Issue - meetings

PROJECT MAGPIE - TRANSFER OF FIRST WEST YORKSHIRE TO GREATER MANCHESTER PENSION FUND

Meeting: 31/01/2019 - West Yorkshire Pension Fund Joint Advisory Group (Item 41)

41 PROJECT MAGPIE - TRANSFER OF FIRST WEST YORKSHIRE TO GREATER MANCHESTER PENSION FUND pdf icon PDF 101 KB

The Director, West Yorkshire Pension Fund, will present a report

(Document “AA”) which updates Members on progress made in transferring assets for First Bradford to Greater Manchester Pension Fund.

 

Recommended –

 

That the report be noted.

 

(Ola Ajala – 01274 434534)

Decision:

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

Minutes:

The Director, West Yorkshire Pension Fund, presented a report

(Document “AA”) which updated Members on progress made in transferring assets for First Bradford to Greater Manchester Pension Fund.

 

The report advised Members that WYPF had made payments of £375m out of an estimated payment of £450m pending final certification by the fund’s actuary, Aon. The final estimated payment £75m was scheduled for 22 March 2019, and would be adjusted for final certified value up or down. If the final certified value to be transferred to GMPF was not agreed between WYPF’s  actuary - Aon and GMPF’s actuary, Hymans, and received from Aon by the end of February 2019 the estimated value would be paid. Adjustments would then be made for additional payments to be made by WYPF or repayment of any overpaid amount to be made by GMPF at a later date to WYPF.

 

The estimated transfer value was based on First WY Bus share of asset as at 31 March 2017. The transfer impacted on 3,714 members.

 

WYPF were still waiting for one key decision to be made by the West Yorkshire Combined Authority on how to discharge its liability to fund pension increases for First West Yorkshire pensioners. That decision may increase the value of the asset transferred.

 

Resolved –

 

That the report be noted.

 

ACTION: Director, West Yorkshire Pension Fund