Issue - decisions

(i)  That, subject to further consultation as required and clarification of the risks and costs around pensions, Cabinet approve in principle the  transfer of the City Catering service to a Charitable Mutual Company (Limited by Guarantee) with effect from 1^st April 2015

(ii)  To delegate authority to the Director, People to carry out such consultation, due diligence and other ancillary actions as may be necessary in relation to (i) above.

(iii)  To delegate authority to the Director, People to consider and determine the outcome of any necessary consultation referred to at (ii) above and, in light of all material considerations, to determine whether or not to proceed with the establishment of City Catering as a Charitable Mutual Company (Limited By Guarantee) following consultation with the Cabinet Member for Education and Change, the Cabinet Member for Adult Social Care, the Cabinet Member for Resources and Leisure and the Chief Financial Officer.

(iv)  To agree that, subject to the satisfactory conclusion of discussions with the Hampshire Pension Fund, the new Mutual Company becomes an admitted body member of the Hampshire Pension Fund; and to agree that this will be on the basis of a closed scheme (i.e. closed to new entrants)

(v)  To agree that the Council will act as guarantor for any future potential cessation deficit which could arise on the Mutual company’s admitted body pension, as set out in paragraphs 24-30.

(vi)  To delegate authority to the Chief Financial Officer to approve the final arrangements with regard to the new Mutual Company gaining admitted body status.