# States of Jersey Public Employees Pension Fund (PEPF)

States of Jersey Public Employees Pension Fund (PEPF) is a Pension Fund based in St. Helier, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** St. Helier, United Kingdom
- **Region:** Europe
- **Address:** St. Helier, Jersey, United Kingdom
- **Assets under management:** Undisclosed
- **Website:** gov.je

## Regulatory record

- **Reports private funds:** No

## About

The States of Jersey Public Employees Pension Fund (PEPF) provides retirement benefits to public-sector workers on the island of Jersey, a self-governing Crown Dependency. The fund operates under the oversight of a Committee of Management, with the States Treasurer serving as the scheme's administrator. The principal employer is the States Employment Board, and governance resources are shared with the Jersey Teachers Superannuation Fund through a joint Audit and Risk Subcommittee. PEPF pursues a steady, institutional allocation strategy focused on liability-matching assets and income generation. Confirmed real estate holdings include positions in PGIM's ground-lease strategies, spanning both commercial property through the PGIM Ground Lease Fund and residential assets through the PGIM Residential Ground Lease Fund. Additionally, the fund holds a stake in the Aviva Lime Property Fund, a UK-focused vehicle investing in real estate assets across the commercial sector. July 2024: Jonathan Gainsford was appointed Chairman of the Committee of Management, succeeding Gordon Pollock, who had held the role until June 2024. The appointment process involved oversight by the Jersey Appointments Commission. PEPF is administered alongside its sister fund, the Jersey Teachers Superannuation Fund, reflecting a shared-services model that consolidates governance functions across the island's public pension schemes. PEPF's structure is defined by its jurisdiction. As a Crown Dependency pension fund, it operates outside the direct regulatory framework of the UK Pensions Regulator, instead adhering to Jersey's local legislation and the oversight of its Committee of Management. The dual role of the States Treasurer — both managing public finances and administering the scheme — creates a governance configuration distinct from mainland UK local government pension pools.

## Sectors

- Real Estate
- Infrastructure

## People

- Jonathan Gainsford — Chairman of the Committee of Management
- Richard Bell — Treasurer of the States and Administrator of the Schemes

## Questions

### Who runs investment decisions at the States of Jersey PEPF?

The Committee of Management governs the fund, with Jonathan Gainsford serving as Chairman since July 2024. The States Treasurer, Richard Bell, acts as the scheme's administrator. The committee structure separates strategic oversight from day-to-day administration.

### How is PEPF's governance structured?

PEPF operates under a Committee of Management, with the States Employment Board as the principal employer. The Treasurer of the States of Jersey serves as the administrator, and PEPF shares a joint Audit and Risk Subcommittee with the Jersey Teachers Superannuation Fund. Appointments to the Chairman role are overseen by the Jersey Appointments Commission.

### How is PEPF related to the Jersey Teachers Superannuation Fund?

PEPF and the Jersey Teachers Superannuation Fund operate as separate pension schemes but share governance infrastructure. Both funds participate in a joint Audit and Risk Subcommittee, a model designed to pool oversight resources across Jersey's public-sector retirement schemes.

### What is PEPF's relationship with the government of Jersey?

PEPF is the pension vehicle for employees of the States of Jersey, the island's government. The States Employment Board acts as the principal employer for scheme members. The States Treasurer serves as the scheme administrator, embedding the fund within the island's public finance apparatus.

### Does PEPF disclose its total assets under management?

No. PEPF does not publicly publish a consolidated AUM figure with regularity. Estimates are not available from primary sources, and the fund's financial reporting is disclosed through Jersey's public accounts, which are aggregated rather than presented as a standalone investment fund report.

### How does being a Crown Dependency pension fund affect PEPF's regulatory posture?

PEPF is governed by Jersey law, not UK pension legislation. It reports to its Committee of Management and the States of Jersey's public finance structure. This regulatory separation means the fund follows local fiduciary standards and investment rules distinct from those of UK local government pension schemes.

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Last updated: 2026-06-03T20:00:00.000Z

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