Decision details

The Executive agreed the recommendations as outlined above namely:

1. 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).

2. 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.

3. 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.  

4. 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.