Pension Arrangements. The Company shall insure the Manager under a pension arrangement of his choice (insurance fund, pension fund or a combination of the two), in accordance with the rates and conditions that are set out below:
4.1. Insurance fund (“executive insurance”) – in accordance with the following components:
4.1.1. Insurance for loss of capacity to work – the Company shall, at its own expense and from an insurer of its choice, purchase coverage in the event of loss of capacity to work with the usual and acceptable conditions, at the rate that is necessary for the insurance of 75% of the Salary. The Company’s payment for insurance for loss of capacity to work shall not, in any event, be greater than 2.5% of the Salary.
4.1.2. The Company’s provisions for severance pay - 81/3% of the Salary.
4.1.3. The Company’s provisions for compensation – the difference between 6.5% of the Salary and the Company’s payment for insurance for loss of capacity to work, provided that in any event, the Company’s provisions for compensation shall not be less than 5% of the Salary.
4.1.4. The Manager’s provisions for compensation – 6% of the Salary.
Pension Arrangements. The Company shall insure the Employee under an accepted ‘Managers Insurance’ plan (the “Managers Insurance Policy”) or Pension Fund (the “Pension Fund”), or through a combined plan at Employee’s choice, as follows:
Pension Arrangements. See Clause 7. No Contracting-Out Certificate pursuant to the provisions of the Social Security Pensions Act 1975 is in force in respect of the Executive’s employment hereunder.
Pension Arrangements. The Company shall insure the following payments to Executive under an accepted ‘manager’s insurance scheme’ (the “Managers Insurance Policy”) or pension fund (the “Pension Fund”), as shall be elected by Executive, as follows: - Manager Insurance Policy: (i) Severance - an amount equal to 8⅓% of the Base Salary; (ii) Pension - an amount equal to 5% of the Base Salary. In addition the Company will deduct a sum equal to 5% of the Base Salary as Executive’s contribution; (iii) Disability - subject to the Company’s insurer’s consent to underwrite such policy for Executive, the Company will contribute an amount of up to 2½% of the Base Salary towards disability insurance, under normal and acceptable conditions, which would insure 75% of the Base Salary.
Pension Arrangements. The Assignor and the Assignee shall procure that as from Closing the pension arrangements in respect of the Employees shall be dealt with in such a way as to ensure that the Employees rights are not prejudiced by the Assignment.
Pension Arrangements. 7.1 In relation to each Disclosed Scheme, the Data Room contains full particulars of all the benefits provided by and the terms of each Disclosed Scheme. All information set out in the Data Room in connection with the Disclosed Schemes is complete and accurate (and not misleading) in all material respects.
7.2 Save in relation to the Disclosed Schemes, there is not and has not been in operation, and no proposal, undertaking or assurance has been announced, or given to any Group Company employee, to enter into or establish, any agreement, arrangement, custom or practice (whether enforceable or not) for the provision of Relevant Benefits (as defined below) for any person to which any Group Company is, has been, or will be a party and no Group Company has paid, provided or contributed, is or will be under any obligation to pay, provide or contribute, to any such agreement, arrangement, custom or practice for the provision of Relevant Benefits or any other costs or expenses in respect of the provision of any Relevant Benefits and no Group Company has provided Relevant Benefits on a voluntary basis.
Pension Arrangements. Other than the Disclosed Schemes, there is not and has not been in operation, no proposal has been announced to enter into or establish, and no Group Company contributes, is bound to contribute either now or in the future or has contributed to, any agreement, arrangement, scheme, custom or practice (whether or not (a) enforceable, (b) a registered pension scheme under the Finance Xxx 0000 and/or (c) funded for in advance) for the payment of any pensions, allowances, lump sums or other benefits on death, retirement, early retirement (VUT) or termination of employment (whether voluntary or not), or during any period of sickness or disablement, for or in respect of any of the Group Companies' employees or former employees, or any dependant of such an employee or former employee.
Pension Arrangements. 2.1. Except for the Pension Scheme, the Company:
(a) does not operate, has not operated and has not agreed to operate;
(b) has not announced any proposal to enter into or establish; or
(c) does not contribute to and has not contributed to any Employee Benefit Scheme for or in respect of any Relevant Employee or any dependent or beneficiary of any Relevant Employee.
2.2. All material information relating to the Pension Scheme is included in the Disclosure Documents.
Pension Arrangements. 6.1 The Employee is eligible to receive Employer pension contributions to a person pension plan 75% subject to the "allowable maximum" as defined under the Income and Corporation Taxes Act, as said plan may be amended from time to time. The Employer reserves the right to cease Employer contributions to the Plan by giving the Employee three months' written notice.
6.2 A contracting-out certificate is not currently in force in respect of the Employee's Employment.
Pension Arrangements. The Parties acknowledge and agree that, at Closing, the Corporation shall cease to be an Affiliate of the Vendor and as such shall no longer qualify to participate as an “Approved Organization” within the meaning of the BNS Pension Plan and the Corporation shall have made all required contributions to the BNS Pension Plan. By reason of the foregoing, there shall be a partial discontinuance of the BNS Pension Plan and all contributions to the BNS Pension Plan by the Corporation and the Employees who are active members of the BNS Pension Plan shall cease. The Vendor and the Trustees shall take such steps as are necessary to effect the partial winding up of the BNS Pension Plan and to secure the benefits of the Employees who are members of the BNS Pension Plan and their beneficiaries in accordance with the Rules of the BNS Pension Plan. The Purchaser shall cause the Corporation to reasonably cooperate with the Vendor and the Trustees in such process and will not object to any reasonable decisions taken in relation to the allocation of surplus to the Employees and the Corporation, except as specifically provided in this Section 2.10. Capitalized terms used in this Section 2.10 but not otherwise defined herein shall have the meaning given in the Trust Deed. For greater certainty, in connection with the partial wind-up of the BNS Pension Plan, the Vendor and the Trustees shall cause the actuary for the BNS Pension Plan to prepare an actuarial valuation report that sets out the surplus under the BNS Pension Plan relating to the Employees’ participation in the BNS Pension Plan and the Pension Surplus. Such actuarial valuation report shall be based on the provisions of the BNS Pension Plan in effect immediately prior to the Closing Date, such reasonable assumptions as may be selected by the actuary for the BNS Pension Plan, including reasonable assumptions regarding income Tax payable by the Corporation in respect of surplus amounts payable to it from the BNS Pension Plan, and generally accepted actuarial practices and principles. The actuary for the BNS Pension Plan shall provide a copy of the above-mentioned actuarial valuation report to the Purchaser or an actuary designated by the Purchaser. If the Purchaser or its actuary disagrees with the calculation of the Pension Surplus set out in the actuarial valuation report prepared by the actuary for the BNS Pension Plan and notifies the Vendor of such disagreement within 30 days after receiving such report, the disp...
