Public Employees' Pension Fund: Approval

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A decision made on 14 December 2018

Decision Reference: MD-TR-2018-0146
Decision Summary Title:	PEPF Budget		Date of Decision Summary:	12th December 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:	PEPF Budget		Date of Written Report:	12th December 2018
Written Report Author:	Head of Investment Management and Pensions		Written Report : Public or Exempt?	Exempt Article 33
Subject: To approve the 2019 budget for the States of Jersey Public Employees’ Pension Fund (PEPF).
Decision(s): The Minister approved the 2019 budget for the States of Jersey Public Employees’ Pension Fund (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 & 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 6th December 2018 approved the budget as detailed in the attached report. The total budget for 2019 is £2,911,078 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: Deputy S Pinel, Minister for Treasury and Resources
Date Signed:		Date of Decision: