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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Social Security Reserve Fund: Transfers for 2021

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A decision made on 26 March 2021

Decision Reference:  MD-S-2021-0031

Decision Summary Title :

DS - SS reserve fund transfers for 2021

Date of Decision Summary:

24 March 2021

Decision Summary Author:

Senior policy officer

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

NA

Written Report

Title :

WR – SS reserve fund transfers for 2021

Date of Written Report:

24 March 2021

Written Report Author:

Head of Finance Business Partnering – CLS

Written Report:

Public or Exempt?

 

Public

Subject: SS reserve fund transfers for 2021

Decision(s): Under the Social Security (Jersey) Law 1974, the Minister for Social Security has decided to approve the transfer of up to £94.9 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2021.

Reason(s) for Decision:  

These transfers are required to enable effective cashflow management of the Social Security Fund, following the decisions to remove the States grant in 2021 and temporarily reduce and defer contributions, in response to the Coronavirus pandemic.

Resource Implications:

The resources held by the Social Security Reserve Fund will be reduced by up to £94.9m during 2021 and transferred to the Social Security Fund. 

Action required: Head of Treasury and Investment Management to carry out the first transfer between the Social Security Funds.

Signature:

 

 

 

 

 

 

Deputy J A Martin

Position:

Minister for Social Security

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

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