Teachers'
Superannuation (Amendment No. 2) (Jersey)
Law 2007
A LAW to amend further
the Teachers’ Superannuation (Jersey) Law 1979.
Adopted by the
States 19th July 2006
Sanctioned by
Order of Her Majesty in Council 14th December 2006
Registered by the
Royal Court 5th
January 2007
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have
adopted the following Law –
1 Interpretation
In this Law, “principal Law” means
the Teachers’ Superannuation (Jersey) Law 1979[1].
2 Article
1 amended
In Article 1 of the principal Law –
(a) before
the definition “Minister”, there shall be inserted the following
definitions –
“ ‘Actuary’
means the person appointed under Article 3(11) to be the Actuary in relation to
the Fund;
‘Fund’ means the
fund established by Article 3;
‘Management
Board’ means the Management Board established by an Order in accordance
with Article 2(2)(ha);”;
(b) in
the definition “Minister”, for the words “Minister for
Education, Sport and Culture” substitute the words “Chief
Minister”;
(c) for
the definition “pension” there shall be substituted the following
definition –
“ ‘pension’
includes allowance, gratuity or other benefit;”;
(d) in
the definition “prescribed” there shall be deleted all the words
after “by the Minister”.
3 Article
2 amended
In Article 2 of the principal Law –
(a) in
paragraph (1), for the words “paid by the Minister” there
shall be substituted the words “paid, out of the Fund,”;
(b) in
paragraph (2) –
(i) for
sub-paragraph (a) there shall be substituted the following
sub-paragraph –
“(a) provide for the Minister to
enter into reciprocal arrangements with employers and for there to be paid from
and received into the Fund transfer values, or, in the place of them, for there
to be transferred or received any fund or part of a fund or policy of
insurance;”;
(ii) in
sub-paragraph (d)(ii) for the words “paid or recovered” there
shall be substituted the words “paid are recovered”;
(iii) in
sub-paragraph (g), for the word “Minister” there shall be
substituted the words “Minister or Management Board”;
(iv) after
sub-paragraph (h) there shall be inserted the following sub-paragraphs –
“(ha) establish a Management Board comprised of
the prescribed persons and having, in addition to any powers or duties
conferred or imposed by this Law, the prescribed powers, prescribed duties and
prescribed functions in relation to the management of the Fund;
(hb) provide for the circumstances in which increases
in pensions may be payable by the Fund;
(hc) provide what is to happen if a report of the
Actuary under Article 3(13) or under the Order shows a deficiency or
disposable surplus in the Fund;
(hd) provide that where a lump sum becomes payable
under the scheme on the death of a teacher, the Management Board shall
determine –
(i) the
recipients (whether individuals or persons),
(ii) whether
the lump sum is to be paid wholly to one recipient or in parts to more than one
recipient,
(iii) whether
the lump sum is to be paid in full, partially or not at all;”;
(c) by
inserting after paragraph (2) the following paragraphs –
“(2A) The Management Board may delegate all or any of
the powers, duties or functions conferred or imposed on it under this Law or an
Order made under this Law.
(2B) However, the Management Board shall not, without the
consent of the Minister for Treasury and Resources, delegate any power, duty or
function relating to the investment of money in the Fund.”;
(d) in
paragraph (4) for the words “service in which is pensionable”
there shall be substituted the words “service which is
pensionable”;
(e) at
the end there shall be added the following paragraphs –
“(6) An Order made under this Article after
1 January 2007 and before 1 January 2008 may specify that
it shall be taken to have come into force from 1 January 2007, if the
Order does not apply to or in respect of a teacher other than a teacher who has
after 1 January 2007 entered, or re-entered, into service in respect
of which a pension is or may be payable under this Law.
(7) An Order to which paragraph (6) applies may
contain –
(a) provisions in relation to the repeal or
amendment of any enactment which is inconsistent with, or has become
unnecessary or requires modification in consequence of, the Order; and
(b) provisions relating to the retrospective
operation and effect of the Order.
(8) The proviso to paragraph (5) shall not
apply in relation to an Order to which paragraph (6) applies.”.
4 Article
3 amended
In Article 3 of the principal Law –
(a) in
paragraph (1) the words “(hereinafter referred to as the
“Fund”)” shall be deleted;
(b) in
paragraph (3)(a) at the end there shall be added the words “and any
increases in pensions”;
(c) for
paragraphs (4) and (5) there shall be substituted the following
paragraphs –
“(4) Any monies in the Fund which
are not for the time being required for the purposes described in
paragraph (3) may be paid over to –
(a) an investment manager; or
(b) the Treasurer of the States,
and may, by either of them,
be invested in accordance with any directions that may be given by the
Management Board.
(5) The Minister may by Order make provision in
relation to the appointment of investment managers by the Management Board.
(5A) The Management Board may, after consultation with the
Minister for Treasury and Resources, appoint one or more investment managers in
accordance with an Order made under paragraph (5).”;
(d) in
paragraphs (6)(b)(ii), (7) and (8)(a) and (b), for the words “Minister
for Treasury and Resources” in each place where they appear there shall
be substituted the words “Management Board”;
(e) in
paragraph (9), for the words “The Minister for Treasury and
Resources may borrow money under the guarantee of the annual income of the
States” there shall be substituted the words “The Treasurer of the
States may borrow money”;
(f) for
paragraphs (10), (11) and (12) there shall be substituted the following
paragraphs –
“(10) The Management Board shall ensure that
regular meetings to discuss the management of the Fund are held between it and
the investment managers.
(11) The Management Board shall, with the approval of
the Minister after the Minister has consulted with the Minister for Treasury
and Resources, appoint a person with the prescribed qualifications, if any, to
be the Actuary in relation to the Fund.
(12) The Actuary shall review the operation of the Fund
in respect of –
(a) each 5 year period beginning on the 1st
September 1986; or
(b) each period, of less than 5 years, that the
Minister may, after consultation with the Management Board, determine,
and shall complete the review
as soon as practicable after the end of that period.
(13) On each review under paragraph (12), the Actuary
shall make a report to the Minister, the Minister for Treasury and Resources
and the Management Board on –
(a) the financial condition of the Fund; and
(b) the adequacy or otherwise of the
contributions payable under this Law to support the pensions and other benefits
payable under this Law.
(14) A copy of every report under paragraph (13)
shall be laid by the Minister before the States as soon as practicable after it
is made.”.
5 Article
7 substituted
In the principal Law for Article 7 there shall be substituted
the following Article –
(1) The Minister may make Orders prescribing
anything which by this Law is to be prescribed.
(2) Before making an Order under this Law, the
Minister shall consult with the Management Board.”.
6 Citation
and commencement
(1) This
Law may be cited as the Teachers’ Superannuation (Amendment No. 2)
(Jersey) Law 2007.
(2) This
Law shall come into force on the seventh day following its registration.
a.h. harris
Deputy Greffier of the States