Policy & Resources Committee - P.2022/56
The States are asked to decide:-
Whether, after consideration of the Policy Letter entitled 'Superannuation Fund - Actuarial Valuation', dated 9 June 2022, they are of the opinion:-
1. To note the Actuarial Valuation of the States of Guernsey Superannuation Fund as at 31 December 2020.
2. To agree that, except for Guernsey Electricity Limited, the employer contribution rate in respect of the States of Guernsey Superannuation Fund be decreased to 10.3% with effect from 1 August 2022 and that the employer additional contribution rates shall remain as set out in Appendix III.
3. To agree that the following funding parameters are set for the Combined Pool:
a) A lower boundary level of 90% with any corrective action to be taken over a period not exceeding the average future working lifetime of the active membership; and
b) An upper boundary level of 120%.
4. To agree that the employer contribution rate for Guernsey Electricity Limited be decreased to 7.5% with effect from 1 August 2022.
5. To agree that no annual sum is paid into the Superannuation Fund in respect of the States Members Pension Schemes from the revenue budget of the Policy & Resources Committee in 2022 and subsequent years.
The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.