Jersey Teachers' Superannuation Fund: Actuarial Valuation Report 31 December 2016

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A decision 9 March 2018:

Ministerial decision reference: MD-C-2018-0049
Decision summary title: Jersey Teachers’ Superannuation Fund (JTSF) Actuarial Valuation Report as at 31 December 2016
Decision summary author	Director of Accounting Services States Treasury	Is the decision summary public or exempt?	Public
Report title: Jersey Teachers’ Superannuation Fund (JTSF) Actuarial Valuation Report as at 31 December 2016
Report author or name of person giving report	Director of Accounting Services States Treasury	Is the report public or exempt?	Public
Decision and reason for the decision Under article 3 (12) of the Teachers’ Superannuation (Jersey) Law 1979, the Management Board of the Jersey Teachers’ Superannuation Fund (JTSF), the Scheme Actuary shall review the operation of the fund in respect of – a) each 5 year period beginning on the 1 September 1986; or b) each period, of less than 5 years, that the Minister may, after consultation with the Management Board, determine. Under Article 13 (3) of the Law, on each review under paragraph (12), the Actuary shall make a report to the Minister, the Minister for Treasury and Resources and the Management Board on – a) the financial condition of the Fund; and b) the adequacy or otherwise of the contributions payable under this Law to support the pensions and other benefits payable under this Law. A copy of every report produced under paragraph (13) shall be laid by the Minister before the States as soon as is practicable after it is made. At the valuation date, 31st December 2016, JTSF had a funding ratio of 106.3% and a surplus of £35.1 million. The Chief Minister agreed the recommendation of the Scheme Actuary that the surplus is carried forward, and agreed to lay the Jersey Teachers Superannuation Fund (JTSF) Valuation as at 31st December 2016 before the States.
Resource implications There are no resource implications of this decision.
Action required To request the Greffier of the States to arrange for the Report to be presented to the States for their information at the earliest possible date.

Signature

Position

Senator Ian Gorst

Chief Minister

Date signed

Effective date of the decision