Public Sector Pension Reform
Launch date: 23/07/2015
Review status: Report published
What is the review about?
The Public Employees Contributory Retirement Scheme (PECRS) is being reformed. New draft regulations have been lodged in accordance with the recently adopted Draft Public Employees (Pensions) (Jersey) Law 201- (P.28/2014). These new regulations are designed to facilitate pension reform based on the principle that a reformed scheme should be: affordable for members, employers and taxpayers; sustainable for the next 25 years; and fair for all members.
Terms of reference
To examine Draft Public Employees (Pensions) Regulations and the sustainability, affordability and fairness of the proposed reforms to public sector pension provision, with particular regard to the following:
a) Contribution rates;
b) Indexation of benefits;
d) How the proposed reforms would affect different classes of PECRS member;
e) Governance of the Scheme; and
f) Resource requirements to operate and administer the new pension scheme.
2. To consider the future liability of the States within the proposed revised public sector pension scheme.
3. To consider how the costs to the States of the proposed Career Average Revalued Earnings (CARE) scheme compare with current costs.
4. To consider how the proposed pension provision would compare to current pension provision within the private sector.