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Approved

 

To pay an exit
credit of £2,036,000 from the Employer’s sub-fund
following the termination of the admission agreement.

Reasons for the decision

When an employer leaves the LGPS
and a surplus of assets exists, the administering authority has
sole discretion regarding the payment of any exit credit to the
exiting employer.  GMPF has a policy in place to assist with
exercising that discretion.  This policy has been followed and external
advice has been sought from GMPF’s actuary and legal
advisors.   

Alternative options considered

Not complying with our policy would
leave GMPF open to challenge.