Issue - meetings

[To provide an update on considerations in relation to the potential merger of the West Midlands Integrated Transport Authority Pension Fund and the West Midlands Pension Fund]

Rachel Brothwood, Director of Pensions updated the Committee on the potential merger of the West Midlands Integrated Transport Authority Pension Fund (WMITA PF) and the West Midlands Pension Fund (WMPF), in response to the Government Actuary Department’s (GAD’s) recommendation to the Ministry of Housing, Communities and Local Government (MHCLG), that the Administering Authority develop a plan to address the employer-risk inherent within the closed WMITA PF.

The due diligence work on the proposal had not raised any material barriers to date. The Director drew the Committee’s attention to the outcomes envisaged following informal discussion with key stakeholders about the proposal. Statutory consultation on final proposals will be undertaken prior to completion.

Resolved:

1.     That authority be delegated to the Director of Pensions in consultation with the Chair of Pensions Committee to complete a review of the final application to the Ministry of Housing, Communities and Local Government (MHCLG), subject to receiving necessary assurance that the merger meets the criteria set by the Pensions Committee in September 2018.

2.     That development of a draft application to MHCLG following dialogue with key stakeholders on the potential merger of the West Midlands Integrated Transport Authority Pension Fund with the West Midlands Pension Fund resulting from recommendations made by the Government Actuary Department in the Section 13 report on LGPS scheme funding be noted.