PENSIONS PROVISION AND LIFE ASSURANCE Sample Clauses

PENSIONS PROVISION AND LIFE ASSURANCE. 7.1 The Executive is a member of the 1964 Pension Scheme section of the Barclays Bank UK Retirement Fund which is a final salary arrangement contracted-out of the State Earnings Related Pension Scheme. The Executive’s membership of and participation in the 1964 Pension Scheme shall be subject to the Trust Deed and Rules of the scheme in force from time to time. 7.2 Under the current rules of the Barclays Bank UK Retirement Fund, in the event of the Executive’s death whilst in the service of Barclays, a lump sum of 4 x Basic Salary is payable, plus a spouse’s pension and children’s pension. For the purposes of this clause “Basic Salary” shall mean the Executive’s basic salary at the date of his death, subject to any Inland Revenue limits that may apply. The Executive shall continue to participate in this scheme subject to the rules of the scheme from time to time.
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PENSIONS PROVISION AND LIFE ASSURANCE. 8.1 There is a pension scheme in operation in relation to your employment called the afterwork section of the Barclays Bank UK Retirement Fund (the “Fund”), afterwork is a cash balance hybrid arrangement which is contracted-in to the State Second Pension. Therefore, a contracting out certificate is not currently in force. 8.1.1 You will join afterwork automatically on commencement of your employment unless you opt out under Clause 8.2 below. Your membership of and participation in afterwork shall be subject to the Trust Deed and Rules of the Fund in force from time to time. 8.1.2 On condition that you make a minimum contribution of 3% of your Basic Salary up to the Earnings Cap to your Investment Account of afterwork, Barclays will make an Additional Payment. The Additional Payment will be equal in value to 25% of your Basic Salary less the value of the employer contribution in respect of you to afterwork under the Rules of the Fund. The Additional Payment will be made in the form of an additional employer contribution to your Investment Account of afterwork or, subject to Barclays consent, as a cash sum which will be subject to deduction for income tax at your marginal rate and National Insurance Contributions. 8.1.3 You acknowledge that joining afterwork may affect the validity of any Enhanced Protection which you have taken or intend to take and that Barclays will not be liable for any tax charge which you may suffer as a consequence of this. 8.2 As an alternative to the benefits provided under Clause 8.1 above, you may opt out of joining afterwork and elect to take a cash option equal to 25% of your Basic Salary, which will be taxed at your marginal rate and be subject to National Insurance Contributions. 8.3 In the event of your death whilst in the service of Barclays, a lump sum of 4 x Basic Salary is payable subject to the Trust Deed and Rules of the Fund in force from time to time. You will be liable for tax on the Insurance Premium for: 8.3.1 the cover above your Lifetime Allowance, if you join afterwork under Clause 8.1; and 8.3.2 the full amount of the cover if you take the cash option under Clause 8.2. If the lump sum payable causes your Lifetime Allowance to be exceeded, your estate will be liable for any applicable tax charge on the excess. For the purposes of this clause 8:
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PENSIONS PROVISION AND LIFE ASSURANCE. 7.1 The Executive is a member of the 1964 Pension Scheme section of the Barclays Bank UK Retirement Fund, which is a final salary arrangement, contracted out of the State Earnings Related Pension Scheme The Executive’s membership of and participation in the 1964 Pension Scheme shall be subject to the Trust Deed and Rules of the scheme in force from time to time. 7.2 Under the current rules of the Barclays Bank UK Retirement Fund, in the event of the Executive’s death whilst in the service of Barclays, a lump sum of 4 x Basic Salary is payable, subject to Inland Revenue limits if applicable, plus a spouse’s pension and children’s pension. For the purposes of this clause “Basic Salary” shall mean the Executive’s basic salary at the date of his death. The Executive shall continue to participate in this scheme subject to the rules of the scheme from time to time.
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Related to PENSIONS PROVISION AND LIFE ASSURANCE

  • Health and Life Insurance In the event Employee’s employment is terminated hereunder, the Company shall provide the following health and life insurance benefits: (a) Upon Employee’s termination of employment under this Agreement other than upon Employee’s termination for Cause or upon Employee’s death, the Company shall be responsible for a one-year period following Employee’s Termination Date, the scheduled premium payments (on or before their due dates) on any universal life insurance policy covering Employee’s life which is in force immediately prior to the Termination Date; provided, however, that the Company shall be obligated to pay any such premiums only to the extent that, and on the same basis as, payments are made by the Company on the universal life insurance policies covering officers of the Company with same or similar coverage and further provided that during the period of six months immediately following the Employee’s Termination Date, the Employee shall be obligated to pay the Company the full cost for any such premium payments, and the Company shall reimburse the Employee for any such payments on the first business day that is more than six months after the Employee’s Termination Date, together with interest on such amount from the Termination Date through the date of payment at the Interest Rate. (b) Upon Employee’s termination of employment under this Agreement other than upon a Change of Control (which shall be governed by the COC Severance Plan), Employee’s termination for Cause, or upon Employee’s death, the Company shall, at its expense, provide such medical and dental coverage as in effect immediately prior to the Termination Date for Employee and Employee’s then covered dependents until the end of the period designated for payments to be made hereunder. Thereafter, Employee and his qualified beneficiaries shall be entitled to continue health insurance benefits, under and through the terms of the applicable COBRA law and regulations, at Employee’s own expense until the expiration of COBRA coverage. (c) In the event of Employee’s death during the Term of Employment for a twelve-month period after his death the Company shall make available at its expense medical and dental insurance covering Employee’s spouse and his dependents (collectively, “Employee’s Beneficiaries”) who would have been covered (if the Term of Employment had continued) by the Company’s medical and dental insurance policies as then in effect, and (ii) thereafter for an additional six-month period, such medical and dental insurance in effect from time to time shall be provided to Employee’s Beneficiaries, with Employee’s Beneficiaries (or estate if applicable) to reimburse the Company for the cost of comparable coverage under the provisions of this clause (ii), unless otherwise prohibited by applicable law Thereafter, Employee and his qualified beneficiaries shall be entitled to continue health insurance benefits, under and through the terms of the applicable COBRA law and regulations, at Employee’s own expense until the expiration of COBRA coverage. (d) Any taxable welfare benefits provided pursuant to this Section 13 that are not “disability pay” or “death benefits” within the meaning of Treasury Regulation Section 1.409A-1(a)(5) (collectively, the “Applicable Benefits”) shall be subject to the following requirements in order to comply with Section 409A of the Code. The amount of any Applicable Benefit provided during one taxable year shall not affect the amount of the Applicable Benefit provided in any other taxable year, except that with respect to any Applicable Benefit that consists of the reimbursement of expenses referred to in Section 105(b) of the Code, a limitation may be imposed on the amount of such reimbursements over some or all of the applicable severance period, as described in Treasury Regulation Section 1.409A-3(i)(iv)(B). To the extent that any Applicable Benefit consists of the reimbursement of eligible expenses, such reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred. No Applicable Benefit may be liquidated or exchanged for another benefit.

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