BRITAIN a) As soon as practicable, and in any event no later than 6 months after Distribution Date, Visteon will establish pension plans ("Mirror Plans") which have the same provisions as existing in the Ford pension plans and are capable of accepting a transfer of Guaranteed Minimum Pensions and Protected Rights;
b) During a participation period which expires on the earlier of (i) 6 months after the Distribution Date or (ii) when the appropriate Mirror Plans were established, Visteon Employees may remain contributing members of the Ford pension plan and will continue to accrue benefits;
c) Shortly before the Mirror Plans are established, both Ford and Visteon shall, if legally necessary, seek the consent of active Visteon Employees to a transfer of the past service benefits from the Ford pension plans to the Visteon Mirror Plans;
d) The obligations to be assumed by the Mirror Plans comprise pension accrued under the applicable Ford pension plan, and, in respect of service completed in the future, corresponding benefits for future service;
e) During the period after the Distribution Date if such employees are accruing benefits in the Ford pension plans, Visteon shall contribute to those plans such contributions as Ford's Actuary advises as, together with employee contributions, meets the cost of accruing benefits (including death in service benefits) and administration costs;
f) To the extent permitted by and in accordance with applicable law, Ford shall cause to be transferred, from each Ford pension plan, assets that shall equal the present value of the past service obligations (including the effect of assumed future pay increases) assumed by the Mirror Plans, provided that the present value so calculated shall not exceed the share of plan assets applicable to the transferring group ("Transfer Value");
g) The date for valuing the past service obligation referred to above ("Valuation Date") shall be the Distribution Date or a convenient date within 30 days thereof;
h) The method and assumptions to be used in calculating the present value in f) above shall be those recommended by Ford's Actuary for funding valuations as at March 31, 2000 updated to reflect changes in market conditions between March 31, 2000 and the Valuation Date, unless both sides jointly agree to other assumptions as being at least as fair and equitable;
i) To recognize the period between the Valuation Date and the physical date of asset transfer, the asset transfer computed as at the Valuation ...
BRITAIN. The unitised exports from Ireland to Britain are, surprisingly, relatively low value and high volume, with the value of exports significantly less than normal and the volume of exports significantly greater than normal. Both the value and volumes of imports into Ireland from Britain are greater than normal. As this Business Case is all about trade and transport between Ireland and France, the data relating to France in Tables 6, 7, 8 & 9 are shaded relative to the rest of the data. They show a singular, unambiguous situation: unitised trade between Ireland and France – imports, exports, values and volumes – are all considerably less than half what they ought to be. In these recessionary times it is generally recognised that increasing trade is the only sure means of increasing prosperity. In that regard, the significant trade gap between Ireland and France is an opportunity for the two states to increase their GDPs through increased trade; it is also an indictment on both states for years of neglecting to build up proper trade links with each other.
