THE STATES, in pursuance of Article 2 of the Public Employees (Retirement) (Jersey) Law 1967[1] and Articles 2 and 4(3) of the Public Employees (Pensions) (Jersey) Law 2014[2], have made the following Regulations –

“ ‘actuarial cost neutral age’ means an age which the Actuary determines as producing a cost neutral effect on the scheme in relation to the payment of voluntary early retirement benefit under Regulation 8;”.

“(6)    With effect from 1st January 2016 the Actuary shall, before the end of every financial year, provide a report to the Committee certifying the additional costs to the scheme, arising in the previous financial year which are attributable to the employer, as a consequence of a member taking voluntary early retirement under this Regulation.

(6A)   The additional costs to the scheme shall be calculated 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 of the member retiring (if he or she survives) on attaining an actuarial cost neutral age, ignoring any additional credit for pensionable service granted by the employer as mentioned in paragraph (4) and taking into account, amongst other things, 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.

(7)     Where under paragraph (6) the Actuary has certified an amount of additional costs to the scheme, the Committee shall require the employer to pay the whole of that amount into the scheme.”.