Decision - To provide access to the South Yorkshire Pension Fund (LGPS) for SLM Ltd (Everyone Active) by way of Admission Agreement, effective 02/01/2025.

Decision details

To provide access to the South Yorkshire Pension Fund (LGPS) for SLM Ltd (Everyone Active) by way of Admission Agreement, effective 02/01/2025.

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Decision Maker: Assistant Director - Pensions

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

To provide access to the South Yorkshire Pension Fund (LGPS) for SLM Ltd (Everyone Active) by way of Admission Agreement, effective 02/01/2025.

Reasons for the decision:

Financial: In the event of financial failure (liquidation) of the Admission Body, any unfunded liabilities which remain outstanding upon crystallisation of the Admission Agreement, would fall to be met by Sheffield City Council (as the outsourcing scheme employer). There is no bond in place to mitigate such risk. The rationale for no bond being that enter rationale (for example scheme employer would re-employ the staff etc, and thus a redundancy scenario (with potential fund strain costs) would be avoided).

HR: None.

ICT: None.

Procurement: None.

Alternative options considered:

Finance Signatory: GT

Finance Date: 14/01/2025

HR Signatory: SB

HR Date: 14/01/2025

Publication date: 14/01/2025