Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Public Employees Pension Fund: Assumptions for the 2018 Actuarial Valuation

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 6 September 2019

Decision Reference:  MD-TR-2019-0079

Decision Summary Title:

Public Employees Pension Fund (PEPF) assumptions for the 2018 Actuarial Valuation

Date of Decision Summary:

30th August 2019

Decision Summary Author:

Head of Shared Services

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Public Employees Pension Fund (PEPF) assumptions for the 2018 Actuarial Valuation

Date of Written Report:

30th August 2019

Written Report Author:

Head of Shared Services

Written Report :

Public or Exempt?

Exempt Article 26

Subject: Approval of the actuarial assumptions for the Public Employees Pension Fund (PEPF) Actuarial Valuation 2018

Decision(s): The Minister decided to approve the proposed actuarial assumptions for the Public Employees Pension Fund (PEPF) Actuarial Valuation 2018  

Reason(s) for Decision:

Public Employees (Pension Scheme) (Funding and Valuation) (Jersey) Regulations 2015, regulation 4, requires the Scheme Actuary to, following consultation, determine the prudent assumptions to be applied in respect of a valuation of the Career Average Scheme (the “Public Employees Pension Scheme” [PEPS]) and gain the agreement of the Minister for Treasury and Resources to these assumptions. The Scheme Actuary must also following consultation aim to reach agreement on the assumptions for the actuarial valuation of the Final Salary Scheme (the “Public Employees Contributory Retirement Scheme” [PECRS]) with the Minister for Treasury and Resources.

 

The Employers Actuary has reviewed the proposed actuarial assumptions and confirmed they are not unreasonable.

Resource Implications: Any financial implications from the agreement of actuarial valuation assumptions will not be known until completion of the actuarial valuation. Under the Regulations the employer contribution rate cannot be changed until 2024. There are no staffing implications. 

Action required: The Head of Financial Governance to notify the Head of Shared Services once the decision has been signed.

Signature:

 

 

 

Position: Deputy S J Pinel,

Minister for Treasury and Resources

                

 

Date Signed:

Date of Decision:

Back to top
rating button