Public Sector Pensions

A review of proposed reforms to PECRS and public sector pensions.

​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;
d) Risk-sharing;
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.