3. POOLING OF BLACKPOOL COUNCIL AND BLACKPOOL TRANSPORT SERVICES LIMITED PENSION FUNDS PDF 233 KB
To consider a pooling
arrangement between Blackpool Council and Blackpool Transport
Services Limited in relation to the company’s ongoing funding
of its contributions to the Local Government Pension
Scheme
Additional documents:
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.