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Jersey Teachers' Superannuation Fund: Preparation of draft orders relating to increase debt

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A decision made 13 April 2015:

Ministerial decision reference    MD-C-2015-0045

Decision summary title  

Jersey Teachers’ Superannuation Fund – Preparation of Draft Orders

Decision summary author

Project Director - Pensions

Is the decision summary public or exempt? 

Public

Report title  

Jersey Teachers’ Superannuation Fund – Actuarial Valuation as at 31 December 2013 and Pension Increase Debt

Report author or name of

person giving report

Project Director - Pensions

Is the report public or exempt?

Public

Decision and reason for the decision

The Chief Minister decided that draft Orders should be prepared in order to formalise the terms of repayment for the Jersey Teachers’ Superannuation Fund pension increase debt.

 

  1. The results of the Jersey Teachers’ Superannuation Fund actuarial valuation for 2013, conducted and signed by the Scheme Actuary on 7 January 2015, was presented to the States Employment Board (SEB) and the Chief Minister on 30 January 2015.

 

  1. The Board recognised that the actuarial report had been completed on the understanding that the States of Jersey would formally sign up to a repayment schedule within Orders for the repayment of the pension increase debt. It was recalled that the debt had been established in 2007 with changes to the scheme which transferred responsibility for paying pension increases from the States revenue budget to the Fund.

 

  1. It was noted that whilst this liability had been shown on the States balance sheet, a formal repayment schedule had not been incorporated into Orders. The JTSF Management Board and the Scheme Actuary had now requested that the position be formalised as soon as possible, and the report therefore also requested the Board to prepare and make Orders which formally committed the States to terms of repayment for the pension increase debt.

 

  1. It was agreed by the SEB and the Chief Minister that draft Orders should be prepared in order to formalise the terms of repayment for the JTSF pension increase debt.

 

Resource implications

There are no resource implications arising from the decision to prepare the draft Orders.

Action required

Project Director – Pensions, to request the Law Draftsman to prepare the necessary Orders in order to formalise the terms of repayment for the Jersey Teachers’ Superannuation Fund pension increase debt.

Signature

 

 

 

 

 

Position

 

Senator I.J. Gorst

Chief Minister

 

 

 

 

 

Date signed

 

Effective date of the decision

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