Government of Jersey

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A decision made (12.05.08) to approve the Investment Strategy for the School Teachers Pension Fund.

Decision Reference: MD-TR-2008-0059
Decision Summary Title:	School Teachers Pension Fund – Statement of Investment Principles		Date of Decision Summary:	6th May 2008
Decision Summary Author:	George Butler – Strategic Investments Manager		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Oral and Written		Person Giving Oral Report:	George Butler – Strategic Investments Manager
Written Report Title:	STPF - Management Board’s Statement of Investment Principles		Date of Written Report:	6th May
Written Report Author:	George Butler – Strategic Investments Manager		Written Report : Public or Exempt?	Public
Subject: School Teachers Pension Fund – Statement of Investment Principles
Decision(s): The Minister approved the Investment Strategy for the School Teachers Pension Fund – as detailed in the Board of Management’s Statement of Investment Principles.
Reason(s) for Decision: The Teachers’ Superannuation (Administration) (Amendment) (Jersey) Order 2007 requires the Minister for Treasury and Resources to approve the Investment Strategy for the School Teachers Pension Fund. Responsibility for the formation of the strategy rests with the Management Board who, in conjunction with its investment advisor Hewitt, has produced the Statement of Investment Principles tabled for the Minister’s consideration. The proposed investment strategy represents a continuation of the existing strategy.
Resource Implications: There are no financial or manpower Implications.
Action required: Strategic Investments Manager to inform the Management Board of the Minister’s approval of the Investment Strategy.
Signature:		Position: Senator T A Le Sueur, Minister for Treasury and Resources
Date Signed: 12th May 2008		Date of Decision: 12th May 2008

School Teachers' Fund - Investment Strategy

States of Jersey Teachers’ superannuation fund

management board’s statement of investment principles

1. Purpose of the report

1.1 The Minister is requested to consider and approve the States of Jersey Teachers’ Superannuation Fund Management Board’s Statement of Investment Principles.

2. background

2.1 Prior to the commencement of new management arrangements made effective under the provisions of the Superannuation (Administration) (Amendment) (Jersey) Order 2007, the Minister for Treasury and Resources was responsible for both the formation and implementation of investment strategy.

2.2 Under the new arrangements responsibility for the formation and implementation of the investment strategy rests with a Management Board and the Minister for Treasury and Resources retains only a power of approval over the investment strategy for Fund.

2.3 The Minister is accordingly requested to approve the Management Board’s recommended investment strategy as detailed in the attached Statement of Investment Principles.

3. comments

3.1 The proposed investment strategy represents a continuation of the strategy developed when the Minister for Treasury and Resources was responsible for the Fund. A balance of 80% return seeking assets (equities) and 20% risk reducing assets (bonds, gilts and cash) has been retained. This strategy, set in the context scheme’s long term nature and present funding position, seeks to maximise return whilst having regard to the risks associated with each asset class.

3.2 Having agreed upon a recommended investment strategy for the immediate term the Management Board has also decided to conduct an asset liability study for the scheme. Following the results of the study, to be undertaken in 2008, the investment strategy will be reviewed and returned to the Minster for approval.

3.3 The Management Board when developing the recommended strategy retained the professional services of the Minister’s former investment adviser Hewitt. The adviser, with whom the department still has an advisory contract, has confirmed that the proposed strategy is appropriate for the period to the completion of the asset liability study.

4. Recommendation

That the Minister:

4.1 Approves the Management Board’s Statement of Investment Principles attached as Appendix A to this report.

States of Jersey Treasury

16 May, 2008