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. 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. 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. 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. 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