hubco undertakes (on its own behalf and on behalf of each Employer) to each relevant NHS Participant (for the benefit of that NHS Participant itself as well as to that NHS Participant as agent and trustee for the benefit of the relevant Transferring Members) that it shall procure that on receipt of the Transfer Payment, the Broadly Comparable Scheme shall grant to each Transferring Member in respect of his pensionable service in (or credited in) the NHS Pension Scheme before the Transfer Date a service credit in the Broadly Comparable Scheme which has been certified by GAD as being of actuarially equivalent value to the benefits which would have been payable under the NHS Pension Scheme in respect of that service (ignoring any benefits attributable to the AVC Fund) applicable to such Transferring Members as at the Transfer Date.