Up to £500,000 of public funds will be spent on setting up special purpose vehicle (SPV) for Newham Pension Fund despite the council's oversight and scrutiny committee (OSC) calling for the project to be shelved.
Employers are looking to cut contributions
Plans to release public funds on setting up a special purpose vehicle (SPV) for Newham Pension Fund have been called in by the council's overview and scrutiny (OS) committee following concerns.
Newham Council has proposed creating an asset-backed special purpose vehicle (SPV) to reduce cash contributions to finance its defined benefit (DB) pension scheme.