Public Employees (Contributory Retirement Scheme) (General) (Amendment No. 12) (Jersey) Regulations 2018

Made                                                                            10th July 2018

Coming into force                                                         11th July 2018

THE STATES, in pursuance of Article 2 of the Public Employees (Retirement) (Jersey) Law 1967[1] and Articles 2 and 4(3) of the Public Employees (Pensions) (Jersey) Law 2014[2], have made the following Regulations –

1        Interpretation

In these Regulations “General Regulations” means the Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989[3].

2        Regulation 1 amended

In Regulation 1 of the General Regulations, after the definition “Actuary” there is inserted the following definition –

“ ‘actuarial cost neutral age’ means an age which the Actuary determines as producing a cost neutral effect on the scheme in relation to the payment of voluntary early retirement benefit under Regulation 8;”.

3        Regulation 8 amended

For Regulation 8(6) and (7) of the General Regulations there are substituted the following paragraphs –

“(6)    With effect from 1st January 2016 the Actuary shall, before the end of every financial year, provide a report to the Committee certifying the additional costs to the scheme, arising in the previous financial year which are attributable to the employer, as a consequence of a member taking voluntary early retirement under this Regulation.

(6A)   The additional costs to the scheme shall be calculated as the difference between the value of the actual benefits granted in respect of each member to whom this Regulation applies and the value of the accrued liabilities in respect of that member, on the basis of the member retiring (if he or she survives) on attaining an actuarial cost neutral age, ignoring any additional credit for pensionable service granted by the employer as mentioned in paragraph (4) and taking into account, amongst other things, projected increases in the member’s salary up to the date of retirement (or earlier death) and pensionable service completed at the date of leaving service.

(7)     Where under paragraph (6) the Actuary has certified an amount of additional costs to the scheme, the Committee shall require the employer to pay the whole of that amount into the scheme.”.

4        Citation and commencement

These Regulations may be cited as the Public Employees (Contributory Retirement Scheme) (General) (Amendment No. 12) (Jersey) Regulations 2018 and shall come into force on the day after the day they are made.

dr. m. egan

Greffier of the States

 


 



[1]                                    chapter 16.650

[2]                                    chapter 16.640

[3]                                    chapter 16.650.36


Page Last Updated: 10 Jul 2018