Common use of Adjustment of contribution rate Clause in Contracts

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 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 pensionPension) 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.