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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 2022

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A decision made on 26 September 2022

Decision Reference:  MD-SOSEC-2022-598

Public

Subject: Social Security reserve fund transfers for 2022

 

Report Title: Social Security reserve fund transfers for 2022

Public

Decision(s):

The Minister for Social Security decided to approve the transfer of up to £81.255 million of liquid assets from the Social Security Reserve Fund to the Social Security Fund during 2022, in accordance with Article 31 - Social Security (Reserve) Fund of the Social Security (Jersey) Law 1974.

Reason for Decision(s):

These transfers are required to enable effective cashflow management of the Social Security Fund, following the decisions to remove the States grant in 2022 and temporarily reduce and defer contributions, in response to Covid response and the Cost of living measures.

Resource Implications: The resources held by the Social Security Reserve Fund will be reduced by up to £81.255 million during 2022 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:

 

 

Signed By: Minister for Social Security

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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