Common use of ACTUARIAL VALUATIONS Clause in Contracts

ACTUARIAL VALUATIONS. 7.1 The Administering Authority may periodically and shall at least on a triennial basis obtain from an actuary a certificate specifying in the case of the Admission Body the percentage or amount by which in the actuary's opinion the contribution rate at the primary rate or secondary rate within the meaning regulation 62 of the Regulations should be increased or reduced. This is with a view of ensuring that as far as is reasonably possible the value of assets of the Fund in respect of current and former Eligible Employees is neither materially more or materially less than the anticipated liabilities of the Fund in respect of the said Eligible Employees at the date the Contract is due to end. For the avoidance of doubt the decision as to whether the said assets are materially more or materially less than the said liabilities shall be left to the discretion of the actuary appointed by the Administering Authority. 7.2 Upon termination of this Agreement the Administering Authority must obtain: 7.2.1 an actuarial valuation of the liabilities of the Fund in respect of current and former Eligible Employees as at the date of termination; and 7.2.2 a revision of any rates and adjustment certificate within the meaning of the Regulations showing the revised contributions due from the Admission Body. 7.3 The costs of obtaining the certificates (or revisions to them) and the actuarial valuations referred to in clause 7.1 (other than a triennial valuation) and clause 7.2 shall be paid by the Admission Body within thirty (30) calendar days of receipt of written notification of such costs from the Administering Authority.

ACTUARIAL VALUATIONS. 7.1 The Administering Authority may periodically and shall at least on a triennial basis obtain from an actuary a certificate specifying in the case of the Admission Body the percentage or amount by which in the actuary's opinion the contribution rate at the primary rate or secondary rate within the meaning regulation 62 of the Regulations should be increased or reduced. This is with a view of ensuring that as far as is reasonably possible the value of assets of the Fund in respect of current and former Eligible Employees is neither materially more or materially less than the anticipated liabilities of the Fund in respect of the said Eligible Employees at the date end of the Contract is due recovery period applicable to endthe Admission Body. For the avoidance of doubt the decision as to whether the said assets are materially more or materially less than the said liabilities shall be left to the discretion of the actuary appointed by the Administering Authority. 7.2 Upon termination of this Agreement the Administering Authority must obtain: 7.2.1 an actuarial valuation of the liabilities of the Fund in respect of current and former Eligible Employees as at the date of termination; and 7.2.2 a revision of any rates and adjustment certificate within the meaning of the Regulations showing the revised contributions due from the Admission Body. 7.3 The costs of obtaining the certificates (or revisions to them) and the actuarial valuations referred to in clause 7.1 (other than a triennial valuation) and clause 7.2 shall be paid by the Admission Body within thirty (30) calendar days of receipt of written notification of such costs from the Administering Authority.

ACTUARIAL VALUATIONS. 7.1 The Administering Authority may periodically and shall at least on a triennial basis obtain from an actuary a certificate specifying in the case of the Admission Body the percentage or amount by which in the actuary's opinion the contribution rate at the primary rate or secondary rate within the meaning regulation 62 of the Regulations should be increased or reduced. This is with a view of ensuring that as far as is reasonably possible the value of assets of the Fund in respect of current and former Eligible Employees is neither materially more or nor materially less than the anticipated liabilities of the Fund in respect of the said Eligible Employees at the date the Contract is due to end. For the avoidance of doubt the decision as to whether the said assets are materially more or materially less than the said liabilities shall be left to the discretion of the actuary appointed by the Administering Authority. 7.2 Upon termination of this Agreement the Administering Authority must obtain: 7.2.1 an actuarial valuation of the liabilities of the Fund in respect of current and former Eligible Employees as at the date of termination; and 7.2.2 a revision of any rates and adjustment certificate within the meaning of the Regulations showing the revised contributions due from the Admission Body. 7.3 The costs of obtaining the certificates (or revisions to them) and the actuarial valuations referred to in clause 7.1 (other than a triennial valuation) and clause 7.2 shall be paid by the Admission Body within thirty (30) calendar days of receipt of written notification of such costs from the Administering Authority.

ACTUARIAL VALUATIONS. 7.1 The Administering Authority may periodically and shall at least on a triennial basis obtain from an actuary a certificate specifying in the case of the Transferee Admission Body the percentage or amount by which in the actuary's opinion the contribution rate at the primary common rate or secondary rate any prior individual adjustment within the meaning regulation 62 of the Administration Regulations should be increased or reduced. This is with a view of ensuring that as far as is reasonably possible the value of assets of the Fund in respect of current and former Eligible Employees is neither materially more or materially less than the anticipated liabilities of the Fund in respect of the said Eligible Employees at the date the Contract is due to end. For the avoidance of doubt the decision as to whether the said assets are materially more or materially less than the said liabilities shall be left to the discretion of the actuary appointed by the Administering Authority. 7.2 Upon termination of this Agreement the Administering Authority must obtain: 7.2.1 an actuarial valuation of the liabilities of the Fund in respect of current and former Eligible Employees as at the date of termination; and 7.2.2 a revision of any rates and adjustment adjustments certificate within the meaning of the Administration Regulations showing the revised contributions due from the Transferee Admission Body. 7.3 The costs of obtaining the certificates (or revisions to them) and the actuarial valuations referred to in clause 7.1 (other than a triennial valuation) and clause 7.2 shall be paid by the Transferee Admission Body within thirty ([30) ] calendar days of receipt of written notification of such costs from the Administering Authority.