Decision details

Proposed Pension Transfer

Decision Maker: West Yorkshire Combined Authority

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

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.

Decision:

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: