But he will stand as a candidate in the election caused by his resignation in a bid to return to the senior committee immediately.
His announcement, made just before midday on Saturday, will effectively force the States into giving him a fresh vote of confidence or removing him from P&R, where he has been vice-president and treasury lead since July.
Deputy St Pier held talks last night and this morning with P&R president Lindsay de Sausmarez, after he and his wife, Jane, were arrested by police on Friday afternoon and questioned on suspicion of misconduct in public office and another offence, both of which were related to ongoing investigations into accusations of harassment which originally led to them being arrested in December.
'I have this morning called Deputy de Sausmarez and advised her that I will be writing to the presiding officer [Bailiff Sir Richard McMahon] to resign from P&R,' said Deputy St Pier.
'I intend to seek a fresh mandate from the States of Deliberation in the election for the vacancy created by my resignation.
'Given my role, seniority and the nature of the allegations, it is entirely appropriate that my colleagues in the Assembly are given the opportunity to determine whether they wish me to serve as a member of P&R.'
Deputy and Mrs St Pier had been on bail since their orignal arrest on 3 December. It had been extended several times and expired again yesterday.
The expiration of their bail period required them to report to the police station, where they were arrested on suspicion of the additional offences, interviewed and bailed again with basic conditions.
'As the police have already advised the media, yesterday afternoon I was interviewed by them in relation to an allegation of misconduct in public office and an allegation of an offence under the Reform Law,' said Deputy St Pier.
'I was released without charge. I categorically deny all allegations which have emerged from the complaint that is already in the public domain.
'Given the ongoing police investigation, I cannot comment further.'
Deputy St Pier has been in public office since being elected to the States in 2012. Under Guernsey law, offences can also be committed by someone facilitating misconduct in public office.
Mrs St Pier has also consistently denied any wrongdoing, including in a statement issued after her re-arrest yesterday.
The police investigation relates to matters which previously led to findings that Deputy St Pier had broken the States members’ code of conduct.
In November, the States Assembly rejected a recommendation from its standards commissioner to suspend Deputy St Pier over a phone call with a national journalist who was preparing a story concerning complaints about paediatrician Dr Sandie Bohin and local paediatric services.
The other four members of P&R – Deputy de Sausmarez and Deputies Yvonne Burford, Steve Falla and Charles Parkinson – found out about the latest development in the St Piers’ case a few hours after the couple were re-arrested, met to discuss their position yesterday, and issued a statement at midday today.
'We, the other members of P&R, met to discuss the situation and, while being clear that this confers no commentary on Deputy St Pier's guilt, agreed that the most appropriate course of action would be for Deputy St Pier to offer his resignation,' said Deputy de Sausmarez.
'I did not have to ask him to do so, however, as he told me of his decision in a conversation this morning.'
P&R said it would be offering no interviews on the matter.
The next States Assembly meeting is due to be held on Wednesday 20 May. The timing of elections to seats on committees is decided by the Bailiff.
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