Issue - meetings

(Lead Member: Cllr S Hinchcliffe, Director: Angela Taylor)

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.

The Combined Authority considered a report of the Director, Corporate Services on a proposed pension transfer.

The report sought approval to revised pension arrangements in relation to liabilities for pension costs for a cohort of bus drivers formerly employed by the predecessor passenger transport authority, including:

·         The transfer of assets of £42.5 million to Greater Manchester Pension Fund.

·         The Combined Authority to be 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.

·         To delegate to the Director, Corporate Services the finalising of the required agreements to enable the arrangements to progress.

Members considered the information provided in the report regarding the proposed transfer of pension arrangements and noted that the proposed option has been supported by the West Yorkshire Pension Fund and respective actuaries.  The arrangement would require the Combined Authority to become a member of the Greater Manchester Pension Fund but this would be within a very prescribed and limited way to enable effective administration of the arrangement.

It was agreed that the finalising of the necessary arrangements and agreements as set out in the submitted report be delegated to the Director, Corporate Services.

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.