Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decision:
The Executive agreed the
recommendations as outlined above namely:
- To
approve a pooling arrangement between Blackpool Council and
Blackpool Transport Services Limited (BTS) in relation to its
ongoing funding in the Local Government Pension Scheme (LGPS)
within the Lancashire County Pension Fund (LCPF).
- To
approve that Blackpool Council act as guarantor in respect of this
pooling arrangement in much the same way as it currently acts as
guarantor in respect of the Blackpool Transport Services Limited
pension fund.
- To
approve that Blackpool Council makes a payment of £2m to
Blackpool Transport Services Limited, funded from its reserves and
repayable via pension contribution savings over an estimated 10
years, in respect of pooling this surplus, once the surplus has
been transferred into the pooled arrangement.
- That Blackpool Council and Blackpool Transport Services Limited
both advise Lancashire County Pension Fund that they wish to enter
a pooling arrangement in respect of on-going funding and provide
relevant Executive and Board approvals by the Council and Blackpool
Transport Services Limited respectively.
Publication date: 16/07/2019
Date of decision: 15/07/2019
Decided at meeting: 15/07/2019 - Executive
Effective from: 17/07/2019
Accompanying Documents: