Decision details
Admission Body exit request - Avon Pension Fund
Decision Maker: Chief Finance Officer (S151)
Decision status: Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
Admission bodies are permitted to leave the
scheme in certain circumstances in line with the LGPS regulations
and Avon Pension Fund's Funding Strategy. Wesport, a small charity,
requested to leave the scheme on the grounds of affordability. The
employer conducted full due diligence and consulted the affected
employees. Fund officers took legal advice and consulted the
guarantors to the admission agreement. On exit a Deed was entered
into signed by all parties to the admission agreement. There is no
cost to the Fund on exit as Wesport is responsible for any
outstanding debt on exit.
Decision:
Head of Pensions in consultation with officers
approved the exit request, effective 30/04/2021.
Alternative options considered:
Option 1 - remaining in the scheme risked an
increase in liabilities which is not in the best interests of the
Fund
Option 2 -
Option 3 -
Publication date: 04/05/2021
Date of decision: 30/04/2021