The Privileges and Procedures Committee has established a Pensions Sub-Committee to oversee the States Members' pension scheme, including:
o Making recommendations to PPC on the design of the pension scheme
o Leading the procurement of pension scheme providers, making recommendations to PPC on the choice of provider
o Managing the contract with the pension provider, including establishing a service level agreement between the States and the pension provider
o Reviewing contribution rates annually, with a view to them remaining in line with contribution rates for other public and private sector pension schemes in the Island, and making recommendations to PPC
o Review terms and conditions of the scheme in light of any changes to Jersey income tax legislation
o Being a point of contact for States Members, receiving and responding to their feedback about the scheme and the providers.
The number of members of the Sub-Committee, the balance between elected and lay members, and the Sub-Committee's terms of reference must be agreed by PPC.
Any changes to the pension scheme, including contribution rates, and the appointment of the pension scheme providers are also matters for PPC to decide, on the basis of advice from the Sub-Committee.
The Sub-Committee is entirely independent in terms of expressing views to PPC.
The Sub-Committee will normally meet at least twice a year, including to:
• consider an 6 monthly report from the pension provider on the performance of the scheme and their performance as administrators as benchmarked against agreed SLA's
• Review the performance of the investment offerings within the scheme including an update on market conditions
• Discuss investment offerings within the scheme and provision of advice to members who self-select.
• review contribution rates, and
• consider feedback from States Members.
Other meetings may be convened by the Chair. Additional meetings are likely when a new contract for the pension scheme provider is in the process of being agreed.