This report asks Cabinet to consider a request regarding the transfer of pension funds.

The subject of the decision:

This report sought consideration of the pension fund transfer of Broadacres Housing Association's Local Government Pension Scheme liabilities in the London Pension Fund Authority to Hambleton District Council, participating in the North Yorkshire Pension Fund.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied with the proposals set out in the report regarding the transfer of Broadacres Housing Association's Local Government Pension Scheme liabilities in the London Pension Fund Authority to Hambleton District Council, participating in the North Yorkshire Pension Fund.

The decision:

That Cabinet approves and recommends to Council:

(1)      the transfer of Broadacres Housing Association pensioners and deferred pensioners to Hambleton District Council from the London Pension Fund Authority to North Yorkshire Pension Fund subject to a subsumption agreement as described in paragraph 3.1 of the report; and

(2)      the transfer of Broadacres Housing Association pensioners and deferred pensioners to Hambleton District Council from the London Pension Fund Authority to North Yorkshire Pension Fund subject to a legal agreement as described in paragraph 8.2 of the report.