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Jersey Teachers' Superannuation Fund - Establishment of a Management Board

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A decision made (12.02.07) to establish a Management Board for the Jersey Teachers' Superannuation Fund.

Subject:

Jersey Teachers’ Superannuation Fund – Establishment of a Management Board

Decision Reference:

MD-C-2007-0017

Exempt clause(s):

N/Ao

Type of Report: (oral or written)

Written

Person Giving Report (if oral):

N/A

Telephone or

e-mail Meeting?

N/A

Report

File ref:

MB/PENS/SCH/TSF/07

Written Report –

Title

Jersey Teacher’s Superannuation Fund – Establishment of a Management Board

Written report - author

Maureen Byron – Senior Human Resources Manager

Decision: For the Chief Minister to establish a Management Board for the Jersey Teachers’ Superannuation Fund under the Jersey Teachers’ Superannuation (Administration) (Jersey) Order 2007:-

  It transfers, in the Law, to the Management Board the powers of the Minister for Treasury and Resources and the Minister for Education, Sport and Culture the power to appoint investment managers, direct them in relation to investments, and appoint the Actuary.

  It assumes that, as amended by the amending Law, the Management Board will retain control over investments on behalf of the fund; and

  It requires the Management Board to be consulted before Orders are made by the Chief Minister.

Reason(s) for decision:

From the effective date 12 January 2007, it is the Chief Minister who is responsible for making Orders under the Law and for the administration of the Scheme. The amending Law gives the Chief Minister the power to make the Orders establishing a Management Board.

Action required: Instruct officers to lay the attached document before the States in accordance with States procedures.

Signature:

(Chief Minister)

Date of Decision:

 

 

 

 

 

Jersey Teachers' Superannuation Fund - Establishment of a Management Board

CHIEF MINISTER’S DEPARTMENT

HUMAN RESOURCES

SCHOOLTEACHER’S PENSION FUND - ORDER

BACKGROUND

Prior to the Teachers’ Superannuation Amending Law (effective on 12 January 2007), the Teachers’ Superannuation Law gave the Minister for Education, Sport and Culture the power to make Orders under that Law such as appointing the actuary, as well as approving and conferring power on people to take actions in relation to the pension Scheme or scheme established under the Law. It also gave the Minister for Treasury and Resources the power to appoint investment managers for the scheme, to direct how money is to be invested and to make Orders relating to the appointment of investment managers.

From the effective date 12 January 2007, it is the Chief Minister who is responsible for making Orders under the Law and for the administration of the Scheme. The amending Law gives the Chief Minister the power to make Orders establishing a Management Board.

DISCUSSION

This Order is made to establish a Management Board. This Order is made because:

(a) it also transfers, in the Law, to the Management Board the powers of the two Ministers specified in the above paragraph the power to appoint investment managers, direct them in relation to investments, and appoint the Actuary.

(b) It assumes, in Art 3(6) of the Law (as amended by the amending Law), that the Management Board shall retain control over investments on behalf of the fund; and

(c) It requires the Management Board to be consulted before Orders are made (although it does not, logically, require them to approve the Order which gives the Minister power to appoint the first Management Board)

RECOMMENDATION

The Chief Minister is recommended to sign the Order making the Order effective from 1 March 2007, and instruct officers to lay the attached document before the States in accordance with States procedures.

MB/HR/CMD

February 2007

 

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