The official version of this document can be found via the PDF button.
The below content has been automatically generated from the original PDF and some formatting may have been lost, therefore it should not be relied upon to extract citations or propose amendments.
15
1240/5(9065)
WRITTEN QUESTION TO THE CHIEF MINISTER
BY DEPUTY G.P. SOUTHERN OF ST. HELIER ANSWER TO BE TABLED ON TUESDAY 17th NOVEMBER 2015
Question
What consideration have the Chief Minister and the States Employment Board (SEB) given to the continued sustainability of the Public Employees Contributory Retirement Scheme in the light of the SEB policy of large scale targets for voluntary and compulsory release and non-replacement of the public sector workforce and, if none, will he do so and report to the Assembly on this issue?
Answer
The States Employment Board is aware of the possible impact that a redundancy programme could have on scheme funding for the Public Employees Contributory Retirement Scheme (PECRS). The effect on the scheme's funding can be positive or negative, depending on each member's age and the terms granted. A younger leaver will tend to have a positive impact, while an older leaver will tend to have the opposite effect.
In the past, individual and groups of voluntary early retirements have not had a material impact on funding because the Employer has paid into the Scheme in accordance with the Regulations. Any future voluntary early retirements will continue to be processed in accordance with the Regulations.
It is not possible to calculate the actual impact on the scheme until we know how many employees will leave, their age and salary profile, and the number granted voluntary early retirement.