (a) the Management Board shall in exercising its functions under paragraph (1), have regard to the need for diversification of investments of the assets of the Fund.

Ministerial Decision MD-TR-2017-0064 approved the delegation of the responsibility for the appointment, termination and monthly operational monitoring of investment managers for the Fund from the JTSF Management Board (“the Board”) to the Treasurer of the States of Jersey. The Board retained other investment powers such as the ability to allocate assets to a CIF pool.

Resource implications

There are no staffing or financial implications. The above decision will be actioned by the existing staff in Treasury Operations.

Report author : Head of Investment Manager and Pensions	Document date : 11th April 2018
Quality Assurance / Review : Head of Decision Support	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DS, WR and SD\2018-0054 - JTSF commitment to opportunities pool
MD sponsor : Director – Accounting Services