Jersey teachers' superannuation fund management board

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A decision made 16 December 2009 regarding: Jersey teachers' superannuation fund management board - appointment of chairman.

Decision Reference: MD-TR-2009-0205
Decision Summary Title:	Jersey Teachers’ Superannuation Fund; Appointment of Chairman		Date of Decision Summary:	08 Dec 2009
Decision Summary Author:	Head of Pensions		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Jersey Teachers’ Superannuation Fund; Appointment of Chairman		Date of Written Report:	08 Dec 2009
Written Report Author:	Head of Pensions		Written Report : Public or Exempt?	Public
Subject: To recommend to the Chief Minister the appointment of a Chairman to the Jersey Teachers’ Superannuation Fund Management Board.
Decision(s): The Minister for Treasury and Resources decided to recommend to the Chief Minister the re-appointment of Mr RJ Amy as Chairman of the Jersey Teachers’ Superannuation Fund Management Board for a three year period commencing 1 January 2010.
Reason(s) for Decision: The Minister for Treasury and Resources is required to recommend the appointment of a Chairman of the Management Board to the Chief Minister in accordance with Para 4 (i) of the Teachers’ Superannuation (Administration) (Jersey) Order 2007.
Resource Implications: None.
Action required: The Minister for Treasury and Resources is required to inform the Chief Minister of his recommendation.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Jersey teachers' superannuation fund management board - appointment of chairman

Treasury and Resources Minister

Report

jersey teachers’ superannuation fund, appointment of chairman

1. Purpose of Report

Under Part 4 (1) of the Teachers’ Superannuation (Administration) (Jersey) Order 2007, the Minister for Treasury and Resources is required to recommend to the Chief Minister the appointment of a Chairman to the Jersey teachers’ Superannuation Fund Management Board.

2. Background

The Management Board was established on 29 March 2007 and took over the responsibility for running the Fund from the Minister for Education, Sport and Culture.

In April 2007, Mr R J Amy OBE, BSc, FFA, was appointed Chairman and the Board held its first official meeting on 26 June 2007.

3. Comments

The Chairman may hold office for a period agreed to by a majority of member and employer representatives. The Chairman’s period of office was not confirmed on his initial appointment but is considered to fall due for renewal on the third anniversary which would be in April 2010.

The Management Board agreed at its meeting of 7 December 2009 that it would wish to extend the current Chairman’s period of office for a further three years commencing from 1 January 2010.

Under Part 4 (3) of the Teachers’ Superannuation (Administration) (Jersey) Order 2007, a recommendation to the Chief Minister may only be made if it is supported by at least 3 member representatives and at least 3 employer representatives. This confirmation has been received from Board members.

The Chairman’s fee is met from the assets of the Fund and decided annually by a simple majority of member and employer representatives. The current fee, agreed in April 2009, is £30,990 subject to annual review based on the annual increase in the RPI the preceding December.

Mr Amy is a well known and respected figure in the pension industry and has served as Chairman of the national Association of Pension Funds in the United Kingdom and is a former board member of the Occupational pensions Regulatory Authority. Mr Amy was awarded the O.B.E. in 1998 for services to the pensions industry.

4. Recommendation

It is recommended that the Minister for Treasury and Resources support the recommendation to the Chief minister of the re-appointment of Mr R J Amy as Chairman of the Management Board of the Jersey teachers’ Superannuation Fund.

Report author: - Mr Chris Bambury Head of Pensions

Quality Analysis: -

MD sponsor: - (Member of SMT)