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Jersey Teachers' Superannuation Fund: Statement of Investment Principles

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A decision made 3 November 2023:

Decision Reference:  MD-TR-2023-725

Public

Subject: JTSF ‘Statement of Investment Principles’ document amendment

 

Report Title: WR - Amendment to the JTSF ‘Statement of Investment Principles’ document.

Public

Decision(s):

The Minister approved the amendments to the Jersey Teachers Superannuation Fund ('JTSF') Statement of Investment Principles ('SIP') document.

Reason for Decision(s):

Under the Teachers Superannuation (Administration) (Jersey) Order 2007, Article 8, (Paragraph 4), the Management Board with the agreement of the Minister for Treasury and Resource shall agree with each investment manager an investment strategy.  This paragraph has been interpreted that the Minister is required to approve the Investment strategy of the Fund which will govern the mix of underlying managers who in combination will fulfil the approved strategy. Accordingly, the Jersey Teachers Management Board ('JTMB') has asked the Minister to consent to the adjustment to the investment strategy.  Following changes to the States Investment Strategy relating to the Fixed Income pool within the Common Investment Fund ('CIF') in which the JTSF is invested, the following changes to the JTSF SIP were presented to the JTMB and approved at their meeting of 27 September 2023.  • The JTSF SIP narrative has been updated to reflect the change to the Fixed Income pools and the prior allocation to Bonds/Cash has been replaced with the new ‘Return Seeking Credit’ with a separate allocation to ‘Cash’.  • The SIP has updated its wording to simplify and clarify the arrangements of the JTMB, it does not represent any functional changes.  The JTMB decisions are based on advice from Aon, the JTSF Investment advisor. The advice and oversight of the decision was supported by an appropriately qualified Officer of Treasury and Exchequer who attended the board meetings where the advice was scrutinised and approved by the JTMB.

Resource Implications: There are no resource implications arising from this decision. Any costs stemming from strategy changes will be met from sale proceeds and are expected to be minimal. The changes to strategy will be administered as part of the ongoing responsibilities within the Treasury and Investment Management Team.

 

Action Required: The Minister’s Private Secretary to advise the Head of Treasury and Investment Management when the decision has been signed. The Treasury and Investment Management Team will ensure changes are implemented.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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