Teachers’
Superannuation (New Members) (Amendment) (Jersey) Order 2013
Made 29th November 2013
Coming into force 6th
December 2013
THE CHIEF MINISTER, in pursuance of Articles 2 and 7 of the Teachers’
Superannuation (Jersey) Law 1979[1], and after consultation with the
Management Board, orders as follows –
1 Article 12
of the Teachers’ Superannuation (New Members) (Jersey) Order 2007
substituted
For Article 12 of the Teachers’ Superannuation (New
Members) (Jersey) Order 2007[2] there shall be substituted
the following Article –
“12 Additional
voluntary contributions
(1) A member may by notice in writing to the
Management Board elect to pay additional voluntary contributions, from such
date as may be agreed by the Management Board, in order to be entitled to such
added years as the Management Board, on the advice of the Actuary, shall
decide.
(2) The payment of additional voluntary
contributions shall be subject to such minimum and maximum amounts as the
Management Board, on the advice of the Actuary, may determine, and shall be
calculated on the basis that there must be no actuarial cost to the fund.
(3) A member may, with the agreement of the
Management Board, make additional voluntary contributions by –
(a) a lump sum payment; or
(b) periodical payments.
(4) A member may, with the agreement of the
Management Board, vary the amount of the periodical payments paid.
(5) Where a member ceases to be an employee
before normal retiring age, the number of years added by virtue of additional voluntary
contributions made under paragraph (3)(b) shall be reduced
so that –
(a) in
the case of a person who commenced paying additional voluntary contributions
after the coming into force of the Teachers’ Superannuation (New Members)
(Amendment) Order 2013, the number of years added in respect of those
contributions shall be the sum of –
|
the total amount of added
years which the member would have been entitled to by virtue of the periodical
payments had the employee continued to pay them and remained in employment up
to normal retiring age
|
x
|
the period over which the
employee paid the periodical payments
|
|
the period over which the
employee would have paid the periodical payments had he or she remained in
employment and continued to pay them up to normal retiring age;
|
(b) in
the case of a person who commenced paying additional voluntary contributions
before the coming into force of that Order, the number of years added in
respect of those contributions shall be the greater of –
(i) the number of
years calculated in accordance with paragraph (a), or
(ii) the number of
years calculated by the actuary as being the value of the contributions paid by
and in respect of the member that equate to the value of the additional
benefits arising from the reduced added years.”.
2 Citation
and commencement
This Order may be cited as the Teachers’ Superannuation (New
Members) (Amendment) (Jersey) Order 2013 and shall come into force 7 days
after it is made.
senator i.j. gorst
Chief Minister