Teachers’ Superannuation (Amendment No. 2) (Jersey) Law 2007

Teachers' Superannuation (Amendment No. 2) (Jersey) Law 2007 Arrangement Article 1 Interpretation . 63 2 Article 1 amended . 63 3 Article 2 amended . 64 4 Article 3 amended . 65 5 Article 7 substituted . 66 6 Citation and commencement 67 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 – “7 Orders (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 [1] chapter 16.850