Report of the Technical Working Group on options for change to the PECRS
Produced by the
Treasury and Exchequer
Authored by
Treasury and Resources
and published on
21 Mar 2013
Prepared internally, no external cost
Summary
The Technical Working Group (TWG) was set up at a meeting of the Technical Sub-Committee of the Public Employees Contributory Retirement Scheme (PECRS) with the Treasurer of the States on 19 July 2011. This was done with the authority of the States Employment Board (SEB) and with the agreement of the Committee of Management (CoM) of PECRS.
Its purpose was to consider and report on options for change to PECRS.
TWG comprises of four officers from the States Treasury and four members of the Committee of Management.
This report covers:
- background to PECRS
- States Employment Board (SEB) expert review
- The Committee of Management's expert review
- Lord Hutton's report
- the need for change
- importance of UK public sector schemes
- options for change
- maintaining a defined benefit approach
- CARE scheme
- protection for members
- contribution rates
- risk sharing
- Actuarial valuation methodology
- uniformed services
- scheme governance
Download the report of the Technical Working Group on options for change to the PECRS (size 885kb)
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