Purpose

The
terms of the superannuation Admission Agreement with Fusion
Lifestyle included the need to have a Pension Guarantee Bond in
place.  Due to current market
conditions, it is not financially viable for Fusion to obtain such
a bond.  Following discussions between
Kent County Council, Fusion and Tunbridge Wells Borough Council a
solution has been identified whereby Tunbridge Wells Borough
Council assumes this responsibility and acts as the Guarantor
instead.

Decision

RESOLVED –

 
1.   
That delegated authority be granted to the s151
officer in consultation with the relevant Cabinet Member to
negotiate and agree terms for the Council to act as the Pension
Fund guarantor on behalf of Fusion Lifestyle for the ex TWBC
employees be approved.
 
2.   
That delegated authority be given to the Head of
Legal Services to complete all legal formalities as are necessary
and incidental to the recommendation in this report and to
negotiate, execute and complete all necessary agreements and deeds
arising from or ancillary or incidental to the decisions be
approved.