Public Sector Pensions
Launch date: 17/03/2014
Review status: Report published
What is the review about?
A review of proposed reforms to PECRS and public sector pensions.
Terms of reference
1. To consider proposed reforms to the Public Employees Contributory Retirement Scheme (PECRS) and the sustainability, affordability and fairness of those reforms, with particular regard to the following:
a) Implementation of a Career Average Revalued Earnings (CARE) scheme;
b) Contribution rates;
c) Indexation of benefits;
e) Actuarial valuation methodology;
f) Accrual rates;
g) How the proposed reforms would affect different classes of PECRS member; and
h) Governance of the Scheme.
2. To compare the proposed structure for PECRS with the current structure, with particular regard to the items listed under Term of Reference 1;
3. To consider the future liability of the States within a revised PECRS;
4. To consider the impact that the proposed reforms would have on the repayment of the PECRS Pre-1987 Debt; and
5. To consider how the proposed reforms compare with developments in other jurisdictions.