FUTURE SERVICE BENEFITS Clause Samples
The FUTURE SERVICE BENEFITS clause defines the rights and entitlements of parties to receive benefits or services that will be provided at a later date, rather than immediately. Typically, this clause outlines the conditions under which such future benefits accrue, such as continued employment, ongoing participation in a plan, or fulfillment of certain milestones. For example, it may specify that employees will receive additional pension credits or health coverage for each year of future service. The core function of this clause is to clarify expectations regarding ongoing or deferred benefits, thereby reducing uncertainty and ensuring both parties understand the terms under which future entitlements are earned.
FUTURE SERVICE BENEFITS. If the Supplier is rejoining the Schemes for the first time, the Supplier shall procure that the Fair Deal Employees shall be either admitted to or offered continued membership of the relevant section of the Schemes that they became eligible to join on the Relevant Transfer Date and shall continue to accrue or accrue benefits in accordance with the provisions governing the relevant section of the Schemes for service from (and including) the Relevant Transfer Date. If staff have already been readmitted to the Schemes, the Supplier shall procure that the Fair Deal Employees, shall be either admitted into, or offered continued membership of, the relevant section of the Schemes that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date and the Supplier shall procure that the Fair Deal Employees continue to accrue benefits in accordance with the provisions governing the relevant section of the Schemes for service from (and including) the Relevant Transfer Date. The Supplier undertakes that should it cease to participate in the Schemes for whatever reason at a time when it has Eligible Employees, that it will, at no extra cost to the Customer, provide to any Fair Deal Employee who immediately prior to such cessation remained an Eligible Employee with access to an occupational pension scheme certified by the Government Actuary’s Department or any actuary nominated by the Customer in accordance with relevant guidance produced by the Government Actuary’s Department as providing benefits which are broadly comparable to those provided by the Schemes on the date the Eligible Employees ceased to participate in the Schemes. The Parties acknowledge that the Civil Service Compensation Scheme and the Civil Service Injury Benefit Scheme (established pursuant to section 1 of the Superannuation Act 1972) are not covered by the protection of New Fair Deal.
FUTURE SERVICE BENEFITS. The Supplier shall procure that the Fair Deal Employees, shall be either admitted into, or offered continued membership of, the relevant section of the Schemes that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date and the Supplier shall procure that the Fair Deal Employees continue to accrue benefits in accordance with the provisions governing the relevant section of Schemes for service from (and including) the Relevant Transfer Date. The Supplier undertakes that should it cease to participate in the Schemes for whatever reason at a time when it has Eligible Employees, that it will, at no extra cost to the Customer, provide to any Fair Deal Employee who immediately prior to such cessation remained an Eligible Employee with access to an occupational pension scheme certified by the Government Actuary’s Department or any actuary nominated by the Customer in accordance with relevant guidance produced by the Government Actuary’s Department as providing benefits which are broadly comparable to those provided by the Schemes on the date the Eligible Employees ceased to participate in the Schemes. The Parties acknowledge that the Civil Service Compensation Scheme and the Civil Service Injury Benefit Scheme (established pursuant to section 1 of the Superannuation Act 1972) are not covered by the protection of New Fair Deal.
FUTURE SERVICE BENEFITS. Subject to compliance by the Customer with paragraph 140.1 of this Annex, the Supplier shall procure that the Transferring Employees who are members or eligible to be members of the PCSPS shall be either automatically enrolled in or offered continued membership of the relevant section of the PCSPS that they currently contribute to or would have become eligible to join immediately prior to the Relevant Transfer Date and shall continue to accrue or accrue benefits in accordance with the provisions governing the relevant section of PCSPS for service from (and including) the Relevant Transfer Date. The Supplier shall procure that there shall be provided for each Transferring Employee, as far as practicable, on termination of employment by the Supplier on or after the Relevant Transfer Date, continued rights under, or rights which replicate those to which such Transferring Employee would have been entitled under, the Civil Service Compensation Scheme (pursuant to section 1 of the Superannuation Act 1972) had he remained in the employment of the Customer or, if any such Transferring Employee cannot be given in any respect such equivalent rights to which he would have been entitled under the Civil Service Compensation Scheme, he shall be provided with compensation by the Supplier that is broadly comparable or of equal value to the lost entitlement.
FUTURE SERVICE BENEFITS. 10.1. The Supplier shall procure that the Fair Deal Employees, shall be either admitted into, or offered continued membership of, the relevant section of the Schemes that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date and the Supplier shall procure that the Fair Deal Employees continue to accrue benefits in accordance with the provisions governing the relevant section of Schemes for service from (and including) the Relevant Transfer Date.
10.2. The Supplier undertakes that should it cease to participate in the Schemes for whatever reason at a time when it has Eligible Employees, that it will, at no extra cost to the Customer, provide to any Fair Deal Employee who immediately prior to such cessation remained an Eligible Employee with access to an occupational pension scheme certified by the Government Actuary’s Department or any actuary nominated by the Customer in accordance with relevant guidance produced by the Government Actuary’s Department as providing benefits which are broadly comparable to those provided by the Schemes at the relevant date.
10.3. The Parties acknowledge that the Civil Service Compensation Scheme and the Civil Service Injury Benefit Scheme (established pursuant to section 1 of the Superannuation Act 1972) are not covered by the protection of New Fair Deal.
FUTURE SERVICE BENEFITS. The Contractor and the Authority undertake to do all such things and execute any documents as may be required to enable the Contractor to become a Participation Body in the Scheme in respect of the Fair Deal Employees. The Contractor shall bear its own costs and all costs that the Authority reasonably incurs in connection with the negotiation, preparation and execution of documents to facilitate the Contractor becoming a Participation Body in the Scheme. If the contracts of the Fair Deal Employees transfer to any Employing Sub-Contractor (or more than one Employing Sub-Contractor) by virtue of the operation of TUPE, any successor Legislation or otherwise, the Contractor shall procure that such employer of the Fair Deal Employees shall comply with and discharge the obligations of the Contractor set out in paragraph 3 (Pensions).
FUTURE SERVICE BENEFITS. The Contractor shall procure that the Fair Deal Employees shall: in the case of an employee who is a member of or eligible to be a member of the Scheme as at the Relevant Vesting Date, procure continued membership of the Scheme to which they currently contribute, and shall continue to accrue benefits in accordance with the provisions governing the Scheme for service from (and including) the Relevant Vesting Date whilst the individuals remain Eligible Employees under the governing documentation of the Scheme. The Contractor undertakes that should it cease to participate in the Scheme for whatever reason at a time when it has Fair Deal Employees who are Eligible Employees, it will, at no extra cost to the Authority, provide to any Fair Deal Employee who immediately prior to such cessation remained an Eligible Employee with access to an occupational pension scheme certified by the Government Actuary's Department or any actuary nominated by the Authority in accordance with relevant guidance produced by the Government Actuary's Department as providing benefits which are broadly comparable to those provided by the Scheme at the relevant date. Not Used.
FUTURE SERVICE BENEFITS. 2.1 If the Supplier is rejoining the Schemes for the first time, the Supplier shall procure that the Fair Deal Employees shall be either admitted to or offered continued membership of the relevant section of the Schemes that they became eligible to join on the Relevant Transfer Date and shall continue to accrue or accrue benefits in accordance with the provisions governing the relevant section of the Schemes for service from (and including) the Relevant Transfer Date.
2.2 If staff have already been readmitted to the Schemes, the Supplier shall procure that the Fair Deal Employees, shall be either admitted into, or offered continued membership of, the relevant section of the Schemes that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date and the Supplier shall procure that the Fair Deal Employees continue to accrue benefits in accordance with the provisions governing the relevant section of the Schemes for service from (and including) the Relevant Transfer Date.
FUTURE SERVICE BENEFITS. The Trust shall procure that the Eligible Employees, shall be admitted into, or offered continued membership of, the Scheme that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date and the Trust shall procure that the Eligible Employees continue to accrue benefits in accordance with the provisions governing the Scheme for service from (and including) the Relevant Transfer Date.
FUTURE SERVICE BENEFITS. The Buyer will, and will procure that the Buyer's Scheme will, make the offers described below and provide as at and from the Joining Date the benefits described below in respect of persons who accept the offers. Each Employee will be offered, in relation to employment from and after the Joining Date, membership of the Buyer's Scheme on the following basis:
(i) with benefits that TXUEG's Actuary and the Buyer's Actuary shall agree mirror those that would prospectively have been provided (including where such benefits comprise enhancements granted on an individual basis for the Senior Manager) by the Pension Scheme to and in respect of that Member if he had continued in membership after the Joining Date (assuming that the Pension Scheme and the Senior Manager's enhanced benefits are not altered after the date of this agreement except as mentioned in any document disclosed to the Buyer as part of the transaction in which this agreement was made) and taking account of the required amounts of Members' contributions including the current member contribution reduction until 31st March 2002 but not any member contribution reduction thereafter. The offer will not be conditional on the Employee agreeing to transfer to the Buyer's Scheme the value of his accrued rights in the Pension Scheme;
(ii) the Buyer will procure that Members at the Completion Date can continue to convert AVCs into benefits on the same terms applicable in the Pension Scheme at the Completion Date. Where a Transferring Member was purchasing added years while participating in the Pension Scheme, the Buyer will make arrangements that mirror those under the Buyer's Scheme.
FUTURE SERVICE BENEFITS. The Supplier shall procure that the Fair Deal Employees, shall be either admitted into, or offered continued membership of, the relevant section of the CSPS that they currently contribute to, or were eligible to join immediately prior to the Relevant Transfer Date or became eligible to join on the Relevant Transfer Date and the Supplier shall procure that the Fair Deal Employees continue to accrue benefits in accordance with the provisions governing the relevant section of the CSPS for service from (and including) the Relevant Transfer Date. The Supplier undertakes that should it cease to participate in the CSPS for whatever reason at a time when it has CSPS Eligible Employees, that it will, at no extra cost to the Authority, provide to any Fair Deal Employee who immediately prior to such cessation of participation remained a CSPS Eligible Employee with access to a pension scheme which is Broadly Comparable to the CSPS on the date the CSPS Eligible Employees ceased to participate in the CSPS.