Decision Maker: West Yorkshire Combined Authority
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To approve revised pension arrangements in
relation to liabilities for pension costs for a cohort of bus
drivers formerly employed by the predecessor transport
authority.
To approve the transfer of assets of £42 million to Greater
Manchester Pension Fund.
To approve the West Yorkshire Combined Authority being admitted to
the Greater Manchester Pension Fund for the sole and limited
purpose of meeting the pension liabilities of the former bus driver
cohort.
Resolved:
(a) That the revised pension arrangements in relation to liabilities for pension costs for a cohort of bus drivers formerly employed by the predecessor transport authority, as set out in the submitted report, be approved.
(b) That the transfer of assets of £42.5 million to Greater Manchester Pension Fund be approved.
(c) That approval be given to the Combined Authority being admitted to the Greater Manchester Pension Fund for the sole and limited purpose of meeting the pension liabilities in the manner set out in the submitted report.
(d) That the finalising of the required agreements to enable the arrangements to progress be delegated to the Director, Corporate Services.
Report author: Jonathan Sheard
Publication date: 27/07/2020
Date of decision: 27/07/2020
Decided at meeting: 27/07/2020 - West Yorkshire Combined Authority
Effective from: 04/08/2020
Accompanying Documents: