Decision details
GUARANTEE BY BLACKPOOL COUNCIL TO ENTER INTO A GUARANTEE AGREEMENT WITH LANCASHIRE COUNTY COUNCIL AS ADMINSISTRATORS OF THE LOCAL GOVERNMENT PENSION SCHEME
Decision Maker: Director of Resources
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
A formal contract to be entered into between Blackpool Council and Lancashire County Council, guaranteeing the performance of Blackpool Coastal Housing (BCH) Limited being a member of the Lancashire Pension Fund. This formalises an existing arrangement whereby Blackpool Council as ‘parent company’ of BCH effectively underwrites all of the latter’s liabilities. By doing so BCH will not be penalised by having to pay a risk premium on its employer’s pension contributions.
Decision:
To authorise the Council to enter in the Admissions Agreement in respect of participation of Blackpool Coastal Housing Limited in the Lancashire Pension Fund.
Publication date: 05/02/2020
Date of decision: 05/02/2020
Accompanying Documents:
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