UK Scheme Sample Clauses

UK Scheme. The UK Scheme is a defined contribution arrangement and;
Sample 1
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UK Scheme. 3.1 Marconi shall retain responsibility for the UK Scheme and shall indemnify Ericsson against any liabilities, costs, claims, damages and expenses in relation to the UK Scheme. 3.2 Ericsson will offer each of the Transferring Employees who is an active member of the UK Scheme on both the Effective Date and UK Closing the opportunity to transfer his accrued rights and entitlements under the UK Scheme in respect of periods prior to the UK Closing to a retirement benefit scheme sponsored by Ericsson or a relevant subsidiary (the UK Ericsson Scheme). 3.3 Marconi will use its reasonable endeavours to procure that the UK Scheme transfers to the UK Ericsson Scheme in respect of each consenting Transferring Employee assets equal to the Adjusted UK Transfer Amount for the period in relation to that Transferring Employee’s pensionable service in the UK Scheme up to and including the UK Closing. For the avoidance of doubt, allowance will be made for salaries to increase to the date of assumed future leaving, death or retirement in line with the actuarial assumptions. 3.4 The relevant Master Agreement shall set out the arrangements for seeking the consent of the Transferring Employees to the transfer of their accrued benefits, the arrangements for calculating, agreeing and effecting the transfer and any other matters agreed between Marconi and Ericsson in relation to the transfer. The parties agree that the transfer of assets and liabilities should be expedited. 3.5 If and to the extent that the trustees of the UK Scheme effect a transfer to the UK Ericsson Scheme in accordance with the above arrangements in respect of any consenting Transferring Employee in respect of their pensionable service prior to the UK Closing, Ericsson shall use its reasonable endeavours to procure that the Transferring Employee shall be entitled to benefits in the UK Ericsson Scheme which are of equal actuarial value (on the assumptions adopted by the trustees of the UK Ericsson Scheme) to the transfer payment actually effected.
Sample 1

Related to UK Scheme

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