Public Employees (Retirement) (Jersey) Law 1967

____________

PUBLIC EMPLOYEES (CONTRIBUTORY RETIREMENT SCHEME) (GENERAL) (AMENDMENT No. 7) (JERSEY) REGULATIONS 2000

____________

(Promulgated on the 12th day of July 2000)

____________

STATES OF JERSEY

____________

The 11th day of July 2000

____________

                THE STATES, in pursuance of Article 2 of the Public Employees (Retirement) (Jersey) Law 1967,[1] as amended,[2] have made the following Regulations -

                1.      In the Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989,[3] as amended[4] (hereinafter referred to as the “principal Regulations”) for Regulation 5(2B) there shall be substituted the following paragraphs -

                          “(2B) Notwithstanding paragraph (2) of Regulation 4, some or all of the assets of the scheme may be held on behalf of the Committee, to the extent that the Committee may from time to time decide -

                          (a)     by a custodian appointed by the Committee under paragraph (2C); or

                          (b)     by an investment manager appointed by the Committee under paragraph (2) while they are assets being managed by him.

                          (2C)  The Committee, with the consent of the Finance and Economics Committee, may appoint a custodian on such terms as to remuneration or otherwise as the Committee and the Finance and Economics Committee agree.”.

                2.      For Regulation 7A(6) of the principal Regulations there shall be substituted the following paragraph -

                          “(6)   The Actuary shall once a year certify to the Committee the additional cost to the scheme of the operation of this Regulation, calculating it as the difference between the value of the actual benefits granted in respect of each member to whom this Regulation applies and the value of the accrued liabilities in respect of that member, on the basis that the member, if he survived, would have retired on pension at the age of 61.5 years or his normal retiring age (whichever is the lesser age), ignoring any additional credit for pensionable service granted by the employer as mentioned in paragraph (4) and taking into account inter alia projected increases in the member’s salary up to the date of retirement (or earlier death) and pensionable service completed at the date of leaving service.”.

                3.      These Regulations may be cited as the Public Employees (Contributory Retirement Scheme) (General) (Amendment No. 7) (Jersey) Regulations 2000 and shall come into force on the first day of August 2000.

                                                                                             G.H.C. COPPOCK

Greffier of the States.