Proposed Pensions funding approach to the Leisure Services Contract
(Report of the Director of Corporate Resources - To be introduced by the Cabinet member for Finance and Carbon Reduction). The Cabinet will be asked to consider a ‘Cap and Collar’ approach to pensions in respect of the employer contributions and past service deficits only for those employees that would be subject of TUPE transfer as a result of the Leisure management contract and who are or become active member of the London Borough of Haringey Pension Fund.
REPORT TO FOLLOW
Additional documents:
Minutes:
The Cabinet considered a report that sought agreement to the adoption of a ‘cap and collar’ approach to the employer contributions and past service deficits for those employees who were being transferred to the employment of an external contractor via a TUPE arrangement.
RESOLVED:
That a ‘cap and collar’ approach to pensions be adopted in respect of the employer contributions and past service deficits for those employees that would be subject of TUPE as a result of the leisure management contract and who are or become active members of the London Borough of Haringey Pension Fund with the precise percentage range for the cap and collar to be agreed by the Director of Corporate Resources, mitigated by the contractor being 100% liable for pension costs within their control.