Scheme Actuary definition
Examples of Scheme Actuary in a sentence
The Admitted Body shall not grant an additional period of membership or additional pension in respect of any Admitted Person which would result in an increase in the Schemes’ liabilities, save to the extent that the appropriate sum as notified to the Admitted Body by the Scheme Actuary is paid by the Admitted Body to the Minister.
Without prejudice to the obligation to pay contributions under this Clause 7, if the cumulative increase in final pensionable earnings to an Admitted Person(s) of the Admitted Person’s active membership of the Schemes is greater than the amount set out in the Schemes, the Minister may require the Admitted Body to pay such additional employer pension contributions as the Scheme Actuary shall determine in accordance with the Rules.
The panel will have access to a collection of expert witnesses, including (but not limited to) the actuarial advisers of UUK and UCU, the USS Trustee, the Scheme Actuary and the Pensions Regulator.
In the event that the credit balance on the Escrow Account is less than the Insurance Buy-Out Deficit, the Guarantor shall make a payment into the Escrow Account equal to the shortfall within 10 Business Days of the Scheme Actuary issuing its calculation.
In such circumstances the Trustees shall obtain, at the Guarantors’ expense and prior to the relevant Implementation Date, a statement from the Scheme Actuary as to the amount of such contributions which qualify as Deficit-Reduction Contributions.