Jersey Law
30/1996
TEACHERS’
SUPERANNUATION (AMENDMENT) (JERSEY) LAW 1996
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A LAW to amend the Teachers’ Superannuation (Jersey) Law 1979,
sanctioned by Order of Her Majesty in Council of the
23rd day of JULY 1996
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(Registered on the
13th day of September 1996)
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STATES OF JERSEY
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The 30th day of April 1996
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THE
STATES, subject to
the sanction of Her Most Excellent Majesty in Council, have adopted the
following Law –
ARTICLE 1
In Article 1 of the
Teachers’ Superannuation (Jersey) Law 1979 (hereinafter referred to as
“the principal Law”), for the definition of “the
Committee” there shall be substituted the following definition –
“
‘the Committee’ means the Education Committee except that –
(a) references to
‘the Committee’ in paragraphs (3A), (3B), (3C), (3D), (3E), (4) and
(5) of Article 3 of this Law shall be construed as references to the Finance
and Economics Committee; and
(b) references to
‘the Committee’ in the definition of ‘prescribed’ in
this Article, and in Article 7 of this Law shall be construed as references to
the Education Committee or the Finance and Economics Committee, as the case may
be.”.
ARTICLE 2
In Article 3 of
the principal Law –
(a) in paragraph (3)
–
(i) for the semi-colon
after the word “Fund” where it occurs at the end of sub-paragraph
(e) there shall be substituted a full stop; and
(ii) the words commencing
with the words “and any monies” to the end shall be deleted;
(b) after paragraph (3)
there shall be inserted the following paragraphs –
“(3A) Any monies in the Fund which are
not for the time being required for the purposes described in paragraph (3) of
this Article may be paid over to –
(a) the Treasurer of the
States; or
(b) an investment manager,
and may, by
either of them, be invested in accordance with such directions as may be given
by the Committee.
(3B) The Committee may,
after consultation with the Education Committee, appoint one or more investment
managers and may by Order make provision in relation to the appointment of such
managers.
(3C) An Order made under
paragraph (3B) of this Article shall include provisions –
(a) to ensure –
(i) the appointment
of a suitable person or persons; and
(ii) that regard is paid to
the need for diversification of investment of the assets of the fund; and
(b) relating to the –
(i) suitability of
investments which the manager proposes to make;
(ii) retention of control by
the Committee over the investments and over the application of the assets of
the fund; and
(iii) terms and conditions of
appointment of investment managers including the further delegation by such
investment managers of the powers of management and investment given by such
appointment.
(3D) The Committee, in
giving any directions as to the investment of the monies of the Fund pursuant
to paragraph (3A) of this Article, shall have regard to the –
(i) need for
diversification of investment of fund monies;
(ii) suitability of
investments of any description which are proposed to be made; and
(iii) obtaining, at reasonable
intervals, of proper advice.
(3E) In this Article
–
(a) ‘investment
manager’ means a person or persons reasonably believed by the Committee
to be suitably qualified by ability in and practical experience of financial
matters to make investment decisions on its behalf;
(b) the reference in
sub-paragraph (iii) of paragraph (3D) to ‘proper advice’ is a
reference to the advice of a person or persons reasonably believed by the
Committee to be qualified by his ability in and practical experience of
financial matters to give such advice.”.
(c) in paragraph (4) the
words “Finance and Economics” shall be deleted; and
(d) in paragraph (5) for
the words “Finance and Economics” there shall be substituted the
word “Education”.
ARTICLE 3
This Law may be cited
as the Teachers’ Superannuation (Amendment) (Jersey) Law 1996 and shall
come into force on such day as the States may by Act appoint.
G.H.C. COPPOCK
Greffier of the
States.