Common use of Credit for Transfer Amount Clause in Contracts

Credit for Transfer Amount. Subject to prior receipt of the Transfer Amount, by the trustees or managers of the Supplier’s Broadly Comparable scheme (or NHS Pensions, as appropriate), the Supplier must procure that year-for-year day-for-day service credits are granted in the Supplier’s (Broadly Comparable scheme (or NHS Pension Scheme), or an actuarial equivalent agreed by the Authority’s Actuary (and NHS Pension Scheme Actuary) in accordance with Fair Deal for Staff Pensions as a suitable reflection of the differences in benefit structure between the NHS Pension Scheme and the Supplier’s pension scheme. To the extent that the Transfer Amount is or shall be insufficient to provide benefits in the receiving scheme on the basis set out in Clause 1.8.1 above, the Supplier shall be liable to make a top-up payment into the receiving scheme such that benefits shall be provided by the receiving scheme on the basis set out in Clause 1.8.1. above.

Credit for Transfer Amount. Subject to prior receipt of the Transfer Amount, by the trustees or managers of the Supplier’s Broadly Comparable scheme (or NHS Pensions, as appropriate), the Supplier must procure that year-for-year day-for-day service credits are granted in the Supplier’s (Broadly Comparable scheme (or NHS Pension Scheme), or an actuarial equivalent agreed by the Authority’s Actuary (and NHS Pension Scheme Actuary) in accordance with Fair Deal for Staff Pensions as a suitable reflection of the differences in benefit structure between the NHS Pension Scheme and the Supplier’s pension scheme. To the extent that the Transfer Amount is or shall be insufficient to provide benefits in the receiving scheme on the basis set out in Clause 1.8.1 above, the Supplier shall be liable to make a top-up payment into the receiving scheme such that benefits shall be provided by the receiving scheme on the basis set out in Clause 1.8.1. 1.8.1 above.