Common use of Calculation of Transfer Amount Clause in Contracts

Calculation of Transfer Amount. The Authority shall use reasonable endeavours to procure that twenty (20) Business Days after the Transfer Option Deadline, the Transfer Amount is calculated by the Third Party’s Actuary or the Authority’s Actuary (as appropriate) on the following basis and notified to the Supplier along with any appropriate underlying methodology. If the Third Party offers a Broadly Comparable scheme to Eligible Employees: the part of the Transfer Amount which relates to benefits accrued in that Broadly Comparable scheme other than those in Clause 1.6.2(ii) of Part D of this Schedule 7 below must be aligned to the funding requirements of that scheme; and the part of the Transfer Amount which relates to benefits accrued in the NHS Pension Scheme (having been previously bulk transferred into the Third Party’s Broadly Comparable scheme), must be aligned to whichever of: the funding requirements of the Third Party’s Broadly Comparable scheme; or the principles under which the Third Party’s Broadly Comparable scheme received a bulk transfer payment from the NHS Pension Scheme (together with any shortfall payment), gives the higher figure, provided that where the principles require the assumptions to be determined as at a particular date, that date shall be the Employee Transfer Date. In the case of Transferring Employees or any Third Party Employees who have access to the NHS Pension Scheme (and who are classed as Eligible Employees), the Transfer Amount shall be calculated by the NHS Pension Scheme’s Actuary on the basis applicable for bulk transfer terms from the NHS Pension Scheme set by the Department of Health from time to time. Each Party shall promptly provide to the Actuary calculating or verifying the Transfer Amount any documentation and information which that Actuary may reasonably require.

Calculation of Transfer Amount. The Authority shall use reasonable endeavours to procure that twenty (20) Business Days after the Transfer Option Deadline, the Transfer Amount is calculated by the Third Party’s Actuary or the Authority’s Actuary (as appropriate) on the following basis and notified to the Supplier along with any appropriate underlying methodology. If the Third Party offers a Broadly Comparable scheme to Eligible Employees: the part of the Transfer Amount which relates to benefits accrued in that Broadly Comparable scheme other than those in Clause 1.6.2(ii(ii) of Part D of this Schedule 7 below must be aligned to the funding requirements of that scheme; and the part of the Transfer Amount which relates to benefits accrued in the NHS Pension Scheme (having been previously bulk transferred into the Third Party’s Broadly Comparable scheme), must be aligned to whichever of: the funding requirements of the Third Party’s Broadly Comparable scheme; or the principles under which the Third Party’s Broadly Comparable scheme received a bulk transfer payment from the NHS Pension Scheme (together with any shortfall payment), gives the higher figure, provided that where the principles require the assumptions to be determined as at a particular date, that date shall be the Employee Transfer Date. In the case of Transferring Employees or any Third Party Employees who have access to the NHS Pension Scheme (and who are classed as Eligible Employees), the Transfer Amount shall be calculated by the NHS Pension Scheme’s Actuary on the basis applicable for bulk transfer terms from the NHS Pension Scheme set by the Department of Health from time to time. Each Party shall promptly provide to the Actuary calculating or verifying the Transfer Amount any documentation and information which that Actuary may reasonably require.

Calculation of Transfer Amount. The Authority shall use reasonable endeavours to procure that twenty (20) Business Days after the Transfer Option Deadline, the Transfer Amount is calculated by the Third Party’s Actuary or the Authority’s Actuary (as appropriate) on the following basis and notified to the Supplier along with any appropriate underlying methodology. If the Third Party offers a Broadly Comparable scheme to Eligible Employees: the part of the Transfer Amount which relates to benefits accrued in that Broadly Comparable scheme other than those in Clause 1.6.2(ii67.6.2(ii) of Part D of this Schedule 7 below must be aligned to the funding requirements of that scheme; and the part of the Transfer Amount which relates to benefits accrued in the NHS Pension Scheme (having been previously bulk transferred into the Third Party’s Broadly Comparable scheme), must be aligned to whichever of: the funding requirements of the Third Party’s Broadly Comparable scheme; or the principles under which the Third Party’s Broadly Comparable scheme received a bulk transfer payment from the NHS Pension Scheme (together with any shortfall payment), gives the higher figure, provided that where the principles require the assumptions to be determined as at a particular date, that date shall be the Employee Transfer Date. In the case of Transferring Employees or any Third Party Employees who have access to the NHS Pension Scheme (and who are classed as Eligible Employees), the Transfer Amount shall be calculated by the NHS Pension Scheme’s Actuary on the basis applicable for bulk transfer terms from the NHS Pension Scheme set by the Department of Health from time to time. Each Party shall promptly provide to the Actuary calculating or verifying the Transfer Amount any documentation and information which that Actuary may reasonably require.