FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

NOTES TO THE ACCOUNTSNOTE 31: CONTINGENT ASSETS AND LIABILITIES9.31 Note 31: Contingent Assets and LiabilitiesThere are no Contingent Assets as at 31 December 2011.There are several cases where a possible obligation may exist (as a result of past events), and where theexistence of the liability will be confirmed only by future events outside of the States’ control.Civil claims against the States of Jersey may arise with regards to the Historic Child Abuse Enquiry. However,neither the number and likelihood of success of claims, or the amount of any settlements, can be reliablyestimated and so no provision is included in the Accounts.A number of other potential liabilities may exist, but details are not included in these accounts as they mayprejudice the outcome of the actions in question.These include potential claims in the following areas:• Health and Safety• Employment issues• Water Pollution• Contract Terms• Planning Appeals• Medical Claims• Public Liability ClaimsThe States has also issued a number of guarantees, details of which are given in Note 26.9.32 Note 32: Pension Schemes – Other schemesIn addition to the defined benefit schemes outlined in Note 22, the States of Jersey operates two furtherpension schemes: the Public Employees Contributory Retirement Scheme (PECRS) and the Jersey Teachers’Superannuation Fund (JTSF).The PECRS and JTSF are both final salary schemes, but are not conventional defined benefit schemes asthe employer is not responsible for meeting any ongoing deficiency in the scheme – scheme members arerequired to meet any deficiency through reduced benefits or by making increased contributions. Because ofthat limitation on the States’ responsibility as employer, the scheme deficit in each case is disclosed belowbut not recognised in the States Accounts.148