Gains on Pre-Inception Service Sample Clauses

Gains on Pre-Inception Service. During this period, all gains that arise (if any) will be allocated to the universities as follows, in each case in a manner to be determined by the universities: • To the extent there are losses for which a new university special payment stream has been created, gains will be used to offset those losses; and • To the extent there are no losses, any gains to be retained to be applied against any future losses which are the Universities’ Responsibility in this 10-year period or the subsequent 10-year period (Transition Period). • An actuarial valuation to be prepared at year 10. Any gains remaining under the valuation at Year 10 (i.e. not used to offset losses that were Universities’ Responsibility during the First Ten Years), shall be retained by the universities to be applied against those losses arising during the Transition Period which are the Universities’ Responsibility in a manner determined by the universities.

Gains on Pre-Inception Service. During the Transition Period, gains that arise subsequent to a loss are managed in the same way as in the First Ten Years, but allocated between the universities and the JSPP in accordance with the schedule applicable to losses in 1 above. For example: • A gain under the valuation at year 12 is shared as follows: – 80% of the gain is the Universities’ Responsibility and can be used by the universities to reduce the university-stream of special payments arising from losses during the Transition Period or the First Ten Years; and – 20% of the gain is the JSPP Responsibility. • A gain under the valuation at year 15 is shared as follows: – 50% of the gain is the Universities’ Responsibility and can be used by the universities to reduce the university-stream of special payments arising from losses during the Transition Period or the First Ten Years; and – 50% of the gain is the JSPP Responsibility. Any net gains remaining under the valuation at Year 20 that are not used to offset losses that were the Universities’ Responsibility shall be deemed thereafter to be JSPP Responsibility. Through the Transition Period (years 11 through 20) actuarial valuations will be prepared each year, and whether or not the valuations are filed with the pension regulator, the valuation will be used to allocate losses and gains arising in those years in accordance with the Transition Period schedule outlined above. Schedule C