"Actuary's Letter"

means the letter (together with its attachments) dated [ ] from GAD stating the methods and assumptions to be used for the purposes of this Schedule Part 16 (NHS Bulk Transfer Terms), a copy of which is set out as Appendix 1 (Actuary's Letter) to this Schedule Part 16 (NHS Bulk Transfer Terms)

"AVC Fund"

means the assets and any income derived therefrom held in the NHS Pension Scheme in respect of the Transferring Members which are attributable to (or treated under the NHS Pension Scheme as attributable to) additional voluntary contributions made by the Transferring Members to the NHS Pension Scheme excluding contributions made to purchase added years

"Broadly Comparable Scheme"

means the pension scheme or schemes to be provided by the Employer in accordance with paragraph 2.7.1 of Section 1 (General) of Schedule Part 15 (Transfer of Employment and Pensions) (or, where the context so requires, the trustees for the time being of such scheme)

"Employer"

means hubco and/or any Partnering Subcontractor who employs an NHS Participant Employee from the Transfer Date

"Employer's Actuary"

means [ ] of [ ] or any other actuary appointed by the Employer for the purpose of this Schedule Part 16 (NHS Bulk Transfer Terms)

"GAD"33

means the Government Actuary's Department

"Pension Liabilities"

the value of the liabilities at the Transfer Date relating to the Transferring Members as referred to in, and calculated by GAD in accordance with, the Actuary's Letter

"Pension Payment Date"

means the first Business Day after the expiry of twenty-eight (28) days following the verification of the Pension Liabilities and the satisfaction of the Transfer Conditions (or such other date as the relevant Participant(s) and the Employer may agree)

"SPPA"

means the Scottish Public Pensions Agency

"Transfer Conditions"

means the conditions set out in paragraph 3

"Transferring Members"

means those NHS Participant Employees who become members of the Broadly Comparable Scheme pursuant to paragraph 2.7.1 of Section 1 (General) of Schedule Part 15 (Transfer of Employment and Pensions) and who elect to a transfer from the NHS Pension Scheme to the Broadly Comparable Scheme pursuant to paragraph 2.1 in respect of their pensionable service accrued in (or credited in) the NHS Pension Scheme before the Transfer Date and do not, prior to the Pension Payment Date, withdraw such election or become entitled to the payment of immediate benefits under the NHS Pension Scheme

"Transfer Payment"

means such amount as shall be determined by GAD as being equal to the Pension Liabilities adjusted in accordance with the Actuary's Letter in respect of the period from the date immediately preceding the Transfer Date to the date immediately preceding the Pension Payment Date (or such other date as the relevant NHS Participant(s) and the Employer may agree).