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 and Articles 2 and 4(3) of the Public Employees (Pensions)
(Jersey) Law 2014, have made the following Regulations –
In these Regulations “General Regulations” means the Public
Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989.
2 Regulation 1
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