Adjustment of contribution rate Sample Clauses
Adjustment of contribution rate. 6.5.1 Without prejudice to its powers under regulation 64(4) of the 2013 Regulations, where the Administering Authority considers there are circumstances which make it likely that the Admission Body will become an exiting employer, the Administering Authority may obtain from the Actuary a certificate specifying the percentage or amount by which:
6.5.1.1 the Admission Body’s contribution rate at the primary rate should be adjusted; or
6.5.1.2 any prior secondary rate adjustment should be increased or reduced; with a view to ensuring that assets equivalent to the anticipated exit payment that will be due from the Admission Body are provided to the Fund by the likely exit date or, where the Admission Body is unable to meet that liability by that date, over such period of time thereafter as the Administering Authority considers reasonable.
6.5.2 In accordance with regulations 64(6) and (7) of the 2013 Regulations, where:
6.5.2.1 the Admission Body agrees under Clause 5.3.1.1 (Additional pension) to pay increased contributions to meet the cost of an award of additional pension under regulation 31 of the 2013 Regulations; or
6.5.2.2 it appears likely to the Administering Authority that the amount of the liabilities arising or likely to arise in respect of Members in employment with the Admission Body exceeds the amount specified, or likely as a result of the assumptions stated, for the Admission Body, in the current rates and adjustments certificate applying to the Admission Body; the Administering Authority must obtain a revision of the rates and adjustments certificate concerned, showing the resulting changes required.
Adjustment of contribution rate. 6.5.1 Pursuant to regulation 64(1) of the 2013 Regulations and regulation 25A of the Transitional Regulations, but subject to any exercise by the Administering Authority of its power to issue a suspension notice under regulation 64(2A) of the 2013 Regulations, where this Agreement terminates in accordance with Clause 7 (Termination) or the Admission Body no longer employs an active member contributing to the Fund:
6.5.1.1 subject to any outstanding requirements to make payments under Clauses 6.1.4, 6.1.5 and 6.1.6, the parties agree that the assets and liabilities of the Admission Body under this Agreement shall be subsumed within the Fund by the Scheme Employer so that no exit payment will be due from, and no exit credit will be payable to, the Admission Body. Instead, the Administering Authority may obtain a further revision of the Scheme Employer’s rates and adjustments certificate showing the revised contributions (if any) due from the Scheme Employer in respect of such assets and liabilities, and the Scheme Employer will correspondingly be entitled to benefit from any surplus within the Fund relating to those assets and liabilities; and
6.5.1.2 if, pursuant to the 2013 Regulations, the Administering Authority is required to pay an exit credit to the Admission Body, the Admission Body must reimburse that exit credit to the Fund, and the reimbursed amount will be credited to the Scheme Employer.
Adjustment of contribution rate. 6.4.1 Where in the opinion of the Administering Authority there are circumstances that suggest that the Admission Body is to cease being an admission body at some point in the future, the Administering Authority may obtain periodically from the Actuary a certificate specifying the percentage or amount by which:
6.4.1.1 the Admission Body's contribution rate at the common rate should be adjusted; or
6.4.1.2 any prior individual adjustment should be increased or reduced with a view to providing that the value of the Fund’s assets in respect of the Members is neither materially more nor materially less than the Fund’s anticipated liabilities in respect of the Members at the date it appears to the Administering Authority that the Admission Body will cease to be an admission body (calculated on such basis as the Actuary shall recommend).
6.4.2 In accordance with Regulation 64(1) of the Regulations the Administering Authority shall obtain an actuarial valuation as at the date this Agreement ceases to have effect of the Fund’s liabilities in respect of the Members (calculated on such basis as the Actuary shall recommend) and a revision of the Admission Body’s rates and adjustments certificate showing the revised contribution(s) due and payable by the Admission Body.
6.4.3 Where, in the opinion of the administering authority, there is a reasonable expectation that the exiting admission body is likely to have one or more active members contributing to the fund, within a period of up to 3 years, the Administering Authority may issue a written notice (“a suspension notice”) to the exiting admission body suspending that employer’s liability to pay its cessation debt assessed in accordance with Clause 6.4.2 above during the period of that notice.
6.4.4 Where a suspension notice period ends, or the notice is withdrawn, and the admission body does not have any active members contributing to the fund it will become immediately liable for the payment of the exit payment assessed in accordance with Clause 6.4.2 above.
6.4.5 The Admission Body shall meet the costs of obtaining any certificate under Clauses 6.4.1, 6.4.2 or 6.4.2 (Adjustment of Contribution Rate). The Admission Body will co-operate with the Administering Authority and the Actuary to provide the certificate or review.
6.4.6 The Admission Body agrees that any reference to a Scheme employer in Regulation 64 of the Regulations shall be deemed to include an admission body.
Adjustment of contribution rate. 6.5.1 In accordance with the Regulations, the Administering Authority may from time to time obtain from the Actuary a certificate, or a revision of an existing certificate, specifying the percentage or amount by which the contribution rate at the primary rate and/or the secondary rate as relates to the Admission Body should be increased or reduced.
6.5.2 Pursuant to regulation 64(1) of the 2013 Regulations and regulation 25A of the Transitional Regulations, but subject to any exercise by the Administering Authority of its power to issue a suspension notice under regulation 64(2A) of the 2013 Regulations, on the earlier of this Agreement terminating in accordance with Clause 7 (Termination), the Admission Body no longer employing an active member contributing to the Fund, or the Admission Body ceasing to be a Scheme employer (the “Exit date”):
6.5.2.1 the Administering Authority must obtain an actuarial valuation as at the Exit Date of the Fund’s liabilities in respect of the Members calculated on such basis as the Actuary recommends and a revision of the Admission Body’s rates and adjustments certificate showing any exit payment (as defined by the Regulations) due and payable by the Admission Body or the excess of assets in the Fund relating to those liabilities.
6.5.2.2 where for any reason it is not possible to obtain all or part of any exit payment from the Admission Body or from any person providing a bond, indemnity or guarantee in accordance with Clause 8 (Risk assessment) then, in accordance with Regulation 64(3) of the 2013 Regulations, the Administering Authority will obtain a further revision of the rates and adjustment certificate of the body which is the related employer as defined in regulation 64(8) of the 2013 Regulations in relation to the Admission Body. For the avoidance of doubt, an exit payment may require that a lump sum payment must be paid by the Admission Body.
6.5.3 The Admission Body must meet the costs of any certificate and actuarial valuation referred to at Clauses 6.5.1 and 6.5.
Adjustment of contribution rate. The ‘Administering Authority’ may periodically obtain from an actuary appointed by the ‘Administering Authority’ a certificate specifying the percentage or amount by which in the actuary's opinion: